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Thread: Online brokerages

  1. #11
    Varsity Member ajs116's Avatar
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    If you decide to go the full investment/retirement account route, I recommend using a robo-advisor to take the emotions & decision-making out of it. Usually those are the things that cause people to lose money. I work in finance, majored in finance, have accounts at different brokerages, and still my favorite way to invest is through my robo-advisor account at Wealthfront. I auto-draft to that account every month and the money is invested according to the strategy they've devised based on my risk profile.

    As mentioned by others, picking individual stocks is risky, but if you want to play around I like Robinhood. It's commission-free but it's all mobile app based and doesn't offer much reference material if you want help/advice.

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    Varsity Member CMAc7's Avatar
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    Donít forget that any company match your employer provides in their 401(k)/403(b)/457(a) is free cash.

    For example, if your employer offers 100% up to 6% of your salary deferred, you essentially start off with a 100% return each time you invest 6% of your check. Hard to beat.


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  3. #13
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    Quote Originally Posted by CMAc7 View Post
    Don’t forget that any company match your employer provides in their 401(k)/403(b)/457(a) is free cash.

    For example, if your employer offers 100% up to 6% of your salary deferred, you essentially start off with a 100% return each time you invest 6% of your check. Hard to beat.


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    Definitely. I always tell people your employers 401k match can add up faster than you think! Of course you do have to weigh how much the match is and if they impose a limit on that. For me it's a no brainer as my salary is nothing to write home about but my employer gives me a 10% match on 401k contributions, no limits. That is HUGE.

    @DocDave Funny that you mention the Spotify IPO as the announcement today of Dropbox going public had me thinking similar thoughts. FWIW I recently changed from Merrill Lynch to Charles Schwab.
    Last edited by Rawfull; January 11th, 2018 at 10:24 PM.

  4. #14
    Super Moderator DocDave's Avatar
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    Thanks gents. I'm not thinking of doing this for retirement purposes. Rather just having some fun playing the stock market. I've never done any investing in the stock market and all of this talk of IPOs and everything has me thinking I want to see what the fuss is all about. Here in Canada they are going to be legalizing marijuana in lest than 6 months. So the marijuana stocks are going crazy. Some friends of mine have made out like bandits. And again, making me wish I'd put SOME money in there. I've been told that I'm too late for the marijuana stocks so maybe there's something else to get in on?

    I'm no fool. I don't think I have a 'system' that can beat the market etc. But I think getting in and just seeing what it is all about might be interesting.
    @Rawfull I had no idea Dropbox was going public. Interesting. Again, I know many of these companies aren't turning a profit. But their stock seems to be going up up up. I guess the trick is to get out before it goes down down down.

    Speaking of which there is an interesting article on Hodinkee about how Fossil's stock completely bottomed out when Apple released their watch. It seems Fossil for the longest time held the sweet spot of watch sales in the $500 - $1000 market. Now that Apple is playing in that space it has completely wiped Fossil out.

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    I max out my 401K at work and then have my own "fun money" account. I split it between an SP500 fund and a few individual stocks. Facebook had a bad IPO and went below their launch price. I bought it and have held on to most of it - it's been a fun ride but does make me anxious.

    I have a Capital One brokerage account. I had an ING account and they were acquired. I get frustrated with their fees and confusing interface - so many it's time to move.

    Each January, I spend a small amount like $200-500 in a stock I want to learn about and follow. A couple of those have been a disaster. Tesla was my best one so far. I haven't picked a new one for this year yet. I also automatically invest on the same day of each month into S&P and Amazon.

  6. #16
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    Quote Originally Posted by DocDave View Post
    Thanks gents. I'm not thinking of doing this for retirement purposes. Rather just having some fun playing the stock market. I've never done any investing in the stock market and all of this talk of IPOs and everything has me thinking I want to see what the fuss is all about. Here in Canada they are going to be legalizing marijuana in lest than 6 months. So the marijuana stocks are going crazy. Some friends of mine have made out like bandits. And again, making me wish I'd put SOME money in there. I've been told that I'm too late for the marijuana stocks so maybe there's something else to get in on?

    I'm no fool. I don't think I have a 'system' that can beat the market etc. But I think getting in and just seeing what it is all about might be interesting.
    @Rawfull I had no idea Dropbox was going public. Interesting. Again, I know many of these companies aren't turning a profit. But their stock seems to be going up up up. I guess the trick is to get out before it goes down down down.

    Speaking of which there is an interesting article on Hodinkee about how Fossil's stock completely bottomed out when Apple released their watch. It seems Fossil for the longest time held the sweet spot of watch sales in the $500 - $1000 market. Now that Apple is playing in that space it has completely wiped Fossil out.
    Fear Of Missing Out (FOMO) will lead you to take some crazy risks. Ask your friends about their bad trades as everyone seems to have them.

    I used to trade with a small portfolio, <$5,000, I would have 1-3 trades going on at any time. Good trades would get 5-10% in a couple days but then there were 2 terrible ones back-to-back then a final nail in the coffin. First, I bought into something and set a stop-loss at -10%. Well this stock I had dropped to my stop-loss then ripped 18% past my purchase price. I lost that 10% and felt bad missing out on the added 18%. The 2nd was an overnight hold on what should have been a day trade. I was up 5% on the day, held overnight and guess what...bankruptcy. I lost 85% on that. The final nail was gamble on a Federal Reserve decision. I lost like 15% on that one. After that I cashed out and bought the engagement ring for my wife. No trading for me anymore. Any FOMO is used to purchase more in other asset accounts.

    Good luck but damn if those trades aren't gut wrenching. Hell when retirement accounts swing 4-5x what I make in a day it doesn't bother me but being behind on a trade was something else.

  7. #17
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    Anyone use Betterment or Wealthfront?

    Is there a way I can move my current stocks over from my Cap1 account without having to take the tax hit - if I move the stock itself over somehow?

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    Quote Originally Posted by gochrisgo View Post
    Anyone use Betterment or Wealthfront?

    Is there a way I can move my current stocks over from my Cap1 account without having to take the tax hit - if I move the stock itself over somehow?
    You should be able to. It is like moving an IRA from one company to another.

    As for Betterment or Wealthfront, I have heard great things about both. Vanguard and Charles Schwab both have robo-advisors as well so there are options in the space. Betterment halted trading during Brexit in 2016 which made some headlines so there is always the potential for that down the road from any of the robos.

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    I'm pulling out of the market right now and putting my small funny-money brokerage account from Scottrade I started freshman year of college into my student loans. Guaranteed 4% gains for the next 9 years is good eatin' if you think about it that way, like Hornsup84 said. Would not recommend Scottrade btw, pricey and not that great for reference materials.

    I also got into the cryptocurrency market a tiny bit, the day Litecoin went up like 100% in a day I threw $20 at it, figuring if it tripled then good for me and if it went to zero it was worth the entertainment (that $20 is currently worth $12.16.... park the Lambo over there, son) Did anyone else get in on the Bitcoin bubble?

  10. #20
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    In addition to my vanguard account, I’ve been using Acorns, an app that rounds up purchases on linked credit cards. We use one airline mileage card for all our household spending, and it adds up. My return since July has been over 12%, and we’ll move the money into more traditional accounts when it hits a certain value.
    Donít call what your wearing an outfit. Donít ever say your car is broke.
    Donít sing with a fake British accent. Donít act like your familyís a joke.
    --Jason Isbell

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