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Seeker Special user Chicago 578 Posts 
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Hey guys.
I have been starting to take more responsible steps to making a better and more secure financial future for myself and was looking into different Online Stock Trading sites and programs. Wanted to see if anyone on the Café did anything like this and had any advice. Thanks! -Jacob
I've been training these cards since they were small.
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LobowolfXXX Inner circle La Famiglia 1196 Posts
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There are two sort of separate themes in play here; one pertains to your knowledge about what to buy, what to sell, and when to do either. Assuming you have the knowledge base to make the appropriate decisions, then you'll want to focus primarily on keeping your transaction costs down (which is IMO the primary benefit of going with an online account). Compare the current rates, and make sure to watch for certain requirements you have to meet to get a certain rate (e.g. X's rate is better than Y's, but only if you make 50+ trades per month; don't get hooked into that (unless the requirements are consistent with your normal volume).
To the extent that you're asking about gaining the information to enable you to make your own decisions well enough that you'll benefit from the lower transaction costs, I'd look for free learning resources online, and suggest a couple - Morningstar (www.morningstar.com) and Motley Fool (www.fool.com). There are also quite a few great books; I like most of the stuff put out by the Gardners (Motley Fool), and Peter Lynch (One Up on Wall Street, and Beating the Street - each worth its weight in gold).
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
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balducci Loyal user Canada 227 Posts
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I've done my personal banking with one bank (BMO) for many years (decades) and when I started online trading I stuck with it ... it's okay, no real complaints ... but if I was to do it over again, or start up a new account, I would go with this group:
http://www.interactivebrokers.com/ Interactive Brokers covers most markets (over 90! markets worldwide), has good commissions, and good trading software. A friend of mine has been using it for many years, and I am impressed with what it offers.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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HerbLarry Special user Poof! 731 Posts
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Quote:
Vegas baby!
You know why don't act naive.
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LobowolfXXX Inner circle La Famiglia 1196 Posts
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Quote:
On 2011-03-07 18:26, balducci wrote: I'm also a fan of IB, but it can be a confusing platform if you're relatively inexperienced.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
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MagicSanta Inner circle Northern Nevada 5841 Posts
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A lot of day traders are broke for a reason. My brother in law decided that he was no longer going to be an engineer but be a day trader. He watches the same TV shows the other day traders do, makes the same moves, and makes the same amount of no money. I would suggest a mutual fund and just put money into it and let them manage it. If you get one of the good ones you'll build up money over the years and very happy at the end of the day and have less stress.
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NicholasD Inner circle 1458 Posts
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My son made a good deal of money trading online. The downside was that he spent a lot of time researching and trading. He had to stay on top of it constantly. He's a police officer and he had no free time.
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MagicSanta Inner circle Northern Nevada 5841 Posts
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That may be better, the smarter they seem to think they are the more trouble they get into. Not everyone loses money but a lot do. I'm too dopey to do it.
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S2000magician Inner circle Yorba Linda, CA 3465 Posts
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Quote:
On 2011-03-07 18:26, balducci wrote: Ninety factorial is a lot of markets! ;) I've done a lot of research on financial websites, and find that many (most) tend to have a mix of good advice and bad advice, a mix of financial understanding and financial misunderstanding. For example, Interactive Brokers has this definition of beta: Beta Beta serves to measure the expected return of an individual stock relative to that of the equity market as a whole. The beta of the market itself, by definition is 1 and the beta of an inividual stock may be higher or lower as well as negative. If the expected return of the market is 6% and a particular stock has a beta of 1.5, then its expected return is 9%. Apart from the spelling and punctuation errors, that last sentence is, simply, wrong. It shows a fundamental misunderstanding of the Capital Asset Pricing Model (CAPM). Don't get me wrong: I think that Interactive Brokers is generally a good site, but I cringe every time I see a site that offers financial advice making a hash of fundamental financial principles. (In their defense - well, sort of - I have a list of about 50 other financial websites - including Investopedia, E-Trade, J P Morgan, Citigroup, and other well-known names - that also don't seem to understand what beta is.) One of the best places to discuss financial ideas and get advice from people who do not have a vested interest in (mis)leading you is a forum not unlike this one, located on, of all places, an automotive website: http://www.s2ki.com/s2000/forum/179-money-and-investing/. (Full disclosure: I am one of the moderators on that forum.) |
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EsnRedshirt Special user Newark, CA 895 Posts
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The game's rigged against day traders- the big brokers have high speed connections and can move large volume trades much, much faster than the little guy on his cable modem.
I just let Chuck handle the investing for me, and worry about other things. My Schwab account did pretty good last month, so they must be doing something right.
Self-proclaimed Jack-of-all-trades and google expert*.
* = Take any advice from this person with a grain of salt. |
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tommy Eternal Order Devil's Island 16543 Posts
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"However, the vagaries of luck, or chance, have impressed the professional card player with a certain knowledge that his more respected brother of the stock exchange possesses, viz. manipulation is more profitable than speculation; so to make both ends meet, and incidentally a good living, he also performs his part with the shears when the lambs come to market."
S.W.E
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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S2000magician Inner circle Yorba Linda, CA 3465 Posts
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Quote:
On 2011-03-08 10:17, EsnRedshirt wrote: Chuck's on my list, too. Here's what they have to say (errors highlighted): Beta A statistical measure of a security's or portfolio's volatility (price fluctuations) relative to the market as a whole. (The beta of the overall market is defined as 1, and is represented by the S & P 500® Index over the last 36 months). A security with a beta of 1 indicates its price moves exactly with the overall market. A beta greater than 1 is more volatile than the overall market, while a beta less than 1 indicates that the security's price is more stable than the market (in general and over a long time period). Again, Charles Schwab is quite good, and has some good advice, but errors like this from companies that should know better are, in my view, inexcusable. |
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tommy Eternal Order Devil's Island 16543 Posts
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Take a beta blocker.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Seeker Special user Chicago 578 Posts
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Thanks for all the advice guys.
I have lots of idea running through my head. I just want to try and get a leg up for when my student loans come at me. Plus To just start planning ahead. Day trading is something that would go great with my acting and theatre work when I have down time (between jobs). But I feel like I would also just like to just start investing in general- which couldn't hurt. I really appreciate hearing what you all are doing and what people around you are doing. It's nice to hear perspectives on this choice. -Jacob
I've been training these cards since they were small.
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MagicSanta Inner circle Northern Nevada 5841 Posts
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Oh, you don't want a real job, see, that is different, go for it. My brother in law doesn't want a real job either.
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LobowolfXXX Inner circle La Famiglia 1196 Posts
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Quote:
On 2011-03-08 13:48, Seeker wrote: If your intent is daytrading on the side, those had better be REALLY good acting gigs. It's an industry that doesn't treat hobbyists well.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
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S2000magician Inner circle Yorba Linda, CA 3465 Posts
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Quote:
On 2011-03-08 18:42, LobowolfXXX wrote: That's harsh, Lobo. PS - How do you get a million-dollar portfolio by day-trading? (Start with a two-million-dollar portfolio.) |
| The Magic Cafe Forum Index » » Not very magical, still... » » Online Stock Trading (0 Likes) | |
Posted: Mar 7, 2011 11:17 pm 
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