Stock Markets Exposed
Can I get into trading stocks without paying ridiculous fees & commissions?
You see these places like TD Ameritrade, Scottrade, E-Trade and Datek Online.... They all seem pretty reputable, but I don't want to have to pay $10 - 15 every time I want to trade a stock. Especially since (in the beginning at least) I'm only going to be buying or selling one to ten shares at a time. Buy two $9 shares of a stock and pay $15 commission to do so? No thank you. Any advice?
Public Comments
- The discount brokers are actually super-cheap compared to the way it used to be. But regardless, "day trading" is not going to be profitable unless you can achieve a certain economy of scale. Otherwise, the trading fees kill you.
- The best deal on a "quality" broker is probably TradeKing at $4.95 per trade. Zecco offers 10 commission free trades a month if you have a balance of $2,500 in your brokerage account; otherwise, they charge $4.50 a trade.
- Zecco is FREE!
- If you don't have the money to pay the fees then you don't have money to be "trading stocks". Besides, you will not become wealthy buying and selling 2 shares at a time. If the 2 shares you use as an example double in price, look what you have, $36. Pick out good companies and contact them to see if you can purchases shares directly from them. By good companies I don't mean some startups that may go down the tubes within the next year or two. Look for leaders in their field.
- You can pay a smaller fee in the lending and borrowing sector. Check my profile for more info.
