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?
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5 Comments
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!
You can pay a smaller fee in the lending and borrowing sector. Check my profile for more info.
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.
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.