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Thread: Online Trading

  1. #1
    Join Date
    May 2007
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    Kansas City, Missouri
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    13,438

    Online Trading

    I've been trying to decide what to do with some common stock that my previous company gave me for my years of service. It's not a lot of money and I have always toyed with the idea of doing some day-trading, so trying to figure out if it would be worth doing.

    Anyone here have experience with using Scottrade? So far they seem to be the cheapest for trades and doesn't look like they have any annual fees.

    Would like to know what others have experienced with them or other online trade sites.

    Thanks,
    Darren

    To a small child, the perfect granddad is unafraid of big dogs and fierce storms but absolutely terrified of the word “boo.” – Robert Brault

  2. #2
    Join Date
    Oct 2006
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    The Heart of Dixie
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    No, but I don't like single stocks. Obviously it's yours to do with as you please. But if it were me I would sell in a heart beat.

    I would put that money in a Mutual Fund and let the experts invest it for me. A single stock has much more risk than any Mutual Fund. Very slim chance of every company owned in a Mutual Fund going out of business or becoming a BP.

    Mine dropped in value like a rock during the recession just like everyone else but I am in it for the long term. I am already seeing big gains each quarter and probably made back everything I lost and then some. Before it is over I will be way ahead. And if I looked back at what I first put in I am probably still way ahead of my initial investments. It's not a loss or gain till I sell it.

    Again, not my money!
    God grant me the senility to forget the people I never liked anyway,
    the good fortune to run into the ones I do,
    and the eyesight to tell the difference.


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  3. #3
    Join Date
    Nov 2006
    Location
    Mountain Home, Arkansas
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    When our son died I invested his insurance money into conservative mutual funds recommended by my broker, a family friend. This was to be used for our daughters college education. Within three years they had vanished to less than 1% (you read that right, one percent) of original value. She (the broker) kept telling me not to sell because they would come back. Didn't and never have. This may sound very un-American, not like me, but if I had investment money it would not go any where near the stock market.
    To get back to subject. I have heard Scott Trade is reliable.
    "Folks is funny critters."

    Think for yourselves and let others enjoy the privilege to do so, too. ~Voltaire

  4. #4
    Join Date
    Dec 2007
    Location
    Los Angeles, CA
    Posts
    2,668
    I had etrade until my balance fell below a thousand and they hit me with a huge fine. I promptly closed that account and opened up an account with Ameritrade. No complaints so far.

  5. #5
    Join Date
    Mar 2010
    Location
    Decatur, Alabama
    Posts
    518
    I had etrade at one point, and started getting inactivity fines, swapped to scottrade and have been very happy. They're a straight foward easy to deal with company.

    I generally agree with the above statements on day trading though. It's fun, it's a hobby of mine, and I do better than a CD with a portion of my savings. The greater the risk, the greater the reward, but it gets offset by big downsides on other stocks. So have fun, but don't let it go to your head. I've known some people that thought they could ride the market day trading and lost $50k in a week because they were leveraged out, thinking it's gotta come back up.

  6. #6
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    North of Reno, NV...middle of the desert
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    If it's money you can afford to lose completely, I say go have some fun with it. Who knows, you might get lucky.

    I would definitely stay away from eTrade. They find any excuse to charge you for keeping your money.

  7. #7
    Join Date
    Jul 2009
    Location
    Amherst, New Hampshire
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    10,604
    I had about 3000 shares of General Motors in ING Direct.
    My one and only dealing with stocks.
    Faith, Hope & Charity

  8. #8
    Join Date
    Mar 2010
    Location
    Decatur, Alabama
    Posts
    518
    Ouch. Yeah I try and keep about 8-12 stocks in fairly varied sectors. It's more risky than bonds and cd's, but it's fun keeping up with them. I've lost a bunch on a couple companies, made a bunch on others.

  9. #9
    Join Date
    May 2007
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    Kansas City, Missouri
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    Thanks for all the replies and advice. I was mostly curious if Scottrade had any hidden fees or fees for lack of transactions and I'll continue to do some research. It looks like the stock is starting to recover from the drop after the recession and I'd like to be able to dump out of it when it does. I'm willing to give the day-trading a try. I've watched several stocks that I've researched do well over the years, so it could be interesting to see how I do.
    Darren

    To a small child, the perfect granddad is unafraid of big dogs and fierce storms but absolutely terrified of the word “boo.” – Robert Brault

  10. #10
    Join Date
    Nov 2006
    Location
    Delton, Michigan
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    17,471
    Quote Originally Posted by Darren Wright View Post
    Thanks for all the replies and advice. I was mostly curious if Scottrade had any hidden fees or fees for lack of transactions and I'll continue to do some research. It looks like the stock is starting to recover from the drop after the recession and I'd like to be able to dump out of it when it does. I'm willing to give the day-trading a try. I've watched several stocks that I've researched do well over the years, so it could be interesting to see how I do.
    darren yu must live in a differnt part of the world the recession isnt over up here and is somewhat gettin worse... good luck in your trades but i would avoid the auto industry,, try for solar or green stuff..or buy property they stopped making dirt some time ago..
    If in Doubt, Build it Stout!
    One hand washes the other!
    Don't put off today till tomorrow!

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