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Old 12-23-2010, 01:43 PM   #1
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So Im using scottrade, but I literally have absolutely no idea wtf Im doing and spending $7 anytime I do anything what-so-ever is eating up the money Ive made available. Are they any sites that dont charge you for everything? Are they any that are for noobs?
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Old 12-23-2010, 02:01 PM   #2
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$7 a trade is good. If you can't afford that, you should stop day trading. acutally, you should stop trading at all.
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Old 12-23-2010, 02:19 PM   #3
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There are online brokers that don't charge per trade, however their minimum account balances are a lot more than you've got if you think a $7 trade is expensive. Also, if you literally have absolutely no idea WTF you're doing, frequent trading of individual stocks is probably not going to be good for your wallet.

I have a Scottrade account because Scott is the best name ever, and also because $7 is pretty cheap. I do not trade very often at all. In fact I should probably pay more attention to that account.
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Old 12-23-2010, 03:08 PM   #4
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instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
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Old 12-23-2010, 05:48 PM   #5
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You don't know what you are doing? You will make mad ca$h yo. I recommend trading with margin. That is always best if you are a beginner.
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Old 12-23-2010, 07:09 PM   #6
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Scottrade user here as well.

Quote:
Originally Posted by Braineack View Post
$7 a trade is good. If you can't afford that, you should stop day trading. acutally, you should stop trading at all.
+1

Quote:
Originally Posted by Faeflora View Post
You don't know what you are doing? You will make mad ca$h yo. I recommend trading with margin. That is always best if you are a beginner.
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Old 12-23-2010, 08:59 PM   #7
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Quote:
Originally Posted by y8s View Post
instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
This is a very good idea and I recommend it as well! Most successful real estate investors cut their teeth by becoming masters at Monopoly, the board game. Learning how to spend/lose/invest fake money creates great skills that translate into spending/losing/investing real money.
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Old 12-23-2010, 10:50 PM   #8
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If you have an iphone, go into your app store and search for "itrade". It's a free app that you compete against other members every month using real stocks.
Here's a tip for you and anyone else interested.
I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate.
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Old 12-23-2010, 11:07 PM   #9
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I have always used Fidelity and they are 7.95 for most trades. Some iShares ETFs are free to trade, but that's about it. Don't fall into the trap of thinking you need to trade very often and own individual stocks. That is where all the big money is, but until you really understand them, invest in broad spectrum ETFs. Are you just buying stale stocks or are you splitting up into chunks of alotted amounts that unless there is a substantial gain, the fee will eat up all possible gains?
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Old 12-23-2010, 11:29 PM   #10
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Quote:
Originally Posted by thirdgen View Post
If you have an iphone, go into your app store and search for "itrade". It's a free app that you compete against other members every month using real stocks.
Here's a tip for you and anyone else interested.
I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate.
This too is a great idea. Most financial institutions do in fact use spreadsheets to track the price of stocks as well. Excel is well known for it's sagacious ability to predict the future prices of stocks. Some say that Microsoft has strong ties to the stock exchange, but really, the fact of the matter is that by entering data on a spreadsheet, one can influence the future price of a stock!

It is a shame that more people do not know about these secrets, because everyone could (and should be) a millionaire!
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Old 12-23-2010, 11:33 PM   #11
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Quote:
Originally Posted by rharris19 View Post
I have always used Fidelity and they are 7.95 for most trades. Some iShares ETFs are free to trade, but that's about it. Don't fall into the trap of thinking you need to trade very often and own individual stocks. That is where all the big money is, but until you really understand them, invest in broad spectrum ETFs. Are you just buying stale stocks or are you splitting up into chunks of alotted amounts that unless there is a substantial gain, the fee will eat up all possible gains?
This is totally false. The more often you trade, the easier it is to make more money! How do you think that the big new york fianancial companies make money! High frequency trading!

The easiest way to do this is to install an applications like an iphone trading platform and to trade itrade ishares ETFs. With the iphone and a 3G network, one could easily place at least 30 trades a minute and start to compete. The key though, is to stick to things like commodities. They are great. In fact, I hear Geranium is getting pretty hot due to war issues in the country of Africa.
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Old 12-23-2010, 11:47 PM   #12
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Here's an even bigger secret:
I'm 29 and have been following stocks in this manner since I was in 6th grade. Special thanks to Mr. Kutz for believing in my mathmatical abilities...
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Old 12-24-2010, 05:36 AM   #13
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I just had yet another (this must be the 20th time in my 25 years of trading) stock go belly up and got my papers for the class action lawsuit. Be very careful if you are trading individual stocks.

( by careful I mean don't do it )

FWIW, I use Etrade but would switch to Scott if it wasn't such a pain in the *** to do. (Don't tell me it is easy - you don't know what I have set up on this end)
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Old 12-24-2010, 06:06 PM   #14
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Quote:
Originally Posted by thirdgen View Post
I started a spreadsheet and I put a few selected stocks that I like to track. Everyday, sometimes 3 times a day, I put the date / time and the stock quote on my spreadsheet. This way I can kind of predict how the stocks fluxuate.
This is a joke right? You thought of it in the 6th grade and it can accurately predict stock fluctuations to the point that you would invest off of it with only 3 key points of data a day? You have gotten very lucky if this has worked for you in the past, but it is well understood that fools follow past performance trends of single stocks. If it was that easy to understand, don't you think that everyone would do it, therefor negating all advantage of it?

Broad ETFs have a possibility, but the gains are marginal and the window of opportunity is too small for an individual to routinely predict.
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Old 12-24-2010, 06:11 PM   #15
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Quote:
Originally Posted by rmcelwee View Post
I just had yet another (this must be the 20th time in my 25 years of trading) stock go belly up and got my papers for the class action lawsuit. Be very careful if you are trading individual stocks.

( by careful I mean don't do it )

FWIW, I use Etrade but would switch to Scott if it wasn't such a pain in the *** to do. (Don't tell me it is easy - you don't know what I have set up on this end)

I have only been trading for 10 years and have gotten 8 of those notices as well. Most of the time it has been with pink sheet stocks, but I knew they were a risk anyway. I fully expected to get that notice about Ford when I bought it at 3.25, but didn't and am very happy with my accepted risk.

Don't get me wrong though, the vast majority of my investments are in ETFs(mostly international) and REITs. The rest is a small percentage I have assigned as speculative funds and invest in single stocks knowing full well that they could be worthless tomorrow.
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Old 12-24-2010, 06:49 PM   #16
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Quote:
Originally Posted by y8s View Post
instead of wasting money, try just using google's stock portfolio to make fake trades and see how you do.
Nvm I figured it out.
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Old 12-28-2010, 02:23 PM   #17
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If you simply want a cheap per trade transaction use zecco.com or Tradeking.com. I started with Tradeking and like the interface, tools etc. I added a zecco account to trade (gamble on) pinks.
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Old 12-29-2010, 10:02 AM   #18
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I use Vanguard which is around 7 bucks a trade - as an FYI that is very cheap. +1 for fake trading before you have enough money. If 7 dollars is cutting into your margins you are simply not investing enough money.
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Old 12-29-2010, 10:32 AM   #19
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"fluxate" lol.
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Old 12-29-2010, 11:12 AM   #20
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Quote:
Originally Posted by Newbsauce View Post
I use Vanguard which is around 7 bucks a trade - as an FYI that is very cheap. +1 for fake trading before you have enough money. If 7 dollars is cutting into your margins you are simply not investing enough money.
Not really. Zecco is 4.50 (no commissions, no premium on pinks, no block size limits) and Tradeking is 4.95.

And if anyone needs a referral to either, lemme know.
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