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Message
Cheepest and best stock trading app that you know of and a few other Questions
Posted on 1/20/16 at 9:32 pm
Posted on 1/20/16 at 9:32 pm
I am in my last semester of college and would like to try my luck with the 1000$ that i have in my TD ameritrade acount.
Im pretty new to stock trading. I turned my 600$ in to 1200 in a few months but now it is back down to about 1000$ And i dont see much upside to making trades with a 10$ fee every time so i stopped for a while.
I am currently using TD ameritrade but i am having to pay 10$ every time i buy and sell a stock, so i must make 2% on every trade just to break even. There is hardly any room for growth with such a large percentage of my 1k going to fees.
Q1. What are some RELIABLE stock trading sites that have Apps and are either free to trade or are less than 10$ per trade. (I have herd that options house is pretty reliable and only charges 5$ per transaction. Also herd of robinhood. Are they reliable. They are free)
Also a few other questions
Q2. What needs to be done to transfer the money from TD ameritrade to another trader and will there be fees/ necessary taxes to pay on the 400$ profit when i do this.
Q3. When you make a positive trade, what are the rules for buying more stocks with that money. Do you have to wait a few days to buy more stocks again, or can you buy stocks rite away. (Basically can you day trade or will i have to wait a few days for my small profits to be usable again). I know that with penny stocks you must wait a few days, but i am not sure about other stocks with a high market cap. Also is day trading legal with less than 250k in your acount (saw something on TD Ameritrade about it so i am a little confused about this)
Please no sarcastic answers. Just trying to get started and learn a little but about the stock market before i enter the "job world" when i graduate. Thanks guys.
Im pretty new to stock trading. I turned my 600$ in to 1200 in a few months but now it is back down to about 1000$ And i dont see much upside to making trades with a 10$ fee every time so i stopped for a while.
I am currently using TD ameritrade but i am having to pay 10$ every time i buy and sell a stock, so i must make 2% on every trade just to break even. There is hardly any room for growth with such a large percentage of my 1k going to fees.
Q1. What are some RELIABLE stock trading sites that have Apps and are either free to trade or are less than 10$ per trade. (I have herd that options house is pretty reliable and only charges 5$ per transaction. Also herd of robinhood. Are they reliable. They are free)
Also a few other questions
Q2. What needs to be done to transfer the money from TD ameritrade to another trader and will there be fees/ necessary taxes to pay on the 400$ profit when i do this.
Q3. When you make a positive trade, what are the rules for buying more stocks with that money. Do you have to wait a few days to buy more stocks again, or can you buy stocks rite away. (Basically can you day trade or will i have to wait a few days for my small profits to be usable again). I know that with penny stocks you must wait a few days, but i am not sure about other stocks with a high market cap. Also is day trading legal with less than 250k in your acount (saw something on TD Ameritrade about it so i am a little confused about this)
Please no sarcastic answers. Just trying to get started and learn a little but about the stock market before i enter the "job world" when i graduate. Thanks guys.
5
Posted on 1/20/16 at 9:37 pm to tigersint
I would suggest not trading but investing
Posted on 1/20/16 at 9:40 pm to tigersint
quote:
Please no sarcastic answers
(no message)
Posted on 1/20/16 at 9:42 pm to tigersint
Robinhood is easy, free, and reliable. The interface isn't up to par with the statistics and things you'll get with a paid for broker, but it still looks nice and functions. There is a 3 day hold on any money from selling stocks.
I imagine you can sell your stock and get TD ameritrade to deposit the money back into your bank account or write a check. At that point you can transfer it to a new broker account.
You'll received a tax form with any gains or losses from the year.
Also, in order to turn $600 to $1200 in a few months, you likely got very lucky buying on a hunch in risky stocks. Going forward, understand that you can just as likely end up at $0 (unless you put in stop losses), but that's another discussion.
I imagine you can sell your stock and get TD ameritrade to deposit the money back into your bank account or write a check. At that point you can transfer it to a new broker account.
You'll received a tax form with any gains or losses from the year.
Also, in order to turn $600 to $1200 in a few months, you likely got very lucky buying on a hunch in risky stocks. Going forward, understand that you can just as likely end up at $0 (unless you put in stop losses), but that's another discussion.
Posted on 1/20/16 at 9:44 pm to RebelOP
quote:
I would suggest not trading but investing
I will definatly start investing my money next year once i have an engineering job and steady income.
I dont work in school, but dont have student loans thanks to tops and scholarships.
Mainly just looking at a good trading app to use the extra 1000$ with in my spare time.
Has anyone herd of any good/bad reviews with Robinhood
Posted on 1/20/16 at 9:45 pm to tigersint
quote:
Robinhood is easy, free, and reliable. The interface isn't up to par with the statistics and things you'll get with a paid for broker, but it still looks nice and functions. There is a 3 day hold on any money from selling stocks.
Whick is why i would probably keep a little bit of money in the TD Ameritrade acount just to be able to use that app to look at charts and other features. Not sure what the minimum that you can keep in the acount is tho.
Posted on 1/20/16 at 9:47 pm to tigersint
I haven't had any issues with Robinhood, but it is difficult to day trade with unless you keep some money on the sidelines.
You can probably do everything you want to do on something like google stocks for free.
You can probably do everything you want to do on something like google stocks for free.
