Jump to content
gregintenn

On line stock and mutual fund trading

Recommended Posts

Feel like I'm necroposting but as the OP is active...

I switched from Raymond James to Vanguard a few years ago and wish I'd done it much sooner.  The RJ folks were nice enough, just programmed IMHO to put everyone in American Funds.  As far as actively managed funds go, Amercan Funds are quite good but the front load is pretty awful.  The more I learn about investing the more convinced I am that most folks are just better off buying broad-based low-fee index funds and letting it ride.  

As index funds have grown in popularity, more specialized funds have popped up branding themselves as index funds.  IMHO you're better off sticking with the broader based index funds.  As a Vanguard fanboy, I lean toward the Total Stock Market Index, Total Bond Market Index, Total International Stock Market Index, Total International Bond Market Index and the like.  Largely in deference to my wife, who is much less a geek about all this than myself, I've moved to Target Date funds (which ~ contain the foregoing funds and adjust the asset class mix becoming more conservative over time).

 

I've had a Robinhood account for about 8 months.  IMHO, for most folks individual stocks should be a hobby to dabble in only once you're pretty well set in all other areas of personal finance (i.e., fully funded emergency fund, no consumer debt, no more than a small balance (if any) on the mortgage, significant retirement savings).  I have a very, very small amount of skin in the game. Over the course of 8 months I've never been up or down more than ~15%.  I like to think I've learned a few things that may eventually make it possible to grind out a few gains but overall it can be a pretty humbling experience.  You're the kitchen-table poker player sitting down at a table full of pros if you will.  For the time I've spent I could get a part-time job at minimum wage and come out ahead.  Again, I see it as a hobby.  All of that said, if you're interested, Robinhood has a referral program where both parties get a free share of stock.  If you're interested, PM me a telephone number or email address and I'll hook us up:)        

  • Like 1

Share this post


Link to post
Share on other sites

LOL. I went from 7 in queue to 3 before it timed out and had to start over. I'm now 8 in queue. I knew this would be a fun day.

Maybe I'll back up and punt.

Edited by gregintenn

Share this post


Link to post
Share on other sites
5 minutes ago, Mike A said:

Feel like I'm necroposting but as the OP is active...

I switched from Raymond James to Vanguard a few years ago and wish I'd done it much sooner.  The RJ folks were nice enough, just programmed IMHO to put everyone in American Funds.  As far as actively managed funds go, Amercan Funds are quite good but the front load is pretty awful.  The more I learn about investing the more convinced I am that most folks are just better off buying broad-based low-fee index funds and letting it ride.  

As index funds have grown in popularity, more specialized funds have popped up branding themselves as index funds.  IMHO you're better off sticking with the broader based index funds.  As a Vanguard fanboy, I lean toward the Total Stock Market Index, Total Bond Market Index, Total International Stock Market Index, Total International Bond Market Index and the like.  Largely in deference to my wife, who is much less a geek about all this than myself, I've moved to Target Date funds (which ~ contain the foregoing funds and adjust the asset class mix becoming more conservative over time).

 

I've had a Robinhood account for about 8 months.  IMHO, for most folks individual stocks should be a hobby to dabble in only once you're pretty well set in all other areas of personal finance (i.e., fully funded emergency fund, no consumer debt, no more than a small balance (if any) on the mortgage, significant retirement savings).  I have a very, very small amount of skin in the game. Over the course of 8 months I've never been up or down more than ~15%.  I like to think I've learned a few things that may eventually make it possible to grind out a few gains but overall it can be a pretty humbling experience.  You're the kitchen-table poker player sitting down at a table full of pros if you will.  For the time I've spent I could get a part-time job at minimum wage and come out ahead.  Again, I see it as a hobby.  All of that said, if you're interested, Robinhood has a referral program where both parties get a free share of stock.  If you're interested, PM me a telephone number or email address and I'll hook us up:)        

I'm not interested in day trading, but I do share your views on mutual funds. Index funds have a bit lower returns than some, but also have low fees and low turnover, which reduces tax liability. This should all be taken into consideration before just going after the highest return in my opinion.

Share this post


Link to post
Share on other sites
2 minutes ago, gregintenn said:

I'm not interested in day trading, but I do share your views on mutual funds. Index funds have a bit lower returns than some, but also have low fees and low turnover, which reduces tax liability. This should all be taken into consideration before just going after the highest return in my opinion.

Give T-rowe price a call, many of their funds have been doing quite well.

  • Like 1

Share this post


Link to post
Share on other sites
2 minutes ago, gregintenn said:

I'm not interested in day trading, but I do share your views on mutual funds. Index funds have a bit lower returns than some, but also have low fees and low turnover, which reduces tax liability. This should all be taken into consideration before just going after the highest return in my opinion.

