Online Brokers

[JR88]

Sup Guys,

Would like to get in on this action. But I never bought and sold stocks before in my life. So the question is who is the best online broker out there.
For instance Ameritrade, E-trade or TD Waterhouse?

Input is greatly appreciated.
Thanks in advance.

 

[MSM]

HEY FELLA, WELCOME ABOARD. IF YOU ARE A NOVICE LIKE ME YOU CAN GET SOME GREAT INFORMATION HERE AND WE HAVE BEEN STIRRING UP A LOT OF ACTION THE LAST FEW DAYS. IT'S WHAT WE NEED TO MAKE MONEY.
IF YOU GO TO FINANCE.YAHOO.COM YOU WILL SEE A LOT OF ONLINE BROKERAGE PLACES ADVERTISED. I WAS TOLD ANY ONE OF THEM WERE GOOD.
I HAVE A WELLS FARGO TRADE ACCOUNT AND I PAY AN ANNUAL FEE ON MY HOLDINGS AND CAN MAKE UNLIMITED TRADES. IT WORKS GREAT FOR ME BECAUSE I CAN SWEEP FUNDS BACK AND FORTH FROM CHECKING AND SAVINGS. I ALSO MAKE A LOT OF TRADES.
I AM SURE SOME OF THE OTHER GUYS WITH MORE EXPERIENCE CAN HELP YOU OUT ALSO.
READ SOME OF THE TIPS HERE AND YOU'LL MAKE MONEY.
GOOD LUCK!
MSM

 

[worm44]

It depends on how much trading you plan on doing and how much money to invest right away.....I recommend Etrade no matter what because if you don't have a lot of funds or if you do have a lot they are still great plus you only need $2000 for a margin account-$1000 for a cash account I am a swing trader who financed my own start-up company this way so I highly recommend getting started

 

[MSM]

WORM
MY LESSON FOR TODAY. WHAT IS A SWING TRADER??
THANKS
MSM

 

[Red & Black]

JR88

Worm mentioned e-trade which is a very good account for active trading. If you plan on being a long-term investor, I highly recommend buyandhold.com. (Jack, if I shouldn't advertise this site please delete) For $14.99 a month, you get unlimited trades and all dividends are reinvested. This is not an account for daytraders or flippers since there is a limited number of trading windows during the day. I keep all of my long-term buys in this account. It's also good in that you're allowed to buy fractions of shares up to .001 of a share. Good luck in your investing future. You've taken a good first step by visiting this forum.

 

[redsfann]

Agree 100% with what Red and Black has already posted about buyandhold.com.

IF you are going to invest for the long term, that is.

I gamble on sports and play craps now and then; I DO NOT gamble(well, within reason) on the stock market.

buyandhold.com is, as R and B has said, for those of us that buy a stock and plan on holding it for a long time.

Most of my portfolio is made up of dividend paying stocks that I have owned for 7-15 years. Sure, I've dumped some losers and sold some of my holdings to lock in a profit, but I am by no means a day trader or a market timer. IMO, you are just asking to go broke trading stocks frequently.
I also have a smaller ameritrade account for the few dollars I set aside for pure speculative buys, such as my purchase of Sirius stock last year.
Hope this has helped.

 

[worm44]

A Swing Trader is basically a trader who buys/sells based on chart fluctuations with the idea that the buy/sell for profit will occur in a couple of days or up to a week...as opposed to a Day Trader who will buy and sell in the same day-sometimes seconds after buying they sell.........

 

[selkirk]

Red and Black and Redsfann both mentioned Buy and Hold. Sharebuilder.com also offer the same services.

believe both are good if you are a buy and hold investor interested in reinvesting dividends.

both companies do not allow cdn. investors so I have set up a portfolio of DRIP (dividend Re-investment stocks) and SPP share purchase plan stocks.

there is no cost once you have your first stock and you register with the trust which handles the plans, in Canada it is either CIBC Mellon or Computershare. so there is no costs however I get statements from every company, so easier to track through Sharebuilder or buy and hold.

stocks in my DRIP/SPP portfolio
Bank of Montreal BMO,
Scotia Bank BNS,
CIBC CM,
Enbridge (pipelines),
Riocan (reit)
Suncor (oil sands) described as a boring oil play went up almost 400% since I bought it
FAP First Austrailia holds asia bonds, Austraila (good for interantional bonds)
CGI closed end fund that beats the TSX on most years.

would like to add Contrans to the mix and Transcanada. Contrans gives you a 5% discount when reinvesting the dividends. Riocan 3%.


as for trading many good options TD waterhouse is what i use but also have Etrade. Ameritrade also good option and heard good words about Scotrade (name?)

I have ussually had a problem at one time with any brokerage account it is how they deal with the matter.

thanks
selkirk

 

[worm44]

In order for Scottrade to be worth it you have to be rated as a day trader with 2 years of trading......in order to get the $7.00 a trade price......Etrade will rate you hgh based on $$ and multiple trades so I just stick with them......

 

[MSM]

THANKS WORM
I BELIEVE I WOULD FALL IN THE SWING TRADER CATEGORY, MORE THAN THE DAY TRADER. GOT ALL OF THE STOCK YOU MENTIONED SO NOW I WILL PUT MY SELL ORDERS IN AND START MAKING MORE MONEY.
THIS IS THE KIND OF INFO WE NEED. KEEP IT COMING. I AM NEW AT THIS BUT MY STOCK TIPS HAVE ALL MADE MONEY ALSO AND ARE STILL GOING HIGHER SUCH AS CACS, SBAC, RSYS AND NOW EELN. EELN IS A GOOD BUY ALSO, SO JUMP ON
BOARD.
MSM

 

[JR88]

Thanks alot guys!!!!!!!!!!!!!!!!!!!!!!

I think I'll go open an account now with ETrade and become a swing trader like the worm.
Hope to get alot of good tips here. thanks again.

JR88

 

[JR88]

Guys

What kind of account do I open at E-Trade

Power E-Trade
Priority E-Trade
General Investing

Thanks again.

 

[MSM]

JR88
I CAN'T ANSWER YOU QUESTION, BUT I CAN TELL YOU IF NO ONE ANSWERS IT, JUST START ANOTHER THREAD AND SAY HELP AND SOMEONE WILL HELP YOU.
GOOD THING YOU DIDN'T BUY YESTERDAY, BECAUSE ALL THE STOCK MENTIONED HERE WENT DOWN TODAY. PROBABLY A GOOD TIME TO BUY NOW.
MSM

 

[worm44]

Jr88-It depends on how often you will trade..if you make more than 12 trades or so a quarter go with priority...if you dont go General

 

[DOGS THAT BARK]

Saw this @ Motley Fool website and thought it might be of interest

http://www.fool.com/news/commentary/2003/commentary030606rm.htm?logvisit=y&source=eptyholnk403200