Guys, forgive the ignorance but I know nothing of day trading, stocks, bonds, etc. What I do know is that I like money and I would like to have a little more of it.
I am getting back more in taxes this year then ever before and would like to possibly have a day trader see what he can do with it. I know there is a lot of risk involved or whatever, but ya’ll know anybody that will do this and is it even worth his time for say 3k to invest?
Some firms will wave all fees on trades if you have at least 10k, and only charge you say…1% of your portfolio value yearly. Then you can give them full discretionary rights, they churn your portfolio, and you don’t have to pay a “per trade” fee, and you make money. I like the feeling of making the decision, but my sister lets her broker do what I said above, and he has made her serious money.
I used to fish a little, but a little wouldn’t do it, so a little got more and more
14’ of aluminum bolted to 15 horses!
Thanks, that sounds like the way to go, but I just don’t have 10k to invest.
After I send the max to me and the wife’s IRA I would probably only be left with a few thousand.
I have accounts with Ameritrade its $9.99 per trade period. Scottrade I believe charges $7.00? Ameritrade min to open an account is low, 1-2 thousand $.I dought if anyone would trade for you, I know I wouldn’t just for the fact that me losing my money is one thing ,me losing someone else money is a whole differant thing. Open an account ,they have all kinds of info to look at for stocks your interested in charts,etc. it’s alot of fun.
26’ Twinvee
Suzuki 175’s
Just open an account with Sharebuilder or ThinkorSwim and buy the SKF.
Ambac will probably blow up this time around, stripping a ****load of “AAA” ratings from CDOs.
informed trades.com has some great tutorials that can help get you started and just2trade is a decent place to trade 2.50 per trade with a 2500 dollar minimun balance to start-no minimum on price per share nor limits on volume.I use scottrade and just2trade
quote:
Originally posted by TeamPigJust open an account with Sharebuilder or ThinkorSwim and buy the SKF.
Ambac will probably blow up this time around, stripping a ****load of “AAA” ratings from CDOs.
Your speaking Chinese to me. Like I said, ignorant to the subject.
This is ought to be good.
no magic bullets, start looking into the different options. I have always relied on my 401K and only recently become interested in doing things a little bit more creatively. I have an Etrade account (an IRA rollover from a small separate 401K that was terminated) and pay $11.99 per trade. Way too much !! I have been checking zecco.com (see post, thanks for replies :)) out but reviews are mixed. With a balance of >$2500 you can trade for $0/trade there… p
quote:Is that you,Andy?If so,call me and we can talk about this stuff over lunch.
Originally posted by reeldutchno magic bullets, start looking into the different options. I have always relied on my 401K and only recently become interested in doing things a little bit more creatively. I have an Etrade account (an IRA rollover from a small separate 401K that was terminated) and pay $11.99 per trade. Way too much !! I have been checking zecco.com (see post, thanks for replies :)) out but reviews are mixed. With a balance of >$2500 you can trade for $0/trade there… p
“Women should be obscene and not heard.”
quote:
Originally posted by PigginOutquote:
Originally posted by TeamPigJust open an account with Sharebuilder or ThinkorSwim and buy the SKF.
Ambac will probably blow up this time around, stripping a ****load of “AAA” ratings from CDOs.
Your speaking Chinese to me. Like I said, ignorant to the subject.
Then you really don’t need to be playing around in the markets at all unless its money you’re willing to loose. You could probably have more fun in Vegas anyways.
For a simple rundown, Ambac is a bond insurer. For most of their history they insured municpality debt (or “muni bonds”). Muncipalities rarely default, so it’s fairly risk free. The insurance typically upgrades the bond to “AAA” status, lowering the cost/yield of the debt (aka “interest rate”).
Unfortunately these folks, along with many others, went astray from this profitable business model. They started insuring packages of mortgages. Home prices got way too high and even Wall Street’s most clever financial engineers couldn’t change the fact that 1+1=2 no matter what and people simply couldn’t make the payments based on their income. So these mortgages started to default. Folks like Ambac insure the mortgages at their original principal value when they enter default, for an upfront fee and then a slice of the monthly mortgage payments that was way too low to cover the losses.
The banks are still holding these mortgages on their books, for capital adequacy purposes at the fully insured value. The mortgages aren’t worth the full value. In some cases, based on cash flow alone, these pools of mortgages have lost mor
Thaks for the info TeamPig. Sounds like you know what you are doing. Maybe I wasn’t clear in my original post, but I don’t want to be the one doing the day trading. I wanted to give my money to someone else and let them do it for a fee/commission. Just wanted to see if anyone here knew of anyone that would perform that service for me. Maybe someone that does day trading for a living or something.
quote:
Originally posted by Capt. Eddiequote:Is that you,Andy?If so,call me and we can talk about this stuff over lunch.
