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Online Trading
- Thread starter tbat15
- Start date
Scottrade is great. Low commissions, no account maintenance fees, great customer service, pretty good website.
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
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.
You can't pattern day trade PERIOD unless you have MINIMUM $25,000 equity in your account.
PLUS, you have to wait for the funds to settle... so don't get into it if you don't know what you are doing.
PLUS, you have to wait for the funds to settle... so don't get into it if you don't know what you are doing.
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?
By the way, I love these hard and fast rules.
-Buy what you know... I never buy things if I don't understand the business.
-Be PATIENT. You aren't gonna make profits overnight most of the time.
-Don't get in over your head. If you can't afford to lose it, don't put the money out there.
-Message boards and forums are full of shit. If you take stock tips from L33tDooD!38 then you deserve to lose.
-Be PATIENT. You aren't gonna make profits overnight most of the time.
-Don't get in over your head. If you can't afford to lose it, don't put the money out there.
-Message boards and forums are full of shit. If you take stock tips from L33tDooD!38 then you deserve to lose.
I don't know what that is supposed to mean...
I use E*Trade. I don't like their Power E*Trade Pro primarily b/c their charting function isn't all that great for day trading, but their customer service is pretty good and the trades get executed fast even the company isn't listed on a primary exchange, and I don't feel like opening a totally new account with AMTD or w/e just to see what Apex or w/e it is called is like.
I use USAA and have been happy with them, though I seldom make more than a half dozen trades in a year these days.
Just personal opinion, but I work off the assumption that the institutional traders have an advantage in information that the "little guy" can never match. Keeping that in mind seems to have really helped me.
Just personal opinion, but I work off the assumption that the institutional traders have an advantage in information that the "little guy" can never match. Keeping that in mind seems to have really helped me.
Learning how to read and use L2 quotes is the biggest thing in my opinion...
Also basic charting stuff like gap analysis is useful.
Best free website for longer term charts is www.stockcharts.com IMO
I'd also recommend a subscription to Value Line
Thanks for the replies. I dont have 25000 grand to invest. Im just starting to read up on picking stocks and plan to mess around with a fake portfolio a few times before I sink any cash to see if my methods work. I fund my TSP pretty well and any cash that I would use would be semi-disposable.