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  1. #1
    ABW Ambassador Packy's Avatar
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    Online Trading - Anyone?
    I'm curious as to if anyone does online trading here? If so what company do you use and why? Is the price of transactions expensive online. Any other info about how to go about doing it is appreciated besides the don't do it Thanks All!

  2. #2
    Member Chocolate_Chicken's Avatar
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    Talk to Aussie Pete.

  3. #3
    Member kmkimmo's Avatar
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    I would recommend looking for an online trader that also has a local office near you.

    Personally I use Scottrader because of the ease of being able to trade online, low fixed-cost for trades, real-time streaming (I guess most have real-time these days) and they have an office 7 miles from where I live. It's nice to be able to drive over when I want to make a quick deposit.

    I guess it really depends on your needs and how often you trade, but I can't tell you the value of being able to talk face-to-face if I have questions or need anything from them.
    - I am not young enough to know everything

  4. #4
    ABW Ambassador Packy's Avatar
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    Thanks CC and Km,

    After reading around a bit today I think you might be right about having some place close to home. It looks like I will need a lot explained to me about online trading and the costs. I'll see if I can run into Pete in the near future Wonder if he is on some biking expedition?

  5. #5
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    IF you're just looking to do some buy and hold investing or swing trading I'd look at the better known online firms, like Etrade, TD Waterhouse, Fidelity, Schwab, Ameritrade, or Scottrade as kmkimmo mentioned. Scotttrade has a branch office in Syracuse. I bet some of the other guys do to. Scottrade probably has the lowest costs of the bunch too.

    http://www.scottrade.com
    Scottrade
    109 S Warren St Ste 01A
    Syracuse, NY 13202-1700

    The costs can be quite minimal especially if you trade more often (some firms lower commish based on trade volume). Seems like most of the bigger companies have cut commissions in line with each other although guys like Schwab and Fildelity still make you pay for their added service if you're not trading often.

    If you're looking to trade, in and out often, then you can look at a company like Interactive Brokers, they're known as a direct access broker. Cybertrade (owned by Schwab) is another direct access broker.

    http://www.interactivebrokers.com

    I use Waterhouse and Interactive Brokers (IB). IB's costs can be quite minimal (1 cent per share up to 500 shares then 1/2 a cent after that) but there's not much support since they're catering to traders that trade often. For someone dabbling, buying small share amounts, their commish can't be beat. 200 shares cost $2 in then $2 out.

  6. #6
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    I also use interactivebrokers.com and have nothing bad to say about them.
    They have low trading costs.

  7. #7
    ABW Ambassador Packy's Avatar
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    Thanks Etit and BBB! I'm liking Scottrade and thanks for their contact info I was reading at interactivebrokers and saw something about a 10,000 initial deposit. IS there normally a minimum deposit to get going and is it that high. I was thinking of just throwing in a couple thousand to begin with until I see how it all works. Thanks again for the info!

  8. #8
    Domain Addict / Formerly known as elbowcreek Thomas A. Rice's Avatar
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    Scottrade

  9. #9
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    IB has a $2000 minimum and I think most brokers have a minimum of about $2000.

    All brokers require $25k+ if you're going to day trade stocks.

    IB also will charge for data ($10 a month) if you don't generate more than $30 in commish a month.

    Since you're just starting out I think a broker with a local presence (like Scotttrade) is the way to go. Once you get your feet wet a bit then a direct access firm like IB might become a better fit.

  10. #10
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    I use E*trade. I don't trade a lot, and usually after hours, so it's usually fine. Once I tried to buy a mutual fund in daytime and I found out why people complain so much about E*trade (or used to). I just couldn't get the order to go through at all because of the extreme lag. Very annoying.

    I have my IRA at Scottrade, and the customer service there is very good. The site isn't as fancy as Etrade's, but I still like Scottrade and would recommend it to others. (One thing, though, you don't get statements by regular mail from Scottrade, which I prefer. You do from E*trade.)

  11. #11
    Full Member webpartner's Avatar
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    Packy…

    I’ve been trading on line for several years now and I’ve
    made and lost quite of bit of money at various times… so…

    My first piece of advise is a word of warning….
    Beware… this stuff is really addicting! But…
    it’s also fun and profitable… if you learn to do it right…

    The first thing you need to do is start lurking on the stock boards…
    so you can learn the rules and terminology etc…
    The best one out there, IMHO, is... http://www.siliconinvestor.com
    the second best is… http://www.investorshub.com

    I am a lifetime member on both of these boards and they helped
    me tremendously when I was first getting started… I am
    asker2 on both boards... although I haven’t posted in quite a while…

    You can also learn a lot by joining http://www.ragingbull.com
    but… be careful here… this is the wild wild west of stock boards…
    It’s full of pumpers an dumpers and all kinds of nefarious characters
    but.. You can learn a lot here… just take it all with a grain of salt...
    that is… don’t believe everything you read… I’m asker2 here also…

    Personally, I love trading penny stocks, but it’s dangerous…
    Many times I’ve bought 100,000 shares of a stock being hyped
    on the boards for $0.02 per share ($2000.00) then, within an
    hour or two, sell half of it at $0.05 ($2500.00) and then watch it
    closely to decide when to sell the other 50,000 shares…