Originally posted by reeldutchno magic bullets, start looking into the different options. I have always relied on my 401K and only recently become interested in doing things a little bit more creatively. I have an Etrade account (an IRA rollover from a small separate 401K that was terminated) and pay $11.99 per trade. Way too much !! I have been checking zecco.com (see post, thanks for replies :)) out but reviews are mixed. With a balance of >$2500 you can trade for $0/trade there… p
“Women should be obscene and not heard.”
I guess you could tell from my accent, right 
Lunch sounds great. One of these days we need to do the ECMOW trip too. I’ll give you a call on Monday/Tuesday
quote:There was something "Smelly" about it.
Originally posted by reeldutchquote:
Originally posted by Capt. Eddiequote:Is that you,Andy?If so,call me and we can talk about this stuff over lunch.
Originally posted by reeldutchno magic bullets, start looking into the different options. I have always relied on my 401K and only recently become interested in doing things a little bit more creatively. I have an Etrade account (an IRA rollover from a small separate 401K that was terminated) and pay $11.99 per trade. Way too much !! I have been checking zecco.com (see post, thanks for replies :)) out but reviews are mixed. With a balance of >$2500 you can trade for $0/trade there… p
“Women should be obscene and not heard.”
I guess you could tell from my accent, right
Lunch sounds great. One of these days we need to do the ECMOW trip too. I’ll give you a call on Monday/Tuesday
“Women should be obscene and not heard.”
Piggin,
What teampig said about Sharebuilder. I invest with them and they have a great online tutorial to investing. They are very cheap to invest with and you can buy each week fractional shares of stocks for very little money. I will post you a link to the tutorial when I home from work tonight… Ok here is a link to ING/Sharebuilder’s website education area. To be honest 2 or 3 grand isn’t going to get you rich anytime soon, but if you invest that money, and keep investing over time, you will probably make a lot of money. The best thing I would think to invest in with little experience is an index Exchange Traded Fund or ETF that pays dividends. That 2 or 3 grand is money you will have to put in a fund and forget about it and continue investing by dollar cost averaging meaning you buy a certain amount each week or month no matter what the price of the stock is. But before you do all of that, if you have any consumer debt, pay that off first, get out of debt, and read Total Money Makeover by Dave Ramsey. One other thing. When you invest in a mutual fund you are paying the fund manager to “day trade” for you and most mutual funds under perform the market. Not all but most and they have high fees. I’m being honest and frank with you when I tell you this, but if you give your money to someone else to invest it, unless they are a wall street genius or Warren Buffet or Cramer, you can pretty much kiss that money goodbye! Here is the link… https://www.sharebuilder.com/sharebuilder/Plan/article_LPOVR001.aspx
Thanks Kloud! I appreciate the info.
Your welcome. I’m not trying to discourage you. I just don’t trust my money with anyone, lost too much over the years. The best way to invest is long term. You mentioned you had IRA’s. Have you looked at Roth IRA’s? That is an excellent investment if you qualify. Again not trying to discourage you and I know I sound like Suze Orman, but unless you know someone is independently wealthy from the stock market, then I wouldn’t give my money to anyone else and trust them with it. Just my opinion.
Sorry, should have clarified. Yes, that’s what I have are two Roth IRA’s for me and my wife. Not touching that till I’m 60. I try to dump at least 3k each in those every year.
Piggin Out,
If you have less than $10,000, then I’d look seriously at mutual funds and ETF, preferably using the tax benefit as part of a Roth. Taxes can take a big chunk out of your profits.
Of course you have to decide how much risk to take on. Sector funds can have more risk, but also offer more potential return. KLoudking is right regarding expenses of funds. I use only no load, and then pay attn to the fees. I watch the manager, and I read his quarterly report.
I use Fidelity for stock trades and for my mututal funds because of the software they offer (free if you have over 36 trades a year, or acct value over 250K), and the research that is available. I’ve also heard good things about Vanguard. Mutual funds are only updated daily, and you can access your balances through Fidelity.com.
Mutual funds are about 30% of my portfolio. I mention these funds not as a recommendation to buy, but as example of returns in my acct (total for multiple years), such funds as Energy (89%), Latin America (235%), Low Price Stock (136%). The dog in my mfs is Intl Small Cap @32% for 2 1/2 yrs. All these numbers are after fees.
Mutual funds, even sector mutual funds, offer some divesity that individual stocks do not offer. PLus the fund managers have info that you and I will never have. For instance, instead of buying 27 shares of Exxon @$90, buy $2500 of Fidelity Energy and you get Exxon, Peabody, Valero, Cabot, Nabors, and Schlumebger to mention a few.
So you can make a profit in funds if you do your homework. If you have some particular knowledge about a sector, that may be the sector for you to invest. For example, my brother in law is employed in the paperboard industry, and invests in mutual funds in that sector.
And of course, diversify. If I had 10k, I’d put $2500 in 3 different sector funds, and 1 etf, preferably out of a tax exempt or tax deferred account.
Well said Mandopickr…three funds I have done well with long term:
PRLAX Latin America
VGENX Vanguard Energy
CGMFX CGM Focus Fund
No load funds with well above average returns.