I do not plan to use direct registration or paper share certification for reasons I gave in another thread. However, the topic did make me think that I should have two online, discount brokerage accounts.
I opened an account with Ameritrade many years ago. They combined with TD Waterhouse to become TD Ameritrade, and I have been satisfied with them. I can transfer funds electronically between it and my online bank accounts, and I have no trouble buying/selling these junior stocks with them. Their $9.99 per stock trade is not the cheapest, but still quite reasonable. Anyone looking for an online, discount broker, I would recommend they give TD Ameritrade consideration.
I know at least two of you use Fidelity, and it seems it could very well serve as my second account. If anyone would care to make a strong case for whichever brokerage house you are happy using, I'd appreciate knowing about it. Thanks in advance, Trin
When I placed my limit order @ 1.28 w/ scottrade the shares were bought @ 127.3. Sometimes from the time you make the decision to buy and 10 seconds later you place your order there's enough time for a change in price.
I'm sure you'll get your $1.28 price target on Monday morning. We should wake up to 1675-1680 and move higher as the dollar begins to drop and investors once again return to gold as a safe haven.IMHO. JB
Right with ya Z, and if we go where we all know we will go in due time then pay the extra 2-3 on the commission for in the long run it will not really matter.The old saying "You get what you pay for" could no further from the truth with regards to everything. later
Yeah, I think this is one of the better ways you can tell whether you have a good brokerage or not. Do your orders usually go through when your limit is even briefly tripped, and do they often in fact come in at a margin above or below your limit? Depending on what you pay in fees and how often you trade, it may or may not not save you any money in the long run, but at least you know you aren't getting ripped off (any more than necessary) by the "house".
As the Grateful Dead once sang: "You give something up for every thing you gain. So pay for your ticket and don't complain."
Maybe you guys should have just traded with each other. Anyway, it looks like the price dropped off sharply from the opening and being thinly traded most days, you sometimes just don't get your order to go through on volatile trading days. Whether that's because of bigger orders lined up at your limit or marketmakers jumping the queque or whatever, I don't know. FWIW, I don't think it has much to do with Schwab as I have had much less problem with it than some others here seem to.
Hi there, my name is Erin Montgomery and I work for Charles Schwab.
Thank you for the kind words, Zentrarian. Trin, have you checked out Schwab’s StreetSmart Edge trading platform yet?
In case you aren’t familiar with it, SSEdge is our newest active trading platform with advanced tools, charts and flexibility. If you’re interested, the demos at this link [http://content.schwab.com/flash/streetsmartedge/launch/ssedge/demos.html] provide a good introductory overview of the platform. Or, feel free to email me at firstname.lastname@example.org and I’ll be happy to put you in contact with someone at Schwab who can answer any questions you have.
trin2, I use scottrade and I'm satisfied with their service. Depending on what type of trader or investor you are. I haven't used a broker for anything yet and have no problems buying and selling without any help which keeps my costs down to 7.95 per trade. They also have a very good educational section on their site that helps beginners better understand the different type of orders, options, trailing stops etc, etc. They explain things in a simple to understand way for anyone to understand. Good luck with whomever you choose and your investments. JB
trin...I use Charles Schwab, because that was my brokerage when I lived in the States and it was an easy transfer to switch over to their global acount. I don't know if they are any better than Fidelity or the discount brokerages, but I don't do a lot of trades so I don't mind the $8.95 cost. (In fact a lot of my trades go through under my limit order, so I often save more than the fee.) I do think having a second account is a good idea, and I'd recommend going with a well-known full service brokerage because the extra security is more than worth it, unless perhaps you trade often. (I have 3 different bank accounts and also keep some cash on hand, even though I live in New Zealand.) It isn't smart to be penny wise and dollar foolish in this suspect banking and trading environment.
January 14, 2012, at 5:23 pm
by Jim Sinclair in the category Jim's Mailbox | Print This Post | Email This Post
Jim Sinclair’s Commentary
There is an axiom that must be remembered under today’s strange financial circumstances with top financial management by sociopaths.
The guarantee is no better than the guarantor.
Regarding Jeff Berwick’s article, "Who Really Owns Your Gold Stocks?," it is important for JSMineset readers to understand the limitations of SIPC protection. Page four of the booklet “How SIPC Protects You” says, "Customers of a failed brokerage firm get back all securities (such as stocks and bonds) that already are registered in their name or are in the process of being registered."
I asked SIPC specifically if securities held in "street name" are considered to be registered in the name of the customer and thus eligible for complete protection. SIPC replied:
"In a liquidation proceeding under the Securities Investor Protection Act ("SIPA"), customers of a failed brokerage firm first get back all securities that are already registered in their name or are in the process of being registered, these are called "customer name securities." Customer name securities are negotiable only by the registered owner.
Securities held in "street name" are not considered customer name securities. In a SIPA liquidation proceeding, after the return of customer name securities, the remaining customer assets make up the "fund of customer property." The fund of customer property includes all customer securities held in "street name." The fund of customer property is divided on a pro rata basis with funds shared in proportion to the size of claims. If securities are still missing after the pro rata distribution, the customer would then be entitled to the coverage provided by SIPC, up to the statutory limit."
The SIPC brochure is available for download here: http://www.sipc.org/how/brochure.cfm
I could elaborate on discussions I had with SIPC, which raised additional red flags, but the above should be enough to encourage anyone who is serious about protecting him or herself to take action.