    That’s the addicting part… when you get that rush from getting all
    of your money back, plus a $500.00 profit and you’re still sitting on
    50,000 shares in a no lose situation… it’s still another $1,000.00 profit
    Even if it drops back to what you paid for it… the best part is when it
    keeps going up… I used to think that it was better than sex… LOL

    Of course if you pick the wrong stock or you get your signals crossed and
    i
    t doesn’t go up at all… that’s when you gotta’ know when to cut and run…

    I use Schwab and etrade but I’d say etrade is better for fast executions
    BTW if the broker you choose gives you delayed quotes and wants to
    charge you extra for real time quotes... which some do... then here's
    a good place to get free real time quotes... just sign up... no charge...
    http://quotes.freerealtime.com/dl/frt/S

    These are some good places to start if you’re going to be an active
    trader… but… if you’re just looking to buy a few shares of IBM or
    Microsoft and sit on them… well never mind…

    fwiw
    Bob
    <Font size="1" color="99000">Never doubt anybody's word for anything... but... Always double check everything... - Grandpa</font>

  12. #12
    ABW Ambassador Packy's Avatar
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    Quote Originally Posted by etlt
    IB has a $2000 minimum and I think most brokers have a minimum of about $2000.

    All brokers require $25k+ if you're going to day trade stocks.

    IB also will charge for data ($10 a month) if you don't generate more than $30 in commish a month.

    Since you're just starting out I think a broker with a local presence (like Scotttrade) is the way to go. Once you get your feet wet a bit then a direct access firm like IB might become a better fit.
    Thanks etit, looks like the day trading will be out for now. With the SE's doing what their doing to me the last several months I can't afford to risk more than a few thousand. I like the looks of Scottrade.


    Fairla, thanks for the feedback

    Webpartner, thanks for the great links and advise. I was reading up a little yesterday on the penny stocks. I remember a History teacher I had many years ago who dabbled in the penny stocks. Hard to believe but true, he became a millionaire by trading penny stocks. I'm sure thats not the norm but it was cool when he came into class and told me he just went over the million dollar mark. Anyways, thanks again for the links and advise Bob.

    I'm getting my tax stuff together now. I hope I have a little left to play with when all is paid out to the taxmen

  13. #13
    Domain Addict / Formerly known as elbowcreek Thomas A. Rice's Avatar
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    Here's my if only story:


    I'm about the only guy you'll ever meet that SOLD DELL at $4 1/2 a share. Bought it at 10 when it was just starting out, held it for a year and a half, read a stupid article that said Michael Dell didn't know what he was doing, and so I sold out. 2 Weeks later, they announced a surprise earning, the stock shot up, eventually hitting $100, then it split, went back to $100, then it split, went back to $100 then it.... etc. I stopped tracking it after I figured my shares would have been worth some $200K at that point..... I think of that one transaction often, how, but for my impatience, I could have retired in my late twenties/early thirties if I had held on.

    My moral to you is, simply, invest for the long run, and don't sell out based on short term controversy, if you believe in that stock.

  14. #14
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    If it makes you feel any better, I invested in Enron!

    For anyone who is new to investing, I would advise reading "The Intelligent Investor" by Benjamin Graham. It's a classic of value investing. I just read the book "Bull" by Maggie Mahar, and it's a real eye-opener as to what goes on and why individual investors need to be careful (and after working three years at a financial site during the dot-com craze, I thought I was cynical, but this book made me even more so).

  15. #15
    ABW Ambassador Sam Bay's Avatar
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    I use Ameritrade and pretty happy with it. Nice clean website, fast executions. But, I am also considering Scottrade as they charge 3.99 less commission per trade. If I do 100 trades a year, I'd save $399 which sometimes can affect whether I make a profit or loss.

  16. #16
    Web Ho - Design B!tch ~Michelle's Avatar
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    My story is similar to elbowcreek's.

    I had 10 share's of GeoCities that I had held onto for awhile. Every day it was dropping little by little, so I decided to sell it and be done with it. I got a total of about 110.00 for it all. I sold it late in the afternoon. The next morning I woke up, got online and found the big announcement that Yahoo had aquired GeoCities. I looked at the stock and it was now worth $125.00+ per share.

    Needless to say, I could have SCREAMED. *LOL* Talk about selling about 15 hours too early!

    Oh, by the way, I use ETrade and really like their service.
    ~Michelle
    "All I ask is a chance to prove that money can't make me happy."
    "Work to become, not to acquire." -- Confucius

  17. #17
    affiliate emeritus missdonna's Avatar
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    I sold my yahoo stock about a year and a half ago. It's doubled since then.

    I use Ameritrade. No complaints. I looked into Scottrade, but the people at the local office didn't respond well to my initial questions, and if they can't cater to me when I want to give them business I don't imagine they'll cater to me when I have problems.
    Last edited by missdonna; April 10th, 2005 at 01:01 PM. Reason: stupid typo
    Affiliate Marketing - The hardest easy money I ever made.

