I am a newbie and i opened an acct thru USAA Brokerage 6 weeks ago and have been dealing exclusively with penny stocks....I was going to sell 400.00 worth of stock and (10,000 shares) and a commission fee popped up 200.00, I rescinded the trade and kept my stock, How in the hell are you going to make $$ with Penny stocks if these brokerages are charging 10-20.00 trade fees+ .015-.02 cents per share trades over 1000 or 2000 shares...this makes it impossible to be a day trader...or am I in the wrong brokerage? I just requested an acct transfer to Etrade today...so while that is going down.....are there any places that I can trade at that wont kill me with fees on these penny stocks? thanks in Advance
Posted by Relentless on :
Ameritrade
Posted by CashCow on :
sweet ragged thing is i am a newbie and u need 5000.00 to start with AT
Posted by Relentless on :
I started my ameritrade account years ago with 500.. I don't think they've changed anything.. if so try scott trade.. I use them as well.
Posted by T e x on :
scottie and choicetrade; next, lowtrades
Posted by Sasquatch on :
I use scottie as well. They do a fee for pennies as well but it won't be 200.00!
Big position sould cost you around $20.
Scottie's a good place to start in my mind. Good streamer but charts suck. Use stockcharts or bigcharts for that. L2's cost extra like everywhere. I find I can get most of what I really need to know by the link Allstocks has here.
Once you are used to trading and have your "style" then it might be good to look into choicetrade or lowtrade as a second account. Compare the two and see what you like better.
I haven't tried other accounts yet. The scottie office here is 4 blocks away so it is conveinent for me.
Sas
Posted by Machiavelli on :
Do not repeat do not use scottrade for pennies... they charge you extra fee's for that.. Ameritrade is still a little too high for pennies IMO .... your choice if you want to save on commission is between Choicetrade.com and Lowtrades.com ... with Choicetrade IMO being the best of the two... check out their website... great customer service, low commissions ($5 flat rate for all equities), etc.. they even have a feature on their homepage where you can compare commissions etc. between different brokerages as compared to Choicetrade.. anyways hit the link below...