stock traders
- Thread starter Briansol
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Here's my pro tip for the day.
ex div is feb 10th. get in by feb 9th to earn 20% div.
http://finance.yahoo.com/q?s=MORL
disclaimer: If you are unfamiliar with leveraged ETF's, read up on it first. You have the opp to earn double or lose double in a 2x leveraged holding on a volatile mREIT sector. Of course, do your own research as I am not your agent. I DO hold shares.
I bought a handful of these shares a while back just to watch the leverage in action. It's pretty amazing the income that comes in from this guy. every month. every 3rd month is a BIG one as more holdings are on quartley div posts than monthly.
put it in a roth type account and earn tax free. set it to Drip. Thank me in 20 years.
ex div is feb 10th. get in by feb 9th to earn 20% div.
http://finance.yahoo.com/q?s=MORL
disclaimer: If you are unfamiliar with leveraged ETF's, read up on it first. You have the opp to earn double or lose double in a 2x leveraged holding on a volatile mREIT sector. Of course, do your own research as I am not your agent. I DO hold shares.
I bought a handful of these shares a while back just to watch the leverage in action. It's pretty amazing the income that comes in from this guy. every month. every 3rd month is a BIG one as more holdings are on quartley div posts than monthly.
put it in a roth type account and earn tax free. set it to Drip. Thank me in 20 years.
Terrible marketed ads. Twitter is a great mechanism for a barage of information but the idea to clutter up the system with ads isn't coming to fruition.
Bumping this because after many years with scottrade it's finally time I move on. Scottrade has a platform I really like but they have a major, MAJOR flaw, you CANNOT place a stop order within 10c of the bid price, they also don't have direct access data lines so it isn't instant when you place orders. On top of that they are not cheap at $7 a trade.
So who does everyone currently use? Also how many trades a month do you do? 0-5 5-10 or 10+?
Top two choices right now on my list of companies to jump ship to are MB Trading and Lightspeed. both offer $4.95 trades, direct access and desktop platforms. however I'm finding that most brokers that are not designs for the masses (unlike TD, Scottrade, Etrader...) have tons of fine print and lots of small fees for anyone who doesn't actively trade. On the flip side $7-10 trades is a killer!
Lightspeed offers their software for $100/month, however any trade fee $4,95 is apply towards that fee so if you do 20 trades you pretty much get to use the software for free.
MB Trading doesn't charge for their software but do charge a direct access fee of $7.50 if you don't do $25.00 worth of trading fees a month, they also charge you $12 a quarter if your account is inactive. I just hate the idea of getting charged if for some reason I don't play the market.
Market has had one awesome year and this year looks like its still going up, I'm watching out for a down trend to happen so I can play it back down but who knows, we might have another up up up year.
So who does everyone currently use? Also how many trades a month do you do? 0-5 5-10 or 10+?
Top two choices right now on my list of companies to jump ship to are MB Trading and Lightspeed. both offer $4.95 trades, direct access and desktop platforms. however I'm finding that most brokers that are not designs for the masses (unlike TD, Scottrade, Etrader...) have tons of fine print and lots of small fees for anyone who doesn't actively trade. On the flip side $7-10 trades is a killer!
Lightspeed offers their software for $100/month, however any trade fee $4,95 is apply towards that fee so if you do 20 trades you pretty much get to use the software for free.
MB Trading doesn't charge for their software but do charge a direct access fee of $7.50 if you don't do $25.00 worth of trading fees a month, they also charge you $12 a quarter if your account is inactive. I just hate the idea of getting charged if for some reason I don't play the market.
Market has had one awesome year and this year looks like its still going up, I'm watching out for a down trend to happen so I can play it back down but who knows, we might have another up up up year.
you have an iDEvice.... have you looked into robinhood? i gave up after i saw it didn't work on android and didn't read any more about it.
otherwise, i use fidelity, and it has 7.95 trades, but they actually work, and if i want to call somebody and talk, i can, for free.
otherwise, i use fidelity, and it has 7.95 trades, but they actually work, and if i want to call somebody and talk, i can, for free.
