Online Trading

[ArkhamAsylum]

I used eTrade for a while, and wouldn't recommend them. The commissions are average, but the account maintenance fees are killer. When you open an account with USAA, you get 25 commission-free trades to use in about 2 months, so that's a good time to play with day-trading if you feel the urge. Mutual funds are a good and safe way to yield 5-15% returns. Dividend reinvestment is usually a good way to go, as most brokerages will offer commission-free reinvestment. Don't overlook dividends when choosing your securities. A non-volatile stock can have a relatively stable share price, but the dividends (reinvested) will add up rather nicely, similar to compound interest from a savings account or CD.

 

[insanebikerboy]

Just don't trade with this guy.

 

[jus2mch]

Thanks for the suggestions. Ive had USAA for a while and never even knew I could online trade. I think I might try a few trades with them to get started using some interest off my high yield savings. I just have to remind myself that Im not gonna wake up and be Bill Gates. That way I wont get carried away.

 

[whitesoxnation]

I used eTrade for a while, and wouldn't recommend them. The commissions are average, but the account maintenance fees are killer. When you open an account with USAA, you get 25 commission-free trades to use in about 2 months, so that's a good time to play with day-trading if you feel the urge. Mutual funds are a good and safe way to yield 5-15% returns. Dividend reinvestment is usually a good way to go, as most brokerages will offer commission-free reinvestment. Don't overlook dividends when choosing your securities. A non-volatile stock can have a relatively stable share price, but the dividends (reinvested) will add up rather nicely, similar to compound interest from a savings account or CD.

????

What type of account did you have?

I don't have ANY mx fees, only commissions.

 

[tbat15]

simulator.investopedia.com

cool stock simulator game. everythings real but the cash.

 

[Brett327]

Unless you know what you're doing, do not buy individual stocks. Mutual funds are the way to go for the entry-level investor.

Brett

 

[usmarinemike]

Read some books. Get books with good reviews, and stay away from most of the get rich quick fad type stuff. I can't suggest any right now because I'm not at home to see what I've read. Investopedia.com is a good site to use as a reference. You can trade successfully without being a daytrader. Just make sure you're educated. I've done well just by hitting singles and doubles almost every time at bat rather than trying for homeruns all the time. If you want to try that, just go play the lottery.

Also, don't be emotional about your stocks. If you get a lemon it will be easier to shitcan it if you aren't attached to it.

 

[Steve Wilkins]

Unless you know what you're doing, do not buy individual stocks. Mutual funds are the way to go for the entry-level investor.

Brett

And likewise, do not invest in mutual funds if you don't know what you're doing.

 

[raptor10]

I work for L-3 Comm, and they have sent me some stuff on entering into their employee stock purchase plan. It looks really nice and I am planning on jumping into it. Good idea? Yea, Nay?

 

[Steve Wilkins]

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.

I don't know what that is supposed to mean...

I thought you were saying he couldn't make any money "day trading" unless his account had $25K in equity. I realize now that you were referring to the rule set by NASD and NYSE. Honestly, I had never heard the term "pattern day trade" until you brought it up...and then I looked it up. Learned something new today.

While not technically fitting the definition of pattern day trading, I still consider "day trading" as trades of the same item (stocks, bonds, etc) being made in close proximity to each other (from a couple days to a few weeks)...i.e. the constant churning of a portfolio. And yes, I do believe you can make money doing that, though I don't recommend it.

 

[Steve Wilkins]

I work for L-3 Comm, and they have sent me some stuff on entering into their employee stock purchase plan. It looks really nice and I am planning on jumping into it. Good idea? Yea, Nay?

PM HeyJoe. He works for them too and can probably provide you some better guidance on that one.

 

[raptor10]

Thanks.

 

[Gitr]

Mutuals are definitely the way to go. T Rowe Price is pretty good, I was very happy with their initial assessment of my goals and their suggested funds (it's on their website).

Best advice is to be patient. Don't start trading because the market is fluctuating. Establish some risk and some stability accounts, just weight more to whatever your goals are.

 

[Steve Wilkins]

Don't start trading because the market is fluctuating.

When is the market not fluctuating?

 

[Gitr]

Touche