Posted on 1/20/16 at 9:49 pm to tigersint
Why only an app? TD Ameritrade Thinkorswim is boss when it comes to trading platforms. Do you travel a lot and just do everything on your phone?
Posted on 1/20/16 at 9:49 pm to GoldenD
quote:
Also, in order to turn $600 to $1200 in a few months, you likely got very lucky buying on a hunch in risky stocks. Going forward, understand that you can just as likely end up at $0 (unless you put in stop losses), but that's another discussion.
Yes. It was pretty much luck. Rode the "cannabis" hype (and i in no way support marajuana, i just saw an opportunity to make a quick buck ) rite up to voting day and sold. Happened to buy the stock at the exact rite moment.
And yes. I have been doing a little bit of research and i would like to learn more about setting stop losses. Could never figure out how to do it on TD ameritrade.
This post was edited on 1/20/16 at 9:52 pm
Posted on 1/20/16 at 9:50 pm to tigersint
quote:
Why only an app? TD Ameritrade Thinkorswim is boss when it comes to trading platforms. Do you travel a lot and just do everything on your phone?
It does not necessarily have to be on an App. Just a little bit more convenient if they did provide an app, as this is the quickest way to check up on a stock.
This post was edited on 1/20/16 at 9:51 pm
Posted on 1/20/16 at 9:51 pm to tigersint
If you have TD Ameritrade download the "Trader" app. It's real time and syncs with your account automatically. I use it if i'm away from my computer. Other wise it's Thinkorswim all the way.
Posted on 1/20/16 at 9:53 pm to RebelOP
I am currently using the trader app. Just not liking the 20$ fee with buying and selling, as this is 2% of my cash just to break even.
Posted on 1/20/16 at 10:02 pm to GoldenD
quote:
I haven't had any issues with Robinhood, but it is difficult to day trade with unless you keep some money on the sidelines. You can probably do everything you want to do on something like google stocks for free.
Difficult because of the 3 day wait on your money, correct?
Posted on 1/20/16 at 10:05 pm to tigersint
Yes, using the app couldn't be easier.
Posted on 1/20/16 at 11:23 pm to tigersint
I'd suggest using that free time to learn to spell.
You aren't going to be able to do much with $1k. You're either playing pennies, which is a bad idea, or you are living or dying on stock.
I'd imagine you're on a path to learn a $1000 lesson here.
You aren't going to be able to do much with $1k. You're either playing pennies, which is a bad idea, or you are living or dying on stock.
I'd imagine you're on a path to learn a $1000 lesson here.
Posted on 1/21/16 at 6:14 am to southernelite
Interactive Brokers. Their fixed North American equity commission schedule examples are as follow:
USD 0.005 per share
100 Shares @ USD 25 Share Price = USD 1.00 (minimum)
1,000 Shares @ USD 25 Share Price = USD 5.00
1,000 Shares @ USD 0.25 Share Price = USD 1.25
But you will pay for news feeds, level 2, certain pennies, dark pools etc. And if you find TD Ameritrade, which is a very retail, simpleton platform, difficult to use, you're going to find IB way over your head.
I have accounts on TD, E Trade and IB. E Trade has lowered their base commission level, as has TD down to the $3 to $4 dollar range for me. As a function of trade frequency and dollar volume. I suspect you could get someplace to trade for around $5-$6 per side.
Having said this, I don't really trade per se. I use IB because I can route orders, and see several marketplaces for the same security. And I own some foreign securities, keeping with my conservative philosophy of a balanced portfolio. I still have TD and E Trade as I have deposit guaranties on my cash. Same reasons as multiple bank accounts for the FDIC guaranty.
USD 0.005 per share
100 Shares @ USD 25 Share Price = USD 1.00 (minimum)
1,000 Shares @ USD 25 Share Price = USD 5.00
1,000 Shares @ USD 0.25 Share Price = USD 1.25
But you will pay for news feeds, level 2, certain pennies, dark pools etc. And if you find TD Ameritrade, which is a very retail, simpleton platform, difficult to use, you're going to find IB way over your head.
I have accounts on TD, E Trade and IB. E Trade has lowered their base commission level, as has TD down to the $3 to $4 dollar range for me. As a function of trade frequency and dollar volume. I suspect you could get someplace to trade for around $5-$6 per side.
Having said this, I don't really trade per se. I use IB because I can route orders, and see several marketplaces for the same security. And I own some foreign securities, keeping with my conservative philosophy of a balanced portfolio. I still have TD and E Trade as I have deposit guaranties on my cash. Same reasons as multiple bank accounts for the FDIC guaranty.
Posted on 1/21/16 at 7:05 am to tigersint
Also, the damn $ goes before the number, not after.
Posted on 1/21/16 at 9:55 am to southernelite
Can you only trade one stock at a time with robin hood? I saw an article that said "buy and sell individual stocks," but not sure what it meant.
Posted on 1/21/16 at 11:58 am to tigersint
quote:
Can you only trade one stock at a time with robin hood? I saw an article that said "buy and sell individual stocks," but not sure what it meant.
You can buy/sell however much you want of whatever you want.
Posted on 1/22/16 at 3:32 am to Iowa Golfer
Iowa Golfer, I think I'm underutilizing my IB account. I just use it's data feed to supply my Ensign 10 charting program's futures & stock data. But that's all. It does have an abundance of features that I need to revisit. 
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