I want direct data access and a desktop platform so an App based stock platform isn't going to cut it.
Robinhood is a great idea for anyone that wants to buy and hold for long term, however IMO having a legit broker for $7-10 is a better option since you'll get a lot more tools and customer service for your $14-20 worth of transactions for 1 stock over the 1+ year span.
For short term investors I think most people using robinhood will just lose money, It's going to pull in a lot of noobs because its free and they will get eaten up. CBNC said buy this, Cramer said that, Yahoo Finance just posted news about this.. buy buy buy!!!
I do think Robinhood is a great way of getting use to using real money in the market, you can buy $100.00 worth of a stock and if it goes up 2% can sell out and make a profit. Normally $100.00 worth of stock would need to see a 14-20% gain before anyone would see any profits.
Any active traders are going to want a bit more than just a simple buy/sell entry screen with some basic chart options.
As far as fidelity goes, have you tried their pro platform? I wonder how that stacks up VS Scottrade Elite.
Robinhood is a great idea for anyone that wants to buy and hold for long term, however IMO having a legit broker for $7-10 is a better option since you'll get a lot more tools and customer service for your $14-20 worth of transactions for 1 stock over the 1+ year span.
For short term investors I think most people using robinhood will just lose money, It's going to pull in a lot of noobs because its free and they will get eaten up. CBNC said buy this, Cramer said that, Yahoo Finance just posted news about this.. buy buy buy!!!
I do think Robinhood is a great way of getting use to using real money in the market, you can buy $100.00 worth of a stock and if it goes up 2% can sell out and make a profit. Normally $100.00 worth of stock would need to see a 14-20% gain before anyone would see any profits.
Any active traders are going to want a bit more than just a simple buy/sell entry screen with some basic chart options.
As far as fidelity goes, have you tried their pro platform? I wonder how that stacks up VS Scottrade Elite.
After rereading this whole thread. Just wondering. Who still has Siri and if not when did you sell? I sold out at the $3.50 range awhile back in my Ira and rolled it into BAC. Sold my other shares at $3.65 from my active trading account earlier this year.
Siri was an awesome run!
Siri was an awesome run!
Jeff, how often and quickly do you want to trade? No matter who you have, retail doesnt get instant execution. Its a shitty process.
For right now, i use optionshouse/ the new trademonster. $4.95 trades and 3% margin. If you have $25,000, merrill edge will give you 30 trades per month. Td and optionshouse have great desktop platforms.
For right now, i use optionshouse/ the new trademonster. $4.95 trades and 3% margin. If you have $25,000, merrill edge will give you 30 trades per month. Td and optionshouse have great desktop platforms.
I saw Merrilll Edge offers 30 free trades, although I believe you need to keep the money in a Bank of America account for it to count not sure if $25K in the trading account would work, or maybe it does but it has to be in cash and not in/out of stocks, looks like to use their platform you need to either keep 50K in your account or make at least 15 trades a quarter which isnt an issue. Down side is web based platform, and no direct market access. =(
Trademonster has been reviewed really well and Optionhouse was not far behind it (highly rated for being a great options broker.) however Option house bought out Trademonster so I'm not sure what to think of it, Im happy to hear you use them. What is their trading platform like? Does Optionhouse use the Trademonster platform? What kind of random fees do you get hit with? Direct access fees? level 2 fees?
I rarely hold onto a stock past closing, unless its something I bought for long term. so 2 trades is a minimum if I trade, last Friday I did 4 in 4 out so 8 trades.
$7 each, chit adds up fast!
Trademonster has been reviewed really well and Optionhouse was not far behind it (highly rated for being a great options broker.) however Option house bought out Trademonster so I'm not sure what to think of it, Im happy to hear you use them. What is their trading platform like? Does Optionhouse use the Trademonster platform? What kind of random fees do you get hit with? Direct access fees? level 2 fees?
