Real quick.... You guys are obviously smart and have been at this for a while; so I was wondering.....
In your opinions; who is the best company to use for online trading. I am small time and what I am really concerned with is:
How fast they settle....and what are the transaction fees?
Currently with Scottrade.....does anyone settle faster?
Posted by The Bigfoot on :
All depends in what you trade and what you need. Each platform is a little different.
What size stocks do you trade (pps) and what features do you know you want included?
Posted by Lockman on :
I use Scottrade and Zecco both are pretty good.
Posted by rounder1 on :
Forgive my ignorance; but, I am new to trading. I started with Scottrade about two and a half months ago with the min ($5oo).
I have done okay in my opinion...little over 3k now. For now I am trying to play the volitile stocks, small orders, many positions, frequent trades.....don't really have the $$$$ to be an investor at the moment (can't even afford to chance the "rides" on the pennies....I am a profit taker)....Would like to get out of the pennies one day.....but damn it is fun!
For now my big concern is the lowest transaction fee and the fastest settle. Because I am budgeted, take profits, and make a lot of trades, and mainly stick to smaller orders......those fees hurt believe it or not. The settle time is a pain because I tend to have 85 - 90% of my money in a position.....so there are days when I may come across a good thing but can't act cause of the "free ride" thing.
Who do you use?
Posted by CashCowMoo on :
I use choicetrade. It is cheap, and easy. Just like getting Obama votes through acorn.
Posted by rounder1 on :
Very nice CCM.....thanks I will check them out.
Posted by Lockman on :
Harmon Trading Group lets you daytrade with only 2,500.00. That way you don't have to wait the three days. I don't use them but have heard some good things
Posted by T e x on :
rounder, sounds as though you need at least a coupla accounts...with different brokers. Better to use brokers with different clearing houses, too.
Posted by The Bigfoot on :
I also use Scotty though I know he isn't cheapest when it comes to stocks under a buck. I prefer the streamer to anything else I have found so far and the research section has upgraded a lot in the last year or two.
The only ways you are going to shorten settling time is if you open a margin account or if you spread your money though separate accounts like Tex suggested. T+3 settling is mandated, not a choice.
You should be made aware if you didn't already know that seeing a 500% return in three months as a newbie is extremely rare. Keep doing what you are doing.
In the end, don't think much about cost. Tour the services and find the one(s) that fits you best. The fees are annoying but paying the piper a little more per trade for a better look and feel that you can groove with is worth it.
Posted by rounder1 on :
Thanks everyone. If I keep doing well; I will look into opening an additional account with another company.....and:
B.F.,
I know that your right about it being unsual.....that is what scares me. The funny thing is that I know absolutely nothing about the technical side of trading...but I have found that the more I learn (which is not much); the more I second guess everything else that seems to be apparent.
I have to say that I am a young buck; but, I have been a poker player since I was 16......Trading is amazing and I have all kinds of respect for the persons that do it.
In poker the risk and the adrenaline is more intense but only for a matter of minutes.....this is different.....Not everything is hanging on the "gambler's hope" but, it can draw out for days, weeks, months, and I assume years (requires some kind of mental strength).
I guess what I am trying to say is that I am in awe of persons in this field....much the same way that a sprinter would not understand how a marathoner can do it.....
It is all running...but it sure is a hell of a lot different.