How to Set Up a Stock Trading Account (3 Steps)

Select an online brokerage to set up your new stock trading account. Some examples include E-Trade, Zecco, Sharebuilder and TradeKing. Kiplinger has an online tool to help you decide which broker is best for you. It's a good way to learn about the different brokers if you are unsure of which one to use.
Create an account with your preferred online brokerage by picking a user name and password. Your financial and personal details are also required. Be prepared to give your date of birth, Social Security number, bank account details, your address and citizenship information. U.S. brokerages restrict new accounts to U.S. citizens only.
Wait for approval of the account. Typically, stock trading account applications are approved within 24 hours if set up on a weekday. Some brokers require the account holder to verify his identity over the phone before the account will be approved. Once the account is approved, it can be an additional two to four days before the account is funded from your bank account. You cannot buy stocks until the account is funded.

How to Sell Preferred Stock (6 Steps)

Contact your broker. Preferred stock sells in the same way as equities. You will need to know the CUSIP (Committee on Uniform Securities Identification Procedures) number for the issue for the broker to look up prices for you. This should be on your broker statement or the prospectus for the preferred stock issue.
Compare prices. Prices of preferred stock change with interest rates. This will determine whether or not you make a profit from the investment.
Sell convertible preferred stock. There is one type of preferred stock that converts into common shares at a certain price. If this is your stock, then the value of the preferred stock is also tied to share price appreciation.
Look in the prospectus for the conversion ratio. This ratio is set by management prior to issue. If a conversion ratio is 8 it means that the investor is allowed to trade in the preferred stock for 8 common stock.
Calculate the conversion price. The market conversion price is equal to the purchase price of the preferred share divided by the conversion ratio. If the market value of your preferred stock is $64, then the conversion price for stock is $8 ($64/8).
Try to sell at a profit or for a premium. If the shares are selling above the conversion price you will profit from converting to common shares first. However, if the commons shares are below the conversion price, you can sell your preferred stock at the market rate.