  18. #18
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    Interactive Brokers
    Hey folks,

    I went to apply for a trading account at Interactive Brokers:

    http://www.interactivebrokers.com/

    I got about 20% into the application and they said "we require a minimum amount of experience before we can open an account for you".



    way to hit a guy over the head...

    Well I don't know about you folks, but it makes little sense to me when the best opportunities are available only to those who don't need them.

    I have no beef with the $2,000 minimum, I'm opening my account with $10,000. The problem I have is that I can't find any disclosures about minimum trading experience.

    I've seen that a few of you have IB accounts, but my question is "How much trading experience do you guys have?"

    I have extensive experience with stocks, a moderate amount with futures but I've never traded options or bonds. back in 2001, I did not completely understand options and I've never had any "interest" in bonds, so to speak.

    Does anyone here know how much experience IB requires, and if not, how much experience do you have in Stocks, Bonds, Options and Futures, respectively?

    Thanks.

  19. #19
    affiliate emeritus missdonna's Avatar
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    Quote Originally Posted by umshaad


    Does anyone here know how much experience IB requires, and if not, how much experience do you have in Stocks, Bonds, Options and Futures, respectively?

    Thanks.
    Welcome to the IB electronic registration system. Our accounts are geared towards professional traders, and we have the following account opening requirements:

    * Good or extensive product knowledge for any product you wish to trade.

    * Prior execution of 100 or more trades (any product).
    Affiliate Marketing - The hardest easy money I ever made.

  20. #20
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    Minimum Trading Experience for Interactive Brokers
    I pity the foo' who buys high and sells low. He don' make no

    Interactive Brokers requires a minimum experience of 100 trades. That's the number of minimum trades that they want their clients to have. It's the amount of trading experience that most professional traders have and therefore, they require minimum trading experience of 100 trades.

    Apparently, they also require at least "good" knowledge on all four types of products they offer.

    Now, some of you new traders may feel as such about this:


    For you guys, there are other direct-access brokers out there, but Interactive Brokers is by far the best according to my own research.

    So if new traders want to open an account with Interactive Brokers, there is only one solution...



    but I don't recommend such....

    :
    Last edited by umshaad; April 26th, 2005 at 07:26 PM. Reason: stuff did not

  21. #21
    Full Member
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    Just write what you have to write and everything will be fine.

  22. #22
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    Quote Originally Posted by webpartner
    that’s when you gotta’ know when to cut and run…
    That's what separates the success stories from the doomsday stories.

    The market is in a downturn right now. I'm gonna stick with my 3% ING direct returns for a little while.

  23. #23
    ABW Ambassador Sam Bay's Avatar
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    Quote Originally Posted by weisinator
    The market is in a downturn right now. I'm gonna stick with my 3% ING direct returns for a little while.
    Better yet;
    Capital One 3.15%
    Best;
    EmigrantDirect 3.25%

  24. #24
    ABW Ambassador
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    The difference between 3.00 and 3.25 is about 40 cents a month right now.

    Stupid house.

  25. #25
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    keywords
    bbb: sorry 'bout the lenthy post, I was going nuts trying to figure out the mins for IB. This website seems to be affiliated with google... I figured I'd drop some keywords in my post for others seeking the information. Often times, I find the most useful information in these web-forums when I do searches. I figured I'd contribute my little tidbit to the web as so many others have unintentionally done for me in the past. What goes around comes around.

    Here's a more interesting topic:

    I'd be interested in a sharing of useful trading strategies.

    I use income funds or high-dividend, high growth blue chips as an anchor and stocks trading under around or under $10 as multipliers.

    I pick about a dozen of these "little stocks" and do a bit of research to see that the management hasn't done anything foolhardy (justifiying their low price). If the management seems sound, then I check the financials to see that they are not in the red or getting there. Once I've done that, I look to see that they have a set "trading pattern". What I look for is a channel, say a range of $4 to $5 or $8 to $10 and so on. That gives me a 20% margin to work with.

    I want to pick a purchase price near the bottom of such a "channel". So I place an "all or none" order at such a price, with a stop-loss 20% below my purchase price and another stop at 10% above my purchase price.

    Why risk 20% to make 10%? because due to what i know about this stock, there is a fairly good chance I can make 10% on it and a fairly slim chance that I would take a 20% hit. Furthermore, if it drops 10% below my purchase price, it could easily be people's emotions hitting the market, or for whatever reason the stock just dips for whatever reason. If the company I've chosen to trade is as good as I think it is, then it is likely the price will recover and I'll still make my 10%, but it will just take longer.

    BUT! if the price drops 20%, then there is a danger that it could drop lower still, and I want out before that happens! I don't want to get severely burned by this trade, you see.

    It usually takes about two weeks for a trade like this to turn around. That means I can execute trades like this about 26 times a year. In a perfect world, one could expect to turn $2,500 into $10,000 easily, within one year.

    I also trade futures, but that kind of trading is a little more difficult to explain in e-mail. I recommend the course offered by the Ken Roberts company for futures trading: http://www.kenroberts.com

    Anyone else have a nifty strategy to share?

    -Dan R.

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