posted
Hey, I was wondering if anyone that remembers their experience in signing up with choicetrade can tell me about how long I should expect to wait before getting a user name sent to me after having signed up. Also, if anyone can tell me about how long it takes before they recognize an e-check, I would appreciate it. I signed up on the 27th, and still haven't gotten an email after they sent me my account number, and I want to at least log in and browse around the set-up of the site to get a feel for it so I know what to do once my funds are in and I'm ready to trade. Thanks.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
their site says that they clear the check after 10 days, but if you show them a screenshot of your bank account that shows it's been withdrawn, then they'll speed that part up. scottrade was so quick in setting up, i was hoping this would be too. of course, for scottrade, i wired the money, but i don't wanna spend the 20 dollars again for that. i just wanna start trading at 5 bux a pop instead of 7+change.
once mine goes through, i'll let you know though.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
yea, i'm definately gonna keep scottie around.. i like the real-time streamer.. and since their's no maintenance fees or anything like that, it won't hurt to keep it.. do they require you keep a certain dollar ammount in it though? cuz i'm thinking of taking out my money from that account, and leave in like 20 bucks or so.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
yea, once my account clears up for Choice, i'm gonna buy into RSHN, and then sell off the rest of the shares I have of it in my scottie account so i can have most of them in Choice.. cuz I know that if they do make a hefty jump, I'll prefer selling them through Choice a lot more.
When I signed up for Scott at first, I wasn't into pennies, so I didn't really notice that 1/2% thing, but that has turned out to be quite a nuisance to me since I've gotten into it.
I wish I had a branch of Scott near me. Being in Gainesville, Fl, I either have to get it through Miami or Jacksonville, and if I'd wanted to make desposits, it'd be the same way. Plus, my home in Miami is nowhere near the Miami office. So I won't miss the convenience of the branches too much, I don't think.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
yeah, you might as well have a scottrade account as well 'cause there are no maintenance fees. it also works out for me 'cause i have an office next to my house and and my school. plus my money is posted in my account the next day. i'm still gonna open a chicetrade account though for the 5 dollar no commision trades as well as the stop/loss seems to be a cool feature
Posts: 22 | From: los angeles | Registered: Aug 2005
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posted
I think the initial eCheck clearance may take a week or so. However, you should contact Choicetrade and, if i remember correctly, they can expedite the funds. After the first time, though, it only takes a day or so.
You should think about the ACH option with Choicetrade. They just added this option, and it is quicker than eCheck.
Posts: 178 | From: houston | Registered: Mar 2005
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posted
Thanks. I'll look into that for my next transfer of money into it. In the meantime, I'll be trying to build up some money in Scottrade so I have a good ammount to withdraw once Choice is ready for me.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
well.. fyi, i just got a message back from choicetrade with my login and password.. so i signed in, and there was my initial deposit, already waiting for me.
so, timeline: feb 27- signed up online, and sent eCheck feb 28- mailed in application mar 3- got username, etc. mar 4- ready to make some money at $5/trade commission
once i get a good jump in my scottie account, i'm sellin out and getting a check and then puttin it in in choice.. hope this helps as a reference for anyone else newly signing up for them.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
I've had problems logging in and/or using streaming quotes lately but other than that Choicetrade keeps me happy. Definitely some issues though, this morning I couldn't log in for over 20 minutes at the open.
-------------------- Well done is better than well said. Ben Franklin Posts: 718 | From: Bay Area, CA | Registered: Aug 2005
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posted
hmm.. Well, I'm gonna be keeping and using my Scottrade account for the free streaming quotes, and then just using Choice for the actual trading. But I could see a delay in logging in getting aggrivating real quick.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
Ive never had a problem logging in <shrugs>. but in all fairness that could happen in any online brokerage.. after all remember these are computers and programs were using.. there not perfect..
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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i thought that as of march 4th, i'd be able to start trading.. apparently not.. you actually have to wait until they receive and authorize your application..
i didn't know this.. i could have faxed it up to them over the weekend, but didn't know that i wouldn't be allowed to trade. so now i'm back at school with no fax machine, just waiting for them to take note of my application and turn on trading privaledges.. it shouldn't be too much longer though.. i mailed it out about 8 days ago, and FL to NJ shouldn't take too long for a regular first-class letter..
at least i've been taking the time to get familiar with the platform, and keep building up my scottie account to be ready to transfer over when ready.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
I've had Choicetrade for about a year. After you have opened your account, you can deposit funds into the account with an echeck through Qchex. It takes a few minutes to fill it out online. You should see the money in your account within an hour. If you don't, just call Choicetrade and they get it in immediately. It's easy and no waiting three days or anything like that. Also - they just added a platform for extended trading - after hours and pre-market.
Posts: 120 | From: New York | Registered: Feb 2005
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quote:Originally posted by ladybird: I've had Choicetrade for about a year. After you have opened your account, you can deposit funds into the account with an echeck through Qchex. It takes a few minutes to fill it out online. You should see the money in your account within an hour. If you don't, just call Choicetrade and they get it in immediately. It's easy and no waiting three days or anything like that. Also - they just added a platform for extended trading - after hours and pre-market.
good post--ladybird, what's the process like from "echeck" through "Qchex"?
am doing this now...ie, opening an account with Choicetrade
posted
I used 'Qchex' to fund my account originally.. it's a pretty easy process, and it felt pretty safe going through it.. After filling out the routing number and account number and check number, it sends it to their clearing agent, who then prints out the check and then they clear it..