I rarely hold onto a stock past closing, unless its something I bought for long term. so 2 trades is a minimum if I trade, last Friday I did 4 in 4 out so 8 trades.
$7 each, chit adds up fast!
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Optionshouse doesn't have level 2 quotes right now. They also don't have a desktop version. The fees are pretty good. I do standard trades, so nothing has come up out of the ordinary. When I worked at TD Ameritrade, i knew the companies a lot better. Scottrade sucked really bad. per share fees, phone broker requirements, etc. E*trade was always "meh". Schwab is decent.
It's going to be hard to find desktop versions without paying high fees. TDA has a great app, ThinkorSwim, but the fees and margin rates suck. Level 2 quotes were free through ThinkorSwim though.
It's going to be hard to find desktop versions without paying high fees. TDA has a great app, ThinkorSwim, but the fees and margin rates suck. Level 2 quotes were free through ThinkorSwim though.
I think I'm going to go into a scottrade location and raise my concerns about not being about to place a stop order within 10c of the bid price and also trying to talk down the rate. Outside of that scottrade has a solid Platform, $7 trades are high but they don't nickle and dime you for anything else. Not being about to short stocks under $5 also sucks but isn't a deal breaker for me. the 10c spread is... If anything you would think they would want you to place a 9c or less stop so you get kicked out of the stock ASAP, buy a stock at the wrong time and bam kicked out within 30 seconds, instant $14 for scottrade.
Ive been reading so many reviews on so many different brokers, it seems like all the discount brokers have many complaints, although I wonder how many of them are from active traders or people who are pissed because they took some advice and lost money.
Main issues I've been reading about are being called out of Margin with next to no warning, having orders not get placed both buying and selling, not being able to close an account or transfer funds without being run around over and over again.
Shopping for a broker is worse than trying to figure out what car to buy when you are B and have unrealistic needs, bah it sucks.
Ive been reading so many reviews on so many different brokers, it seems like all the discount brokers have many complaints, although I wonder how many of them are from active traders or people who are pissed because they took some advice and lost money.
Main issues I've been reading about are being called out of Margin with next to no warning, having orders not get placed both buying and selling, not being able to close an account or transfer funds without being run around over and over again.
Shopping for a broker is worse than trying to figure out what car to buy when you are B and have unrealistic needs, bah it sucks.
it really depends on what you are trying to do. it's not that bad of a process, you just happen to be doing something unique. 99.999% of trades don't require a stop loss within $.10 of a price. they just don't do stop orders on penny stocks IIRC. they also charge a per share fee on certain penny stocks and require phone orders.
I think it's very common with day traders.
Lets say I buy 1000 shares of BAC at $16.50 expecting a breakout, the breakout was called wrong and pulls back and hits my 16.48 stop point and kicks me out keeping my losses to a minimum.
Last week I bought 1000 shares of BAC, while sitting on the chitter watching over stocks I bought it right after the market opened, I had to shower and get ready for work so after being given an error message that I couldn't put a stop loss in unless it was below my buy which was 2c below my buy in point, I went ahead and took profit at the first sign of resistance which was an 8c gain and went on my way. Made a quick $80 and was out. Sure enough if my stop went in where I wanted it and I just left it to run I would have made $280.00 if I kept trailing my stop behind the high... Same story on Friday but while shorting it. Ran out of time and got out to protect my profits. Stock kept going down all day but I couldn't watch it so I cut my profits short.
Scottrade designed Elite to bring in serious day traders, yet still limit you as if they want you to be a long term only investor.
Some of the other platforms like what light speed offers allows you to drag/drop a line on a chart to auto set a stop order. As the stock goes up you just drag the line up behind the candlestick to automatically modify the order.
Lets say I buy 1000 shares of BAC at $16.50 expecting a breakout, the breakout was called wrong and pulls back and hits my 16.48 stop point and kicks me out keeping my losses to a minimum.
