So I'm young and have a not so exciting wealth management job. I have set aside roughly $5000 to open a retail brokerage account with, I've previously had Zecco(bad choice) commissions were to high. I'm looking to open a retail trading account and I've narrowed it down to Thinkorswim and Interactive Brokers. Which one is best if I want to start trading a few stocks and eventually branching out as my experience grows. I'm not exactly a Newbie to this game but a little advice can't hurt.
If you have a wealth management job, you should invest other people money in the same way as you would you with yours. Why is your job boring? You should buy good dividend stocks of solid companies, and hold for the long run.
Well I do but it is more about the freedom aspect as with wealth management at let's just say it's called "Gerill Tynch" you have more restrictions on where a clients money can be placed and more of it goes to mutual funds or alternative investments because as bad as it sounds I have to get paid also. The numbers game is all about getting clients to annuitize. So no I can't sample futures or anything else strange like that with clients money, but yes I do buy and hold blue chip dividend paying stocks but I feel that more profit could be generated on my own.
You're on the right track. Blue chips are the way to go. You can't risk other people money with active trading, futures, commodities or the like. And yes, to make money in this business you spend far more time getting clients, making phone calls, etc. than actually trading.