Who do you trade stocks with?

Any preferences? Scottrade, Ameritrade, eTrade?

stocks? Aren't those the thingies where you put prisoners' heads & hands through so they don't get away?... Didn't know there was a market for them...

Scottrade. I have family that works there which is why I started with them. You kind of have to know what you are doing because they are a discount broker and offer no advice. They just place the trades for you.

I've heard people absolutely rave about eTrade's platform (much, much better than TD Ameritrade, from most accounts). The only issue - the concern that's out there - is speculation that eTrade the company may be in some difficulty because of their mortgage arm. Accounts have some SIPC insurance to make sure you get your stocks even if the broker goes under, so I wouldn't worry too much about it.

the_bird said:

I've heard people absolutely rave about eTrade's platform (much, much better than TD Ameritrade, from most accounts). The only issue - the concern that's out there - is speculation that eTrade the company may be in some difficulty because of their mortgage arm. Accounts have some SIPC insurance to make sure you get your stocks even if the broker goes under, so I wouldn't worry too much about it.

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I PM'd you about this, but I also heard eTrade could be in trouble. Someone actually recommended buying them instead of trading with them. They're currently at $5.30...

Soulive21 said:

I PM'd you about this, but I also heard eTrade could be in trouble. Someone actually recommended buying them instead of trading with them. They're currently at $5.30...

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I avoid any real stock-talk on these forums just to keep compliance happy... but as far as the platform, I wouldn't be too concerned. The most likely outcome if they really do get near to bankruptcy is that someone takes them out.

So one vote for eTrade and one for Scottrade

None of the above. I write software for banks and trust management companies for a living, so I manage my own accounts and trade with my own software.

Most of the trading I do is just afterhours stocks that are off the boards. Its more like gambling than investing. I keep that separate from my investing. With my investments I'm more of a dollar cost averager - you know continually and regularly buy and hold, and I don't do much moving around - I just rebalance with my new money.

But after hours trading is pretty fun, since I have to be up and working by 5:30-6:00 am anyway and I work with finance related stuff, I and a few other people in my circle pick a couple of pretty volatile penny stocks and get in or out for small trades usually no more than 2-3 hundred at time. As I was saying, its really more gambling than anything else, you know the stock is going to move cause at that price they always do - just more of a guessing game - up or down today ? Do I make any money at it ? Sometimes, mostly no though, but its something interesting to talk about over coffee at work. I also bet on college football sometimes - he he

Scottrade man. $7 limit orders. What else do you need?

Bobby_M said:

Scottrade man. $7 limit orders. What else do you need?

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Yeah I'm thinking them but I'll need to get by without the advice. How can you possibly only spend $7? Is that like one stock @ 7 bucks??

$7 per trade. 100 shares = $7. 500 shares = $7.

If you need advice, well... you either ought to start with mutual funds (probably a good idea to start), or you're going to be paying a broker a regular commission at a much higher rate. The discount guys might give some research (most of it crap), but they are there basically to provide custody and execution.

Hmm, let me explain. I'm talking about the commission they charge per order buy or sell on top of whatever shares you buy/sell. At many houses, they charge a premium price for a limit order (in which you specify price per share limits). Say for example you want to buy 100 shares of Pepsi (PEP) and the last price was $76.89. You can submit a "market" order like a schmuck and the broker will take 100 shares at whatever price someone is asking. You can keep it in bounds by using a limit order and putting a limit price of $76.95 for example and the broker will only make the buy for you if he can get it for UNDER your limit price. Limit sells work the same way but you're putting a minimum price on the sale instead.

It sounds like you might want to open up an account with Fidelity though and invest in some mutual funds. Playing stocks on whims is not so easy and doing well takes a lot of daily homework. Another fund I've been into pretty heavily is the Morgan Stanley Emerging Markets. High expense ratio but damn, YTD Return*: 54.75%. Disclaimer....do not take this as investment advice, YMMV, have a homebrew.

TD Ameritrade and Mad Money..BoooooYaaaaa!!!!!

I go with the bookie on the corner.