E*Trade at your Own Risk..or..PROFIT OR BUST!
Written: Jan 12, 2000
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In late December 1998, I couldn't stand watching the stock market, and the NASDAQ in particular, explode at unfathomable rates. I had to get in on on this easy money. It was gonna be easy, right? Well....I started with $1800 and invested in LCOS @$52ish. I soon watched LCOS soar $20 a day up to $150. My god, this is EASY! Then came the old addage "What goes up must come down" and down it came. I finally sold @$110. Gez, at this rate I'll have $10k by years end! WRONG. The stock market is NOT for new guys. After 13 months, I have lost a total of about $500 from my total investment of $5500. Studies show that most people lose money when starting on the stock market. But the real question here is about e*trade. E*trade executed my trades and very fast rates. I would often get trade confirmation notices on the next screen after I confirmed my order. However, this convienence came with a cost. $19.95 a trade QUICKLY ate away at such small investments such as 18 shares of LCOS or 10 shares of eBay. For large traders, a discounted rate is offered...but if you have that much money to play with, the discounts don't matter that much, do they? My suggestion for new traders is to go with a broker such as NDB or even Ameritrade. These brokers usually offer lower commissions for the kinds of orders you will be placing. However, if you want to get that extra $.001 on that 1,000,000 shares of MVEE you're buying, e*trade is the place to be. You'll get quick executions and many times they will get you an extra fraction on your orders. Not only that, but if you make a lot of trades, you'll get refunds on commissions! Have fun, and remember, DO YOUR OWN RESEARCH!
Recommended:
Yes
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About the Author
Member: Jeremy Leis
Reviews written: 18
Trusted by: 4 members
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