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I just got off the phone with a Broker from TDWaterhouse. He suggested I do not invest in Penny Stock. He said I will loose all my investment. Said it was like playing the Lottery.. What does anyone out there have to say about this statement. Also, I need to transfer to another Brokerage Company. Tell me the best one Please!!!!!
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He is acting INVESTMENT advisor. Judge your risk acceptance levels for yourself. Penny stocks are the future blue chips--Bill gates sold his first shares as a penny stock obviously this is the best example of true success but I'm sure the brokers were all saying the same thing then.
[This message has been edited by glassman (edited January 26, 2004).]
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NANNY, THERE ARE PEOPLE OUT THERE WHO ARE TRAINED AS STOCKBROKERS. YOU GOTO SCHOOL TO LEARN A FORMULA. IF YOU ARE ANYTHING FAMILIAR WITH THE EDUCATION SYSTEM, IT TEACHES YOU HOW TO BE A PUPPET AND NOT TO USE YOUR OWN MIND.
THE BROKERS, INCLUDING THE ONE YOU TALKED TO, ARE GIVING YOU INFO BASED UPON WHAT THEY WERE TAUGHT AND NOT WHAT THEY LEARNED.
THE NEXT TIME SOMEONE TELLS YOU THAT "PINKS" ARE A HORRIBLE MOVE, FIRE BACK AT THEN AND ASK THEM WHY SPECIFICALLY ABOUT THIS COMPANY YOUR INQUIRY IS ABOUT. ASK THEM IF THEY KNOW WHAT THIS COMPANY HAS TO OFFER, ETC. THE ANSWER YOU WILL GET 100% OF THE TIME IS NO AND FOLLOWED BY THE RETURN OF HOW PINKSHEETS ARE BAD.
NO MATTER HOW GOOD A COMPANY MAY LOOK, A BROKER WILL TELL YOU NO WAY. JUST REMEMBER THIS, ALL BROKERS SAID THE SAME THING ABOUT MICROSOFT AND AOL BACK IN 1985.
I GOT FIRED FOR RECOMMENDING A PINK BY THE SYMBOL OF OTOD WHICH IS O2-DIESEL (CLEAN DIESEL FUEL) AND WAS 3-YEARS AGO AT .0074 WHEN I ENTERED AND RECOMMENDED; HENCE NOW $3.75+/- AND WILL ONLY CONTINUE TO GO UP WITH ALL THE GOVT. ISSUED CLEAN-AIR ACTS.
99.999999% OF BROKERS THINK INSIDE THE BOX. THIS SO CALLED HIGH RISK OF PINKS I TRULY DON'T SEE. I HAVE YET ONCE TO SEE ANY COMPANY WITH DECENT INFO ON IT JUST DROP OFF THE FACE OF THE PLANET AND KAZAMMMM, MY MONEY GONE.
MY ADVICE: STAY AWAY FROM BROKERS AND DO YOUR OWN HOMEWORK. TO PROVE A POINT, TAKE ANYONE ON THIS BOARD WHICH HAS MANY KNOWLEDGABLE FOLKS AND RESEARCH THEIR PICKS.
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My vote is Scottrade--I have been with them7 months-- not one problem and they let me use my unsettled funds--cuz I never free ride. They have never charged me any hidden fees.
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Everytime I get ready to switch from Scottrade...there's someone that has a prob w/e-trade etc. Never a problem in 10 months..although I'm showing CMKM doesn't exist at the moment.,..been that way for an hour...Anybody else see that?
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I haven't had any problems with tradingdirect, and all my orders have been $9.95. I will let you know though that they limit buy orders on pennies to 500,000 shares/order.
[This message has been edited by smackdaddy33 (edited January 26, 2004).]
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I use Scottrade and have had no problems. I can use my unsettled funds. I call and place the order. No experience with any other brokers.
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Tuck: I like my Scottrade account also. I'll always have that account. I'm just looking for a different account, so the wife doesn't know what I'm playing with and keep nagging about using it to pay bills or to put it in a CD. Take care! DD
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U4TSAF2: With the Misc fee's Low Trades charged me, Scottrade is cheaper. (Except when I have to call in for pinks. Then its usually about $24.47 For what I usually order its usually $15. but I am also going to try Trading Direct Take care! DD I don't want to liquidate my Scottrade account! Besides if Trading Direct turns out to be like the last one I tried, I'd need my TRUSTY Scottrade.
[This message has been edited by SmokingUSA (edited January 26, 2004).]
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U4TSAF- Scottrade only makes you call in pinks. OTC's are as$12 + 1/2%. A $1000 BB trade costs you $17. $17 is not even clse to $65/85. Pinks you must call in, it is $22 + 1/2% if price is <$1, it is $22 if price is >$1. I'm opening an accnt with them on thursday because i will hopefully have time to drive to my local branch to drop off an application and bank check.
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