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Last post 6 years ago by Mr. Jones. 31 replies replies.
What online brokerage do you use?
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fishinguitarman Offline
#1 Posted: Thu, May 11 2017, 10:01 AM EST
Joined: 07-29-2006
Posts: 69,148
Scottrade sux
gummy jones Offline
#2 Posted: Thu, May 11 2017, 10:05 AM EST
Joined: 07-06-2015
Posts: 7,969
i use etrade but just because i have always used them
they recently lowered their commission but it is a buck above the lowest (of the big brokerages)
fishinguitarman Offline
#3 Posted: Thu, May 11 2017, 10:28 AM EST
Joined: 07-29-2006
Posts: 69,148
But ur satisfied with them?
fishinguitarman Offline
#4 Posted: Thu, May 11 2017, 10:28 AM EST
Joined: 07-29-2006
Posts: 69,148
But ur satisfied with them?
gummy jones Offline
#5 Posted: Thu, May 11 2017, 10:47 AM EST
Joined: 07-06-2015
Posts: 7,969
i am - i suppose
i guess it would be easier to say that i have no major complaints
their platform is simple to use and the folks they assign to help you manage your account (if desired) arent intrusive
if you want them to bug off they bug off
but other than earnings reports, etc i really dont use the analysis very much
gummy jones Offline
#6 Posted: Thu, May 11 2017, 10:48 AM EST
Joined: 07-06-2015
Posts: 7,969
spill the beans
were you my secret santa?
Hank_The_Tank Offline
#7 Posted: Thu, May 11 2017, 10:54 AM EST
Joined: 11-15-2016
Posts: 3,677
I have always wanted to get into day trading but wouldn't even know how to start.
gummy jones Offline
#8 Posted: Thu, May 11 2017, 11:30 AM EST
Joined: 07-06-2015
Posts: 7,969
Hank_The_Tank wrote:
I have always wanted to get into day trading but wouldn't even know how to start.


having an online broker doesnt mean you need to day trade
in fact, i think that would be a terrible idea for you
MACS Offline
#9 Posted: Thu, May 11 2017, 11:38 AM EST
Joined: 02-26-2004
Posts: 79,741
Nationwide is on my side. It's the deferred comp plan I went with. Fixed 3.5% rate unless you want to dabble in the market, which I do not.

I don't need it to grow exponentially, I just need it to supplement my retirement income... since the SSA will be cutting my social security substantially (if not totally).

Windfall Elimination Provision (WEP) https://www.ssa.gov/planners/retire/wep-chart.html
Hank_The_Tank Offline
#10 Posted: Thu, May 11 2017, 11:50 AM EST
Joined: 11-15-2016
Posts: 3,677
gummy jones wrote:
having an online broker doesnt mean you need to day trade
in fact, i think that would be a terrible idea for you


Day trading just sounds like something I would enjoy doing. From the little I know about it, I think I would be good at it.
elRopo Offline
#11 Posted: Thu, May 11 2017, 12:13 PM EST
Joined: 02-17-2014
Posts: 905
When E.F. Hutton speaks.....
cameroon Offline
#12 Posted: Thu, May 11 2017, 12:43 PM EST
Joined: 04-06-2014
Posts: 810
fishinguitarman wrote:
Scottrade sux


Recently opened an account -- what should I look out for?
deadeyedick Offline
#13 Posted: Thu, May 11 2017, 1:00 PM EST
Joined: 03-13-2003
Posts: 17,068
Not much of a trader. I figure if the S&P composite with .02% fees beats about 90% of the pro traders every year, year after year, why should I think I can do better over the long run.

I think of it as the difference between gambling and investing.
shaun341 Offline
#14 Posted: Thu, May 11 2017, 1:02 PM EST
Joined: 08-02-2012
Posts: 8,826
Hank_The_Tank wrote:
Day trading just sounds like something I would enjoy doing. From the little I know about it, I think I would be good at it.