When you look at the long term (and when you're talking retirement savings the time frame is death minus current age) and especially considering expense issues index funds win the day.

BTW, not to say folks don't day trade on Robinhood, but it's certainly not limited to day trading.  Unless you keep an equity balance of at least $25,000 RH limits you to 3 day trades in a rolling 5 day period.  The 4th day trade will lock you out of day trading for 90 days.  

  • Like 1

Share this post


Link to post
Share on other sites
1 minute ago, Mike A said:

When you look at the long term (and when you're talking retirement savings the time frame is death minus current age) and especially considering expense issues index funds win the day.

BTW, not to say folks don't day trade on Robinhood, but it's certainly not limited to day trading.  Unless you keep an equity balance of at least $25,000 RH limits you to 3 day trades in a rolling 5 day period.  The 4th day trade will lock you out of day trading for 90 days.  

I don't think this is what I am interested in. I'm gonna try Fidelity if I can ever get them to talk to me.

Share this post


Link to post
Share on other sites
2 minutes ago, gregintenn said:

I don't think this is what I am interested in. I'm gonna try Fidelity if I can ever get them to talk to me.

Didn't think you were interested.  Just throwing that out as an fyi.

  • Like 1

Share this post


Link to post
Share on other sites

I recently retired, having been a stockbroker for 40 years.  Man, was that crazy!

I would say TD Ameritrade, Vanguard, Fidelity, in that order.   I use TD.   Actually any of those will serve you very well.  They all have it figured out.

Maybe this will help.  It's easier to do these transfers than you think.  Millions of people have done it --- you can too!

https://investorjunkie.com/stock-brokers/compare/vanguard-vs-tdameritrade/

 

 

  • Like 1

Share this post


Link to post
Share on other sites

I'm working on it. This sucks about as bad as I figured. I will be pleased when it's done, however.

Share this post


Link to post
Share on other sites
3 hours ago, QuackerSmacker said:

Greg, you're psyching yourself out.  I'll be happy to walk you through it.  PM-ing my phone number.

You are the man! I did it. It was just tedious. I have to go by my bank now and get them to stamp some papers with a medallion or some such nonsense, then mail it in. I also have to wait until the transfers actually take place before I can choose the funds I want. I think I have the rest pretty much squared away.

Did I mention how happy I will be getting away from the Raymond James lady? She has screwed me the last time hopefully.

  • Like 1

Share this post


Link to post
Share on other sites

Ok, you're on your way. If anyone at the bank mentions the word "medallion"   you need to tell them that what you need for the transfer is a "Signature Guarantee."   The "medallion" is what they have. It's a piece of metal.  The "Signature Guarantee" is what you need.  It's ink on paper.

s

  • Like 1

Share this post


Link to post
Share on other sites
3 hours ago, gregintenn said:

You are the man! I did it. It was just tedious. I have to go by my bank now and get them to stamp some papers with a medallion or some such nonsense, then mail it in. I also have to wait until the transfers actually take place before I can choose the funds I want. I think I have the rest pretty much squared away.

Did I mention how happy I will be getting away from the Raymond James lady? She has screwed me the last time hopefully.

Congratulations! 

Share this post


Link to post
Share on other sites
20 hours ago, Mike A said:

Unless you keep an equity balance of at least $25,000 RH limits you to 3 day trades in a rolling 5 day period.  The 4th day trade will lock you out of day trading for 90 days.  

 

I believe that is FINRA, not Robinhood. I had my account locked up a few times at TDA because of coming and going too frequently, too soon. :shrug:

You have to register as a day trader, and your account is monitored differently than an 'average joe' trader.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


The Fine Print

Tennessee Gun Owners (TNGunOwners.com) is the premier Community and Discussion Forum for gun owners, firearm enthusiasts, sportsmen and Second Amendment proponents in the state of Tennessee and surrounding region.

TNGunOwners.com (TGO) is a presentation of Enthusiast Productions. The TGO state flag logo and the TGO tri-hole "icon" logo are trademarks of Tennessee Gun Owners. The TGO logos and all content presented on this site may not be reproduced in any form without express written permission. The opinions expressed on TGO are those of their authors and do not necessarily reflect those of the site's owners or staff.

Before engaging in any transaction of goods or services on TGO, all parties involved must know and follow the local, state and Federal laws regarding those transactions. TGO makes no claims, guarantees or assurances regarding any such transactions.

×
×
  • Create New...

Important Information

By using this site, you agree to the following.
Terms of Use | Privacy Policy | Guidelines