The process goes quickly, even for the initial deposit.. My one recommendation is that you should fax the application form that you have to send in, if possible, because you can't trade your account until you do. I've been waiting for about an extra week since they still haven't recieved my application I sent through snail mail.
Good luck getting started!
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
Hey Tex, you start the process of making out the echeck right from the Choicetrade website. Just click "Deposit Funds, then click "Send a Qchex." That takes you through the whole process.
whb11 is right about faxing the application.
If you have any questions about anything, just call Choicetrade. They're good about explaining things.
Posts: 120 | From: New York | Registered: Feb 2005
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Hey fellers, don't forget the new-ish ACH option. There is the initial waiting period while everything is verified (took a couple days for me) but after that, Choicetrade can make a direct draft to pull over more funds. Also, signing up for ACH doesn't mean you can't do the eCheck either.
Posts: 178 | From: houston | Registered: Mar 2005
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QChex takes about a day for me but I dont mind. I would like to try the ACH but I can't even remember my damn password anymore for Choicetrade because they dont let me choose to make my own (I have a schemata I've been using for years), its stored in my browser.
I have to get that fixed so I can use that next time. I'm shooting along another 5k for next weeks, hopefully profitable time.
-------------------- Well done is better than well said. Ben Franklin Posts: 718 | From: Bay Area, CA | Registered: Aug 2005
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Call choice trade and you can change your password to what you like while on the phone. I know because I did it. Didn't do much good, because I keep forgetting what it is. Like you, I have it stored.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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don't trade for excitement... trade to make $$... in other words be patient... dont trade everyday.. cash is a position too.. if you cannot be patient about your account being open... most likely you won't be patient about trading neither...
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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posted
Waiting can be a good thing. I've made the mistake of jumping into stocks with almost no DD based on hype, and not everyone is right when they make picks even if its a genuine pick on their own DD and not just a pump.
Watch, wait, and pounce. Getting the timing right is the part that takes practice, sometimes painful in the process. I prefer to play stocks that have patterns I know very well, knowing how they react to news etc, for how long all is very helpful.
-------------------- Well done is better than well said. Ben Franklin Posts: 718 | From: Bay Area, CA | Registered: Aug 2005
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I think I've been extremely lucky, or extremely untypical so far.. I've been spoiled by jumping in RSHN just about a week before it started it's jumping process, and I've had really good luck so far getting in on its dips and out at its peaks. I also got into USXP on a small dip and sold out for a 10% profit in about 20 minutes, so I'm being careful and cautious as much as I can with these things.
The main thing about getting the margin would be, for example, on Friday I sold out my position in RSHN at .0023, but wanted to get back in at the dip of the day that came a little later at .0018 in order to be ready for a nice gap on Monday, but because of the whole Settled Funds thing, I wouldn't be able to sell that till Wednesday, when the price has tended to downtrend, so I miss out on that little bit of extra profit.. As it is now, I just have to wait till Wednesday comes around to buy and then work from there..
And I'm not trading for the excitement.. the money's the great part.. the excitement's just a perk and a biproduct that feels nice, so long as I continue to make some money. In the past month, my account value went up 400%.. nearly all of it due to the help I have recieved here on this site, so once again, I thank you for your extremely valuable input.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
On Choicetrade, look under Account/Ballances before the market opens that day and the second figure of the "Current Ballances" column contains the amount of "settled" cash you will have to play that day. Later in the day, after you have sold something, the procedes will be addesd to that figure and you can use the total amount showing to buy stocks through the day, until closing. If then you have used all of the amount of settled funds you started that day with and have dipped into those funds that resulted from things you sold during the day, the stock you bought with those unsettled funds will NOT appear in your portfolio until an amount of funds sufficient to cover the amount becomes unsettled, though the stock will show under "Positions".
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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posted
Sounds like you have it goether whb, and 10% is a stellar return I'd be happy with if I could make it routinely. Get in and get out!
I rode VWKM twice at .0003 to .0004 and was very happy with that, a few people ridiculed me for getting out early and I'd be sorry. I wasn't sorry at all, especially since I wouldn't have made any more than that unless perhaps I waited, and waited. There is money to be made!
Happy trails, stay green!
-------------------- Well done is better than well said. Ben Franklin Posts: 718 | From: Bay Area, CA | Registered: Aug 2005
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well, now i've finally completed the choicetrade process, and i've been able to trade.. it all finally opened up about 2 or 3 days ago, so overall, it's been a process of about 3 weeks, i guess. just a heads up for anyone else looking to open an account with them..
advice for others: send echeck and fax in the application instead of mailing it in.. then you should be good to go a lot quicker than i was.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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posted
Back here again.. I just set up the ACH thing, and put money in my bank (cash deposit, so it should be posted same day).
The site on Penson (the clearing house, i guess) says that it takes about 1 to 3 days for an ACH to get the funds into the Choicetrade account. Anybody know if they're usually closer to the 1 day or the 3 day? I know, it sounds overly impatient of me, but it'd be nice to know what to expect so I could plan accordingly.
-------------------- Hindsight is 20:1. It's like printing money. Posts: 1129 | From: Univ of Fl | Registered: Jan 2006
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