Scottrade is great. Low commissions, no account maintenance fees, great customer service, pretty good website.Looking to get into trading online. Wondering if anyone has any good gouge or horror stories about using one of the big names( Scottrade,ETrade, etc). USAA also has a online trading option anyone have any experience with them? Thanks
you cannot daytrade and make any money
You're making a lot of assumptions here. First, you can make money daytrading starting out with less than 5K. 7 dollars is a drop in the bucket if you're making enough of a profit with each trade. I've done it. Second, he isn't even suggesting that he wants to daytrade, nor am I recommending it. Third, you're assuming that he wouldn't have a Roth with an online brokerage. I have a brokerage account and a Roth, my wife has a Roth and a rollover, and my daughter has a Coverdell Savings Account....all with Scottrade. You can invest in any number of investment vehicles in these accounts including stocks and mutual funds.Scottrade.....but here is the deal....you cannot daytrade and make any money unless you are starting out with 5K or more. The trade fees will diminish your profits. Your best bet right now is to max out your Roth and put it into an emerging markets fund or an international fund. PRASX and USIFX check those out....I have had awesome returns there! MAX OUT YOUR ROTH BEOFRE YOU DO ONLINE TRADING IN A BROKERAGE ACCOUNT
By the way, I love these hard and fast rules.You can't pattern day trade PERIOD unless you have MINIMUM $25,000 equity in your account.
By the way, I love these hard and fast rules.
Ok, so now that everyone's said their piece on day trading, which ironically isn't even something the OP was even asking about, is there any other advice for this guy about specific companies to do online trading with?
Do you guys have any simple trading suggestions? Like novice trading suggestions to get my feet wet. I was looking into scott trade, but I didnt really understand all the fees.