I need to pick a broker

[raildogg]

I am going to start investing in stocks and money markets accounts.

I need to pick a broker. There are three that I'm considering, Interactive Brokers, Scottrade and Sharebuilder.

I am leaning towards Sharebuilder due to the fact that it is newb friendly and doesn't have a minimum, or not that I'm aware of. But they have limited number of quoted stocks.

Scottrade has more companies listed but has a minimum. But I think also lower commission.

Interactive Brokers is probably the best but their minimum is quite high.

So I am leaning towards Scottrade right now.

Any suggestions, comments?

 

[mugs]

Dibs on referral if you pick Scottrade.

1. If you have a costco membership I believe they give discounts on sharebuilder.com
2. If you have a small amount of money you're probably better off with mutual funds than individual stocks. You'd have to buy a bunch of stocks in small quantities to get a diversified portfolio, and commissions would kill you.

 

[Taggart]

buy 100K shares of F and GM

that will be $2000, thanks.

 

[raildogg]

Originally posted by: mugs
Dibs on referral if you pick Scottrade.

1. If you have a costco membership I believe they give discounts on sharebuilder.com
2. If you have a small amount of money you're probably better off with mutual funds than individual stocks. You'd have to buy a bunch of stocks in small quantities to get a diversified portfolio, and commissions would kill you.

Yup, I will go towards mutual funds and money markets, but also pick a few stocks. Add more money into stocks that are performing well.

I plan on investing long term, at least longer than 1 year due to short term capital gains.

 

[everman]

Just do everything Jim Cramer says *shiftyeyes*

 

[Engineer]

Originally posted by: Taggart
buy 100K shares of F and GM

that will be $2000, thanks.

If you would have bought GM just over a week ago, you would feel a little better this week (with their first quartery profit in what seems like decades)!

Up about 15% in a week that saw the Nasdaq shed about 3%. Not too shabby!

 

[db]

When I read the OP's title, I thought it read: " I need to pick a booger"

 

[Engineer]

Firsttrade. $6.95 per trade with no minimum opening balance. Not sure of mutual fund selections though.

 

[mugs]

Originally posted by: everman
Just do everything Jim Cramer says *shiftyeyes*

BOOYA!

 

[kmrivers]

td waterhouse. i dont know anything about it. i have only seen the commercials. i suppose those commercials are effective...

 

[mugs]

Originally posted by: kmrivers
td waterhouse. i dont know anything about it. i have only seen the commercials. i suppose those commercials are effective...

Are they the ones with Sam Waterston?

 

[Engineer]

Originally posted by: mugs

Originally posted by: kmrivers
td waterhouse. i dont know anything about it. i have only seen the commercials. i suppose those commercials are effective...

Are they the ones with Sam Waterston?

YES and it's now TD Ameritrade, not TD Waterhouse.

 

[raildogg]

I have picked Sharebuilder due to several reasons. There is no minimum, no paperwork, just transfer funds from checking to the account. Reasonable commissions and no inactivity fees, and invest anytime.

I think almost everybody now automatically reinvests dividends, so that is a given.

Thanks all.

Originally posted by: mugs
Dibs on referral if you pick Scottrade.

I'll consider that.