Nobody is good at it, just lucky. Might as well just play the penny stocks you would have same odds of making money probably.
dstieger Offline
#15 Posted: Thu, May 11 2017, 1:10 PM EST
Joined: 06-22-2007
Posts: 10,889
I disagree...I've known many that are good at it...helps to be lucky...better to be good (and lucky.)


However, nobody that was any good at it had the temperament that I sense in HtT.....Nerves of steel are an absolute must....I think a good test to see if you can handle it, would be to have someone kick you in the nuts...like ten times in a row....and then let you smoke a Cohiba while getting blown...and then return to getting a few more swift kicks in the nuts...then, you have to go tell Mrs HtT that you blew the downpayment on the house...but you might get it back tomorrow.....and then.if you don't blink once throughout...you MIGHT have the temperament to be a day trader
Gene363 Offline
#16 Posted: Thu, May 11 2017, 1:15 PM EST
Joined: 01-24-2003
Posts: 30,796
Wells Fargo Advisors, I could do trades with my account, but I don't know enough about markets to be investing individual stocks. I have a financial advisor who, over the last ten+ years has done a great job for myself and my wife.

Yes, it is Well Fargo, but not the bank, they were an independent investment advisory company that was purchased by WF.

A friend recommended my advisor when I asked what he was doing with his 401k after retiring. No crazy profits, just steady growth, adjusted to your age, and I can sleep easy.
Hank_The_Tank Offline
#17 Posted: Thu, May 11 2017, 1:52 PM EST
Joined: 11-15-2016
Posts: 3,677
Maybe penny stocks then. ha. How do you get started into that? Can you actually make money doing that, or is it more for fun than profit?
fishinguitarman Offline
#18 Posted: Thu, May 11 2017, 4:06 PM EST
Joined: 07-29-2006
Posts: 69,148
cameroon wrote:
Recently opened an account -- what should I look out for?

They are just hard to deal with when trying with when when withdrawing money
Otherwise they were ok
fishinguitarman Offline
#19 Posted: Thu, May 11 2017, 5:07 PM EST
Joined: 07-29-2006
Posts: 69,148
But I may go back cause they have cheaper commissions

Didn't ameritrAde buy them out?
Thunder.Gerbil Offline
#20 Posted: Thu, May 11 2017, 6:26 PM EST
Joined: 11-02-2006
Posts: 121,359
I use whichever one will give me a free ipad.
Whistlebritches Offline
#21 Posted: Thu, May 11 2017, 6:50 PM EST
Joined: 04-23-2006
Posts: 22,128
Been using Fidelity for years but fixin to switch to Edward Jones for a little more personal approach to my account.
Abrignac Offline
#22 Posted: Thu, May 11 2017, 9:24 PM EST
Joined: 02-24-2012
Posts: 17,259
There isn't a one size fits all broker out there. Different brokerages offer different bells and whistles.

FWIW, I've never used an advisor since I am fairly knowledgeable when it comes to investing in the markets. For someone who's relatively uneducated, my suggestion would be to find a no-load, ultra low expense fund that mimic's the S&P 500. You will see some ups and downs but over the long haul you should put pace inflation.
danmdevries Offline
#23 Posted: Thu, May 11 2017, 10:41 PM EST
Joined: 02-11-2014
Posts: 17,307
I use Think or Swim from TDAmeritrade for real investments.

I do some gambling/ day trade stuff on Robinhood, but would not recommend it for anything more than just that.

Depends on what you want. Good charts/data etc, options account, cheap fast trades etc.
8trackdisco Offline
#24 Posted: Fri, May 12 2017, 5:45 AM EST
Joined: 11-06-2004
Posts: 60,062
deadeyedick wrote:
Not much of a trader. I figure if the S&P composite with .02% fees beats about 90% of the pro traders every year, year after year, why should I think I can do better over the long run.

I think of it as the difference between gambling and investing.


Where were you 20 years ago with that advice!

