Stock Trading and Other Things

Is it really a better idea to do online trading or hire someone? What sites should I trust?

I want to do online investing. What are the things I need to look for in selecting an online trading site? Which one stands out as the best and why?

Public Comments

1. Go for sites with a good reputation, such as Amazon.com. Stay away from names not known to you.

2. I have changed brokers many times. But I am blunt and found a agent who would do as I ask her to though she doesn't like my pick. Its my money. Most on-line brokers want to start out with a 1000 to 2500 USD and I don't like it. But I deal with Edward Jones. But remember its your money and they are their to sale you their own stock to make more of a commission. I understand that but its your money and that's the bottom line. Its like I tell my broker its like betting the ponys.

3. E*Trade is a good online brokerage. I've never had a problem making any trades with them. They make it easy to buy foreign securities too, as most other brokerages wanted to charge an extra $70 to buy securities listed on the australian stock exchange and the canadian stock exchange.

If you don't mind doing your own research and making your own decisions without having someone else second-guess you, doing it yourself is the only way to go in my opinion.

4. same brokers online as bricks & mortar - Schwab, etc. Don't hire anyone. Can at minimum set up some index funds & etfs yourself easily. Schwab.com fine. All you look for is stability in a broker online or otherwise. Trading is the same. Feel free to e-mail me through answers if have qs but be ready to invest as opposed to trade. Get a portfolio set up & leave it alone.

5. There are several on line brokers that are considered good. Fidelity, Etrade, TDAmeratrade, Scottrade. I am not sure what exactly you mean by hire someone. Do you mean to hire an investment advisor? They charge a fee based on the assets under management, about 1% to 2% annually. I am sure there are good ones available. The problem is finding one. There are also full service brokers such as AG Edwards. They charge very high brokerage fees compared to on line brokers. About 5x more. Another alternative for you to consider is mutual funds and ETFs. Mutual funds is like having an asset manager and their fees are about the same--1.5% annually. ETFs are unmanaged portfolios with much lower fees, about 0.5% annually.

6. I have used Scottrade and am very happy. They have low fees and good service.

If you are looking for investing ideas I think the first thing to do is see what the best traders are buying and selling. this is the idea behind the site http://www.top10traders.com - this is a free site that lets you create a portfolio of stocks with $100,000 in "play" money. Each day the site ranks the best performing portfolios, so you can see how your picks perform compared to other investors. You can also read posts on investing from the best traders, as well as share your own investing ideas.

Here are this month's best traders:

http://www.top10traders.com/Top10Standings.aspx

Good luck!