Quote:
Originally Posted by Villages PL
I've been trading seriously for over 30 years and have done very well for myself, despite an occasional market crash. My trades have always been placed with the assistance of a broker. For the past 5 or so years, I have been aware that it's a lot cheaper to trade online but I have resisted it because I don't feel sure of my computer skills. On top of that, I went to my broker's website and I learned that it's possible to make costly mistakes.
Having said that, they have announced a new lower online rate that is much lower than what I have been paying. So now I feel like I will be throwing money away by continuing to pay for broker assisted trades.
I've been with the same broker for about 25 years and don't like the idea of switching, but I wonder if there might be some company that will handle broker assisted trades for less money. My broker is in New York City.
Is there anyone in this area that you would recommend that you think charges a reasonable rate?
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Does he make the recommendations or just place your order? Assuming you know what trades you want go to Schwab, ETrade etc and read up on the trading tools they have. Very good tools for larger investors. Then try placing a trade at night. If it goes wrong you can call for help before the market opens.
My daughter infrequently places trades but she places then so she will learn. Before she does the trade she calls the "help line" to make sure she is doing it correctly. Then inputs the trade at night. Her trades are not straight buy and sell but limits, trailing limits etc. The key is do it at night as you can cancel the trade or call for help.