Last week I bought 1000 shares of BAC, while sitting on the chitter watching over stocks I bought it right after the market opened, I had to shower and get ready for work so after being given an error message that I couldn't put a stop loss in unless it was below my buy which was 2c below my buy in point, I went ahead and took profit at the first sign of resistance which was an 8c gain and went on my way. Made a quick $80 and was out. Sure enough if my stop went in where I wanted it and I just left it to run I would have made $280.00 if I kept trailing my stop behind the high... Same story on Friday but while shorting it. Ran out of time and got out to protect my profits. Stock kept going down all day but I couldn't watch it so I cut my profits short.
Scottrade designed Elite to bring in serious day traders, yet still limit you as if they want you to be a long term only investor.
Some of the other platforms like what light speed offers allows you to drag/drop a line on a chart to auto set a stop order. As the stock goes up you just drag the line up behind the candlestick to automatically modify the order.
im a trading retard. but, curious. would you mind explaining these to me?
also, some links to useful information on getting into the market would be appreciated. I'm far too broke to try to enter right now, but would like to get a little edumacated about the process so im ready when i have the fundage.
Place a stop order within 10c of the bid price.
Bid and Ask price is what buyers and sellers are asking for to sell or buy a stock. If a stock is 10.00 the bid/ask could be a range of 9.99-10.01 Check out any chart with detailed info and you'll see the bid ask price listed. As for the stop order. Different companies call it different things, Scottrade calls it a Stop on quote. If you buy a stock for $10.00 and you want to protect your investment you can place a sell order or buy to cover order (if shorting) to kick in at a stop on quote price. So if I was going long I would look at the last 6 months of the chart and figure out the average pull back on the chart for a $10.00 stock it might be $0.50-$1.00 swings. So I'd buy the stock at $10.00 and place my stop on quote at $9.50 or less depending on how I feel about the stock, if the stock goes down to 9.50 it automatically sells the stock. This removes any emotional side of trading, something a lot of people have issues with, "if I hold onto it, it will go back up, I know it will..." and they ride the stock down and lose more and more money...
Not being about to short stocks under $5.
Scottrade doesn't allow you to short sell stocks valued at $5.00 or less.
being called out of Margin with next to no warning
Margin is when the broker loans you money, so if you have $2000.00 cash, with a margin account it could give you $3000.00 or more in buying power.
If you buy on margin you'll have to maintain a set amount of equity in the stock you bought. If the stock slides in value the broker loaning you the money can call you out on needing to add money to the account or they will automatically sell the stock to bring the loan back in line with your cash. (fed law having X ratio) Normally you get 3 days to bring the account back up to required levels, what I commented on was based on some reviews, some companies give you warning and pull the funds in less than an hour causing you to lose your position without having the chance to add funds to bring the account up to par.
being able to close an account or transfer funds
This one is basic, there's a lot of reviews on X Y and Z broker saying they had issues closing their account and gettng money out/transferred to another broker., its just like trying to cancel your cable, some companies dont mind losing business, other companies will do ANYTHING to keep you, even if it means making you jump through loops to get it done.
most day traders i know don't use trailing stops and limit orders. most of the time they just make market orders since they know the prices they want to get in and out at specific prices. $.10 is also a very small range since stocks can gap up and down that range.
most brokers don't short stocks under $5 since they don't have the liquidity and/or don't have the shares to short out.
Scottrade is known for the issues with margin calls. when i worked at TD, we would make quite a few calls and emails, but closing positions still happens.
that firm might just be bad with acat transfer. overall, firms hate losing money. not sure what they really did or your specific situation.
most brokers don't short stocks under $5 since they don't have the liquidity and/or don't have the shares to short out.
Scottrade is known for the issues with margin calls. when i worked at TD, we would make quite a few calls and emails, but closing positions still happens.
that firm might just be bad with acat transfer. overall, firms hate losing money. not sure what they really did or your specific situation.