Best advice I have read.mother than have a smattering of bonds as you grow older to balance some of the swings.
8trackdisco Offline
#25 Posted: Fri, May 12 2017, 5:47 AM EST
Joined: 11-06-2004
Posts: 60,062
dstieger wrote:
I disagree...I've known many that are good at it...helps to be lucky...better to be good (and lucky.)


However, nobody that was any good at it had the temperament that I sense in HtT.....Nerves of steel are an absolute must....I think a good test to see if you can handle it, would be to have someone kick you in the nuts...like ten times in a row....and then let you smoke a Cohiba while getting blown...and then return to getting a few more swift kicks in the nuts...then, you have to go tell Mrs HtT that you blew the downpayment on the house...but you might get it back tomorrow.....and then.if you don't blink once throughout...you MIGHT have the temperament to be a day trader


Damn good description.
Mr. Jones Offline
#26 Posted: Fri, May 12 2017, 8:24 AM EST
Joined: 06-12-2005
Posts: 19,409
NONE....

I'M BROKE.

ASK THE S.S.G. WHAT "FUND" my million + in cash
( that they STOLE from me) is in?

My 3 guesses?

#1 In BARRY's NEW H.U.T. mortgage downpayment

#2 COMEY's safe deposit box in BILOXI, MISSISSIPPI
( now you really really dumb FBI ANALYSTS AND PROFILERS...SCRATCH YOUR HOLLOW NOGGINS AND FIGURE OUT HOW I KNEW THIS LITTLE
FACTOID^^^)

#3 In IVANKA's snatch and I GOTTA retrieve it
by invitation only in TUNNEL X-117 to the
Willard Hotel's..."elevator to nowhere" as we used to call it....
gummy jones Offline
#27 Posted: Fri, May 12 2017, 11:37 AM EST
Joined: 07-06-2015
Posts: 7,969
gummy jones wrote:
spill the beans
were you my secret santa?


hey fgm quit dodging the question!
Stinkdyr Offline
#28 Posted: Fri, May 12 2017, 11:44 AM EST
Joined: 06-16-2009
Posts: 9,948
Hank_The_Tank wrote:
I have always wanted to get into day trading but wouldn't even know how to start.



Start small.

fog
danmdevries Offline
#29 Posted: Fri, May 12 2017, 1:09 PM EST
Joined: 02-11-2014
Posts: 17,307
Hank_The_Tank wrote:
Day trading just sounds like something I would enjoy doing. From the little I know about it, I think I would be good at it.


Real day trading is not something most people can do.

3 day trades in a 4 (or 5?) Day market period marks you a pattern day trader and you must have 25K in your cash account to comtinue.

It's also incredibly difficult. Sure there's some lucky strikes, but with high reward is high risk.

If you wanna try it out, use the Robinhood app on your phone and have commission free trades. Don't expect any customer service or data support, and it's app only. But... free trades and no minimum to start.
danmdevries Offline
#30 Posted: Fri, May 12 2017, 1:27 PM EST
Joined: 02-11-2014
Posts: 17,307
There's also lots of tax implications with day/short trading.

It's really not worth it for most people.

Adding as edit

I thought I'd like doing some day trades, quick jump in on good news and jump out at the peak.

It's not as easy as you'd think.

I'm playing with a good bit of money to me, but really it's chump change. I have initial principal of 1200. I've been anywhere from 700-1500 over the last 4 months. Right now, 1225.

So, essentially zero earnings over the last 4 months. But if I'd times things right I could have a great profit. I've gotten lucky. I made it back from a 50%loss.

I have a ton of free time. It still isn't working out. I've broke even, and am liquidating my positions for all long haul, even with my play account.
Mr. Jones Offline
#31 Posted: Sat, May 13 2017, 11:19 AM EST
Joined: 06-12-2005
Posts: 19,409
" DAY TRADING" is for bored
Millionaires who don't like the gambling ODD's
At casino's...where the house always wins....
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