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cptindy
Penny Hoarding Member
572 Posts |
 Posted - 06/24/2010 : 09:30:22
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Investing in the market may be something that interests those that frequent realcent. With so many online trading facilities available where would a new person looking to make a small investment turn for a reputable reliable experience with limited funds to invest?
I was hoping that some of the vast experience in this area might be shared.
What are some of the best online trading accounts available and what are their minimum transfers?
Pro's vs Con's information would be appreciated as well...
Thanks
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"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 06/24/2010 : 09:37:40
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I use both TDAmeritrade and Fidelity. Fidelity has lower rates, but I got TD to match them. You would probably want to scrape up $2000 to open an account, and with only that much to play with you cannot trade frequently, the fees will eat you up. Stay away from margin, no matter how tempted you are. That probably goes for leveraged ETF's as well (for a beginner). SLW would be a good stock if you like silver, GDXJ or GDX if you like gold. There's also SIL. I would NOT buy into GLD or SLV... they will collapse worthless when there is an eventual COMEX default.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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cptindy
Penny Hoarding Member
572 Posts |
Posted - 06/24/2010 : 09:52:14
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Personally, I have been playing with a fake account on options express for a few months. The $20 dollar call on silver at the end of 2010 has doubled in 2 months from 80 cents to 1.60. Also apple computer calls have a rather interesting pattern daily.
Ultimately I was hoping to gather feild experience in one thread and open avenues for first time investors in the market such as myself. My Father was a son of a depression era man and a die hard cash is king mentality.
I personally do not believe in diversification to the extent I witness fund managers. I prefer a calculated risk based on experience, knowledge and elbow grease. But my elbows are getting torn up slowly and I would like to see some appreciation from assets. |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 06/24/2010 : 12:50:11
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Warren Buffett calls diversification "diworsefication." How many winning stock picks can you make? He prefers to limit his stock picks and basically put all his eggs in one basket, but then watch that basket very closely. Mining stocks will outperform the broader markets in the next few years. And you are right, why work harder, when you can make your assets work harder for you? Read the Richest Man in Babylon.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
Edited by - beauanderos on 06/24/2010 12:50:55 |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 06/24/2010 : 13:08:47
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| buffet is a fraud. the secret to his success is his insurance company means he can pay cash instead if using debt, and this and other tactics allow him to buy low. when you are buying at a 20% discount, you have a lot of room for error. |
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cptindy
Penny Hoarding Member
572 Posts |
Posted - 06/24/2010 : 20:16:34
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I don't know if i would call Warren Buffet a fraud. The guy started delivering newspapers. Having the right contacts helped him with a decent amount of cash to get his career started. He made some well played investments in undervalued companies with strong book value and hard assets as well and the rest is history. A fraud, nah, I can't say that just because he uses what is available to him.
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"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
Edited by - cptindy on 08/17/2010 17:49:13 |
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AGgressive Metal
Administrator
USA
1937 Posts |
Posted - 06/25/2010 : 01:44:37
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| Scottrade is the cheapest trades that I know of - $7. If you have particular stocks already in mind, I'd check around the various online brokers to make sure they list them (if it is something obscure or OTC some brokers may have it and some may not - usually you can special order it, but it may cost more). |
And he that hath lyberte ought to kepe hit wel / For nothyng is better than lyberte / For lyberte shold not be wel sold for alle the gold and syluer of all the world.
-Caxton's edition of Aesop's Fables, 1484 |
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brian0918
Penny Collector Member
USA
315 Posts |
Posted - 06/25/2010 : 10:39:45
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I switched to Scottrade for my SEP IRA, and used it to buy up a bunch of gold and precious metal ETFs such as PHYS and GTU. Merrill Lynch wanted to charge me $50 minimum for a trade.
If you plan on going with Scottrade, you can use me as a referral and get 3 free trades. I also will get 3 free trades from it. |
"The man who speaks to you of sacrifice, speaks of slaves and masters. And intends to be the master." -- Ayn Rand
Searched: $2230 Nickels; Liberty: 1; Buffalo: 4; War: 20; 2009: 2; 2010D: 8 |
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n/a
deleted
2 Posts |
Posted - 08/15/2010 : 17:27:32
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http://www.associatedcontentnetwork.com |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 08/15/2010 : 17:47:12
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| Nice, Free Student scholarships |
Trolling is an art. |
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darsemnos
Penny Sorter Member
96 Posts |
Posted - 08/16/2010 : 01:34:36
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I think competition has forced the most popular online brokers to a similar cheap trade cost. I use TD Ameritrade and it's $7 per trade. This seems to be about the standard.
I'll second the margin point. Don't trade on margin. If you're a good enough trader to trade on margin, then you're good enough that you don't need to. |
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fb101
Administrator
USA
2856 Posts |
Posted - 08/16/2010 : 08:21:33
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In 1987 (and I don't know if this is still true) CNBC reported that Warren Buffet was the ONLY person to ever make his' fortune entirely in stocks and from nothing.
TD Ameritrade and Scottrade are both good IMO.
What you choose for a broker is dependent upon your service needs (ie: research, charts)
and how much you plan to trade (daily, occasional, lot size).
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 08/17/2010 : 18:44:57
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| I use TD Ameritrade. |
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jonflyfish
Penny Hoarding Member
USA
693 Posts |
Posted - 08/17/2010 : 18:52:19
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IMO, you need to determine what type of investor or trader you are. If you don't have $25k+ you won't be an active equities trader (pattern day trading), and you wouldn't want to use any of the retail brokers listed on this thread. However, as an "investor", they are fine. The real cost of any equities transaction has a lot more to do with order routing than commission charges, but again that is more of a concern for day trading.
If you have "limited funds" and want to be an active trader then you will need to look into options, futures and forex. Also, there are other things to consider. Depending on how you make your entry/exit decisions i.e. technical or fundamental can also make a difference in therms of what broker/dealer might better meet your needs. It is important to decide exactly what you want to do, make a business plan, then best align yourself with the resources that offer the best value for what you are paying for. |
The first panacea for a mismanaged nation is inflation of the currency; second is war. Both bring a temporary (and false) prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunities. |
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Online Trading Accounts ...Who is The Best?
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