Ask the Pack: Online brocker recommendations

[Irondawg]

Want to open one to throw a small amount of disposal income at some stocks in the market. Which ones are recommended?

 

[horshack.sixpack]

Vanguard account. Buy ETFs

 

[dorndawg]

Vanguard account. Buy ETFs

The correct answer.

 

[8dog]

I have a Fidelity account and i think the app/interface is pretty terrible but I dont know what the others look like. At this point they are all seemingly commission free and offer ETFs so interface is really important.

 

[TheStateUofMS]

They're a dime a dozen at this point. You should go with a platform that charges $0 in commissions:
Schwab, Vanguard or Fidelity.

 

[TheStateUofMS]

I think all the apps are going to be pretty limited. You can trade, view statements and do some limited research, but there's SO MUCH info on the desktop version of broker websites, it'd be impossible to replicate it on an app I bet.

The apps are good for mobile deposits though usually.

 

[8dog]

The app is just really busy. Its hard to interpret the data presented.

 

[Irondawg]

Yeah I can't imagine an app having all the info the full website would have and I'd probably use the desktop feature. Had a friend mention TD Ameritrade as well so this gives me a couple to go take a look at.

 

[UpTheMiddlex3Punt]

Vanguard account. Buy ETFs

Put everything in UPRO and let it ride

 

[mcdawg22]

I use McAfee to brock spam and malware.

 

[Jeffreauxdawg]

I use Vanguard. It's ok, but I like that they aren't trying to hook me all the time with some advisory service. All of the big boys are good though.

 

[57stratdawg]

I been hammering XLE and XLF

 

[ChupacabraDawg]

Want to open one to throw a small amount of disposal income at some stocks in the market. Which ones are recommended?

I’ve been putting my money for kids college in Vanguard Wellington. For personal trading I use Robinhood. Free trades etc are nice.

 

[RocketDawg]

Is that a 529, and good for every state?

 

[Msubulldogfan1]

Are you looking to invest or play lotto?

Robinhood is super crisp and I’ve been playing options the past month. Account has increased about 800% since then.

I’m very much a gambler tho.

 

[Msubulldogfan1]

Some traders smarter than me like VOO as an ETF to invest in also.

 

[Irondawg]

Little bit lotto but not with options or anything. Just throw a few bills at some of these highly depressed stocks and see how it plays out.

Never really dealt with ETFs before so need to read up on them

 

[ChupacabraDawg]

Is that a 529, and good for every state?

I didn’t do a 529. Wellington is a mutual fund. I didn’t want to be locked into having to use it for college not knowing what my kids will do or what/if any scholarships etc might be received

 

[Shamoan]

I’m on vanguard (all in mutual funds), but I see this all as a huge opportunity. If I have funds in place, what is stock purchasing like on vanguard? Looking to buy 7k or so. Never done the stock options through them. Advice appreciated. Is it straightforward?

 

[jdbulldog]

Being very much a gambler qualifies you to be trading options. As long as you are “playing” with money you do not mind losing it works. However, this strategy is not for the investor with a “small amount of disposal income”.

Are you looking to invest or play lotto?

Robinhood is super crisp and I’ve been playing options the past month. Account has increased about 800% since then.

I’m very much a gambler tho.

 

[Jeffreauxdawg]

I’m on vanguard (all in mutual funds), but I see this all as a huge opportunity. If I have funds in place, what is stock purchasing like on vanguard? Looking to buy 7k or so. Never done the stock options through them. Advice appreciated. Is it straightforward?

Very simple. 2 things.

Make sure you have a settlement account. This is where your funds go before and after buying/selling a stock... You can't go from stock to stock or mutual fund to stock. It should be a money market fund, which is basically your checking account inside the trading platform... You should already have one, but just in case.

If you are new, learn about the types of orders. A market order means sell/buy now at current price. You can also set a limit order which means it will automatically execute at a certain price, could be a long time down the road, but if the market never hits the price, your order will never execute.

https://www.investopedia.com/investing/basics-trading-stock-know-your-orders/

 

[Msubulldogfan1]

Being very much a gambler qualifies you to be trading options. As long as you are “playing” with money you do not mind losing it works. However, this strategy is not for the investor with a “small amount of disposal income”.

I would argue that if you’re dealing with smaller funds, options are perfect. Imo, unless you’re investing tens of thousands, playing stocks isn’t worth it. I agree, of course, better not be gambling with your retirement on options.

It’s very much possible to turn 1k into 20k quickly playing options, also very easy to lose that 1k.

I flipped 1k into 3.4k just this week.