Online Trading Woes for this novice

[Zsuzsa]

My 'small fry' investor question of the day:

How do I find an online trading company that allows me to buy/sell a really good variety of stocks?

I now have Sharebuilder (grrr), which does not allow me to purchase about 5 different stocks I want to buy. Sharebuilder has some kind of criteria by which they approve stocks, and they are not very forthcoming on the website as to what that is. Scottrade doesn't allow you to buy Canadian stocks?

Is there a one stop shop out there? Or do I have to trade different stocks piecemeal and perhaps in some way other than via the net?

Thanks for any advice.
Funkmaster Z

[InvestingMoron]

I have ShareBuilder (Advantage) and ScottTrade so I mixed the qualities I was looking for and get the best of both worlds. Somewhat.

[bobwatford123]

I'm not sure I understand. I trade in Canada so maybe it's different but what kind of stocks won't they let you buy????

[Zsuzsa]

The website just says you cannot place orders for Canadian stocks on the internet :(

"Listed and Nasdaq Stocks
Bulletin Board Stocks
Pink Sheet
Canadian Stocks*
* These orders cannot be placed on the Internet"

[nefrologocatracho]

The website just says you cannot place orders for Canadian stocks on the internet :(

"Listed and Nasdaq Stocks
Bulletin Board Stocks
Pink Sheet
Canadian Stocks*
* These orders cannot be placed on the Internet"

I think you can still make those trades with Scottrade, but you have to speak with a broker.

[Bman409]

The website just says you cannot place orders for Canadian stocks on the internet :(

"Listed and Nasdaq Stocks
Bulletin Board Stocks
Pink Sheet
Canadian Stocks*
* These orders cannot be placed on the Internet"



Once you try www.interactivebrokers.com you'll never go back

Commissons are DIRTY CHEAP..

I trade on the Toronto Exchange, the Canadian Ventures exchange, the US NASDAQ, AMEX and NYSE

Plenty of shares available to short as well


I honest to God don't know how any other online brokers stay in business. Interactivebrokers.com simply blows them all away

if it wasn't for that company, I couldn't trade as frequently as I do.. commissions would kill me

[Luc1Grunt]

BMan.....have you come across any stocks they will not let you sell? I have not been to the site yet, but do they offer level II, and how quickly do they process a limit order? Any additional charge for limits?

[Edward Pearson]

I use E Trade and have not had any problems buying all kinds of stock.

[bobwatford123]

Etrade is the best way to trade in Canada as far as I know. I trade with TD Waterhouse and Etrade. Fees are much higher in Canada but you can always trade anything you want. Etrade actually just lowered their fees to $19.99

[Bman409]

BMan.....have you come across any stocks they will not let you sell? I have not been to the site yet, but do they offer level II, and how quickly do they process a limit order? Any additional charge for limits?



THere are stocks you can't sell short... but only if they are restricted by the SEC or the brokerage doesn't have them available.. CHNR for example is one that I couldnt' short.

There are no restrictions based on price. When I used to have an Etrade account they wouldn't let me use margin on any stock under $5.00.. that included shorting.... IB will let you use margin on a < $5 stock, but there are some restrictions on how much margin you can use on Canadian penny stocks..

For the most part, I can short any US stock any time I want... Most of the heavier traded Canadian stocks too.

They offer ALL kinds of orders (limit, stop limit, market on close, iceberg, etc) for no extra charge.

I make probably 25-50 trades per week and I absolutely couldn't trade if it wasn't for Interactive brokers. I have no interest in the company (financial, that is) but I absolutely recommend them as strongly as possible

You can trade all over the world from the same account, you can do options if you want, and the commissions and fees are dirt cheap.

As I said in another post, I honest to God don't know how the other online brokers can stay in business.. IB simply blows them away.

Executions are excellent.


I recommend it strongly.

[lil JJ]

I'm looking for stocks to invest in for long term gains maybe 1 to 3yrs. I'm wanting to invest in stocks that are safe, but will have long term gains. Like i said i'm a beginner and looking for advice

[Luc1Grunt]

Maybe look at the S&P 500 and the strongest companies in each industry/sector. Look at dividend and dividend history, look 1 and 5 year charts for some historical perspective.

Some to consider.........homework is on you.

LPM
PFG
PG
BUD
GE
JNJ
KO
MSFT

strong, consistent.......if you're after 1-3 years, start with the reputable companies with a solid history and massive market cap.

Hope that helps

[Zsuzsa]

Thanks everyone for all your advice. B- I won't be using margins since I am just starting out and have been taking it slow, someday someday.

I am just finding I'm addicted to penny stocks. Win or lose, I just want more flexibility than a co. like Sharebuilder has to offer so I can grow as an player, and I want to "talk" as little as possible since I have to work most of the day, and don't feel like talking much anyway.

Thank you everyone and I will be checking out each of your suggestions and alot more.

Z