Hello, I've been paper trading for a while now and would like to start trying things with some real cash. I've researched several online brokers and it seems like eTrade suits my needs the best, but I have a few questions about them (there doesn't seem to be any way for non-members to get thier questions answered other than by phone.) Thought I might get quicker answers by posting here. My plans right now are to simply do long position buying and selling of listed equities. First question, regarding commisions - ( https://us.etrade.com/e/t/estation/pricing?id=1206010000 ) The fine print says this: "1 For orders involving securities listed on a national securities exchange (i.e., "listed securities") a fee of $0.015 per share will apply to that portion of the order that exceeds 2,000 shares. " Does this apply only if less than $50,000 in assets and 0-29 trades/quarter, or does it apply for all trades? If I make 200 trades in a quarter do I get charged 9.99 for the first 149 and 7.99 for the remaining 51? Is there a fee for withdrawls? Can I open a chequing account with eTrade and simply make an account transfer - is this cheaper? The initial deposit is 1000. If my equity drops below this do I have to bring it up to 1000 before I can buy stock again? Will I be able to make my alowed 3 day trades a week if my balance is less than 25000, and will I be warned if this happens before making a fourth? Will I be prevented from making the fourth day trade (for my own good)? I plan on getting around the day trading rules by purchasing stock before closing on one trading day and selling on the next day, do you foresee any problems taking this approach (other than additional risk)? Any input would be greatly appreciated.
Well, lol I DID say any input would be apreciated. I've read good and bad stuff about them, but I'm afraid "avoid eTrade" doesn't warant me crossing them off my list. Maybe you could share some of your stories of misfortune with me?
Ok I read through a bit of the thread, and what I see is an internet fraud case that could have happened to anyone. This just scares me off of trading in general, not just eTrade. I used to work for a company that developed Internet security products, but I've seen that there are so many ways to steal information that using 128 bit encryption doesn't protect people against thier own ignorance.
Can I ask how you came to decide eTrade was your best choice versus the more popular brokers that are used here like IB & MBT?
Ok, I looked into IB for a while, and thought they were the ones to go with but I'm a beginner and I got the impression that I should start with something easier to get experience. Please excuse my ignorance MBT stands for ___?
I have been an E Trade customer for a long time. I do about 100 trades per qtr and use their market trader platform. I get unbelievable fills. I believe that they are a great online broker for a newbie. On the negative side, their telephone "service" does not exist, so if you need help they are not your best choice. Way too many Q's to answer in this forum. If you want to discuss in detail, email me your tele # and I will call you after the close and answer any questions you have. Unfortunately I will not be able to answer q's about IB and others, since I have no experience w them. Wayne