If I wanted to play the stock markets, should I use software like ScotTrade or eTrade? I'm fairly sure they charge a fee for each trade. Are there other ways to trade? I think I've read somewhere that some brokerages have trading software but I'm not sure. Any advise?
What do these softwares do? Just read about the markets and invest in the stocks that seem most promising. Try to invest over a long period - don't try to make a quick profit. That's the best advice I can give you.
Yes, both Scottrade and eTrade charge a fee. They are both very inexpensive; $7 and $7.99, respectively.
@InterestedInvesto: If I understand correctly, these programs enable you to perform the trades themselves. I am not sure, however, if there are other methods of doing this. That was my basic question: How does one simply buy a share? @SteakTartare: Thank you for your response. Do you know if there are other methods of trading?
Do they do so intelligently? Is this similar to algorithmic trading? I think one should treat such programs with caution if they promise algorithmic trading, I've heard that doesn't really work well.
It doesn't perform trades for you. You control the program. If I understand correctly, it is the simply the means by which you trade stock. Just like your browser is the means by which you surf the internet, it doesn't surf it for you. Honestly, I didn't realize algorithmic trading was a thing. I wouldn't trust that at all. A program I specifically control is one thing. Something that is programmed to make decisions for me is a whole other ballgame.
So is it worth it to use them or should we pursue other avenues in trading? If it is something that is making the decisions for me then I am not so sure that I would want to trade in that manner.