Who is your stock Company broker?

crazy boo · (#1 (**permalink**))

Hey y'all I wanted to post this in the Personal Finance section but spider ndwalz has really spammed that place with pyramid schemes. Anyhoo, people who have interest in trading stocks at the NYSE, what broker do you have/use. Do you do it online?...I'm the passive kind just buys and lalias the stocks not necessarily a day trader. Which is the "cheapest" way to trade...Kemi I know its football season I hate u, u hate me but I'm sure money is a mediator pliz toka undercover I need answers.

Dip · (#2 (**permalink**))

I've used several companies and scottrade seems to have the better rates. I haven't looked around for a while, so the rates may be different for ameritrade? or another one I like to use, optionsxpress, they have excellent charts and if you trade options they are very good on that.

Cheaper way to trade? Check with your broker about opening an IRA? maximum contributions vary on whether you file single/married, I think it's upto 4-5k a year. Within this accounts you can trade stocks at no cost to very low rates depending on the broker, with ameritrade it was no cost a few years ago.

crazy boo · (#3 (**permalink**))

Thanks Dip. Helpful info. Will inquire about the IRA's.

Kenyan Jamaa · (#4 (**permalink**))

Sina pesa ya ku-invest, am just bumping this thread coz am sure i will learn something.

Swahilijoe · (#5 (**permalink**))

Crazy...i agree with Dip that Scottrade is good....they are very personalized ..they even have a broker in your town. Their trades are very effective..the only thing that drives me nuts is that transfer of funds takes 3 days even after confirming that your account has funds. Apart from that trades are $7.00 trade and there are no monthly fees unlike people like ShareBuilder which charges a minimum of $12 a month plus $14.95 a trade.
What amount are you planning to invest? You will need a minimum of $500 with Scottrade.Hit my inbox and i can give you more resources on investments. Thanks.

KEMINOKANA · (#6 (**permalink**))

Sasa Crazyboo....long time. I've only been gone a week and I log online and waaaa. Anyway just a bit tied down kidogo....u see age is catching up with us and am very much immersed in soccer this year.

As for stockbrokers, I use the online brokers....scottrade. The reason being because of my background in finance....I know the ripoffs that come with personal brokers and all that rubbish.

Here is the fact: when you use scottrade, your only fee is the one you pay for 'trades'...that is selling or buying stocks. They are at $7 per trade, unlimited number of shares. These guys' return is better if you make wise investments. That is, if u do ur research on a company, u'll make good returns. The only problem is conducting your own research and of course, you have to pay attention to the company or industry or sector so you can monitor market trends.

Mutual funds you get someone to do the research and trades for you as well as the monitoring. But your return, according to published research, is not any better because they charge so many fees which add up and eat your returns.

The good thing is, the market realized this established Index Funds. For someone not into monitoring markets, I would advice this instrument. Index funds are diversified so even if one company does poorly, it will be counterbalanced by another that does well.

You can buy the index funds on your own. No need for brokers.

Good luck.

Msesh · (#7 (**permalink**))

I use Ameritrade for no other reason that I opened with them 7 years ago. Trades are at 9.99 but the first month of trades is free if I remember correctly. Scottrade sounds cheaper and they all pretty much offer the same research tools i.e. Morningstar/Value Line.

As Kemi recommended, start with index funds if you're hands off investor. I recommend reading Security Analysis by Graham & Dodd, it's the foundation of the value investing methods followed by the likes of Warren Buffet. If nothing else, it will boost your investment chops.

Swahilijoe · (#8 (**permalink**))

What level of investor are you? I see some 'crazy' book recommendations for investing. If you are a beginner try "Stock Investing for Dummies" and am serious about it. Reading Benjamin Graham as a beginner will not be wise...i still don't clearly " A Security analysis " and some of his other books...and guys c'mon Graham sounds old fashioned.
If you are a seasoned investor you can turn all the libraries up and down for Seth Klarman's" Margin on Safety: Risk Averse Value Investing" or you can cough up a few thousands for the book....to be truthful he just talks like Warren Buffett....research...research...put your money where the product is. Anyway have a nice day.

Kenyan Jamaa · (#9 (**permalink**))

Sadly enough no one has come with anything earth shattering. All the info provided here is common Knowledge.. Crazy boo, i Bank with La Salle and i have an investment manager who helps me invest my money every month, instead of committing my money to a savings account, i commit a few hundred dollars every month and the risk is spread percentagewise through real estate, bonds, shares and other offshore investments.. Its like a standing order and i pay no charge for that.

I would suggest you talk to your banker and see what your bank can do for you. Now that La Salle has been bought by BOA i think anyone who banks with BOA will get the same services. And it does not matter how much you want to Invest, even 100 dollars every month will do.

P/S It is almost like a Mutual fund, only free.

Kenyan Jamaa · (#10 (**permalink**))

Check this out too..

Stop! In the Name of Loss

And if you are serious about investing, read Fool.com: Stock Market Advice | Stock Investing Advice or simply "fool dot com".