Good Discount Broker?

[masraum]

OK, so I'm trying to educate myself about investments because I'm getting out of debt and into savings, and want to be smart with my money.

I'd like to know, from you folks, who you think is a good discount broker that offers online service.

TD Ameritrade looks pretty good, but I figure you guys that have experience can probably give me more info.

Thanks

[fuelie600]

I use both Etrade and TD Ameritrade. I like the etrade interface better. Never had any real problem with either.

[RWebb]

i use fidelity - plenty cheap enuff -since you should invest not trade!

[masraum]

Originally Posted by RWebb

you should invest not trade!

That's the plan.

[competentone]

Originally Posted by masraum

TD Ameritrade looks pretty good, but I figure you guys that have experience can probably give me more info.

On heavy volume days, Ameritrade's systems cannot handle the load -- I've been unable to access my accounts a number of times this year.

I normally trade using limit orders placed in advance, but being unable to access one's account to monitor -- and potential change orders -- when things are really "jumping" is damn annoying.

I haven't changed to another brokerage primarily out of laziness, but cannot recommend Ameritrade because of such failures.

[Porsche-O-Phile]

I've been using OptionsXpress for a little over a year - they're very, very good and helpful and their online seminars are good. I'm considering going to an actual sit-down seminar in San Diego next month but it depends on time availability for me. I'm sure it'll be good quality.

I've used E*trade in the past. Not bad, but I did have one HUGE customer service failure with them that ultimately cost them my business. A private investment group that I'm part of is using HSBC with good results too (some stock, mostly options positions).

[KFC911]

I've been using Fidelity and Ameriprise for years...happy with both.

[HardDrive]

I have been using TDameritrade for 6 years. I am happy with them, but I only trade about twice a year.

[masraum]

Decisions, decisions. I hate this.

I also found an article that sort of summarized reviews by Barron's, Kiplingers, and someplace else, and it wasn't straight forward. TD Ameritrade and Fidelity seem to get mentioned a lot.

In the article it talks about hidden fees and other costs. Great, now I've got to wonder if there's more to pay than the sites list. I think it said that Fidelity had canned all of it's extra fees and charges, so maybe that's why their trades are more expensive (for low trade folks, which will be me).

[Porsche-O-Phile]

Fidelity is decent for 401k although the funds have a lot of fees and lately the rates of return on virtually all of them has been abysmal (I've seen the value of my 401k drop literally 30% since the start of the year. Other funds would have resulted in greater losses, but there are a few that would've resulted in not-as-great losses). It's all about your risk tolerance. Personally I hope build my retirement fund based on (in order of importance):

1. Personal earnings from my own business venture over the next 20-or-so years
2. Investments (options, stocks, bonds, commodities, possibly even real estate if it (1) ever turns around and (2) I can ever afford it)
3. 401k/Roth IRA and other tax-deferred shelters
4. Social security (I don't expect it to be around then, but it'd be beer money)

[Rot 911]

I use Scottrade and no big complaints. However, they will not let you buy stocks selling for less than $1.00 and if you put new money in your account you end up waiting about 3 days before they will release it to buy any stock selling for less than $4.00. Not a big deal, but make sure you keep money in your account to use when you get a tip on a low priced stock.

[lukeh]

Invest in mutual funds and not stocks. I've yet to meet a person who over the long haul that can outperform top fund managers. In fact, the vast majority of stock traders can't even tell me what their average portfolio rate of return has been over any timeframe. I'm not saying it can't be done but eventually human nature, emotion and greed will kill the average investor. Dollar cost average into a ROTH with Vanguard, Fidelity or American Funds and history shows you'll end up better off than trading stocks with a discount broker.

[VincentVega]

Etrade's interface is simple to use and they have better $$ transfer options than Scottrade. Scottrades website remind me of a school project in the late 90's, basic but very unpolished.

As long as you stick with a big name you will be fine, assets are insured. I recommend etrade for their options, flexibility and decent rates (MM, CD's...)

[RWebb]

only up to 1/2 mil.

after that, spread it around