Trading online vs using a broker
 

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?

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.

My broker never makes any recommendations, he just places my order. I will usually ask him for a quote first. Then I will tell him to buy or sell X numbers of shares and I will usually specify a limit.

I like your idea of placing the order before the market opens. I might give that a try.

I also use Schwab and have never used a broker. It's very easy to do on line with you setting the limits of what you want to pay or what you are willing to sell for. Go into their office in lake Sumter and they will be very helpful.

I have Scottrade for 7 + yrs., $7.00 per trade; VERY user friendly. Open a account with a few bucks & try it; very easy to do.
HAVE CONFIDENCE IN YOURSELF

Agree with you. Full cost stockbrokers have gone the way of 8-tracks, VHS, and buggy whips. With few exceptions, no real need for them anymore.

;)

I like Wells Fargo Advisors..............On line trading. Currently I get 100 trades FREE every year. There is a minimum balance, but that is not big.

I trade on line with several brokerages but I still retain a broker I have dealt with for over 20 years on his recommendations. That is only fair.

I'm not sure but I believe that most discount brokers(Schwab, TDA, etc) have an option where you can make paper trades as a learning tool to use until you are comfortable using the "real" world on line trades..Try doing this along with the other suggestions mentioned above and you will be amazed at how easy it is. These websites also have their select lists as well as other research tools for you to use..

I agree with all above - especially the advice to work with Schwab, starting with their LSL office. I'm sure you could initially place trades 'on line' while there and have someone look over your shoulder to make sure you are doing it correctly. It really is quite easy.

I also use Fidelity and imagine you could do the same thing at their LSL office.

If you use Quicken to keep track of your personal finances, both Fidelity and Schwab link and update Quicken without issue.

If you are successful when doing your own research, there really isn't any need to place trades with a 'full service' broker. However, I see nothing wrong with using a trusted professional, for any service, whenever necessary.

I did trade with big brokers starting in 1955, but saved thousands by going on line seven years ago -- I recommend Ameritrade and Tradeking -- Go to cboe.com to learm about anything financial -- get on line to visit sites and read business magazines -- Sit down with someone who has an online account and see how easy and safe it is -- the broker is not your friend, he is a sponge soaking up your wealth !!!!!!

Something I'd like to mention. Even though I use Schwab for all my trades and their web site for keeping track of everything, I also use Yahoo Finance for tracking everything. I like their system much better and find it provides me not only my investments but with a watch list that I can check every day looking for a pullback on stocks I am interested in.

I have used Etrade for years and they charge me $9.99 a trade. I think their web site is very easy to use. I use google finance to track everything so I don't have to sign on to my Etrade account all the time to see how my stocks are doing. It is also easy to use. Try it with some practice stocks!

Thanks, everyone, for the encouragement. Now I'm eager and ready to learn how it's done.

Two poster listed their costs per trade $7.00 and $9.99 respectively.

I am just curious as to what the costs are per year and if these posters have
computed that amount to a %?

On the other side of the equation have these posters compared their return compared to say a $500 S&P Index Fund?

If traders are beating what I am experiencing I ,ay well stat do my own trading