Choices for low cost brokers for newbies?

Discussion in 'Retail Brokers' started by slowtrend, Feb 10, 2004.

  1. Is that from the folio site? I couldn't find it. Sounds like a great deal for a lot of people.
     
    #11     Feb 11, 2004
  2. yes, that is from the folio site.

    Lots of info on their site. I searched here on ET and found one comment/caution about execution.

    It does offer quite a bit.
     
    #12     Feb 11, 2004
  3. Well,

    Foliofn is one choice......then there is http://www.buyandhold.com

    You will find BuyandHold.com beats FolioFN with 4 points...
    • Truly unlimited.....(not 200 trades) with symbols and number of executions per month....(as long as each entry is a minimum of $20.00)
    • Less expensive....$14.99/mo.
    • Transfer of cash uses EFT (electronic funds transfer) as positions are put on and pulls money form your existing checking account of choice(if you have an interest bearing acct even better) as needed....also withdrawals handled the same way but in reverse after settlement.....So let me explain, you click the buy button and it asks if you want it to pull from your bank account or your trading account....If you choose bank account then at the end of the day the money is transferred from you local bank account to cover your buy order, even if its only $20.00...So you can essentially open up an account with them and when you make your first purchase is when it gets funded easily and electronically...
    • 3 windows instead of 2 windows 10:00/12:30/15:00 est

    Michael B.

    P.S. This is not for daytrading or precision.....This is more for a person willing to accept long positions only and generally holds overnight...even though you could try and daytrade and get executed...I do not know why the PDT rule does not apply at these Folio companies...but being that it is a window trade and the trader cannot choose price I think exempts them.

    P.S.S. At BuyandHold.com they claim they simply save the trades up from each window and execute one market order for each symbol....FolioFN claims they try to match trades before submitting their market orders....I do not know the truth...but they probably derive some income due to this blank check they are getting from traders.
     
    #13     Mar 14, 2004
  4. signals

    signals

    When I started out I had the same experience with IB. Don't waste your time calling them. They wouldn't even say what the minimum requirements were, it's "Top Secret" information that only their compliance department knows. They just kept saying "reapply". :p

    I went with OX (OptionsXpress) instead. They will take beginners but put you at a level where you can't do complex strategies like "Iron Condors" and shoot yourself in the foot. They have paper trading too for you to learn with.

    It's just like the job market, everyone wants experience but no want wants to give you the opportunity to gain it. ;)
     
    #14     Mar 14, 2004
  5. MR.NBBO

    MR.NBBO

    ......Just use a good broker. IB, MB, or Tradestation are all cheap for stocks. I've got accounts at all, and it's hard to go wrong with any one of them -for you.
    Do you want to stick your money at a place that will be out of business in 6months.......just to save 50 cents on a trade??!!! IF NOT>>then pick one of the above.
     
    #15     Mar 14, 2004
  6. Why don't u apply to IB and use the L-I-E method. :)
     
    #16     Mar 15, 2004
  7. def

    def Sponsor

    that's a horrible recommendation for someone filling out legal documents. I should add your post points to why we do not release facts/figures on what the basic requirements are.

    The product IB offers is for experienced traders and for a number of internal and regulatory reasons, we require a certain amount of trading experience before opening an account with us. I sympathize that you can't open an account at this stage but the policy on the whole benefits our firm and client base.
     
    #17     Mar 15, 2004
  8. internal and regulatory reasons


    Liability and compliance........

    Michael B.
     
    #18     Mar 15, 2004
  9. def

    def Sponsor

    there are other reasons but those naturally are considerations.
     
    #19     Mar 15, 2004
  10. responsibility and experience


     
    #20     Mar 15, 2004