i wanna start investing as a daytrader to make some extra money.. i have saved a little more than 0 for starters…
i tried sharebuilder.com for their free trial and another month on top of that and it gave me some beginner’s experience on trading as they have some pretty good tools. now i wanna step it up…
what u guys think is better? scottrade or sogotrade? i know sogotrade charges no membership fees and the trade fee is less? is that all? my dad trades on scottrade and rakes in a good amount of money but that’s given the fact that he has more money to invest… please help me decide, thanks for all your answers!
Answer Me 5:01 pm on March 13, 2010
Well that’s the key, more money to invest. The more money you have the less double commission matters but personally I like low commissions because it gives me the ability to do twice as many trades and still save a few pennies. Since I am more into the trading and speculating side right now the $3 fee matters to me. I’ve seen some ads for scotttrade here and there and they have these nice looking graphs with a chosen stock overlayed with simple english tips like "ABC’ MACD shows blah blah implying it’s going to be volatile" or "XYZ is trading within its bolinger bands yabadaba " so it’s possible for a noob the scottrade interface might be nicer compared to sogos?
But I don’t have a scottrade account so I cannot say. And honestly I don’t really expect my broker to provide me online tips for free, I just expect them to efficiently process my orders. I can get tips from plenty of other sources online.
Scott has afterhours trading while sogo does not. Actually sogo elite has afterhours trading but you need to pay them $10 a month for that but its worth it because they give you an awesome live feed. One of these days I might switch to sogo elite but for now I am happy with sogo regular. One problem with sogo elite is they dont offer options nor do they offer ACH transfers like they do with sogo regular. How odd! I hope they fix that one day to make sogo elite as easy to use as sogo regular so that I can switch over at the point when $10/mo for their laser platform isn’t that big of a deal but like I said for now I am sticking with sogo regular until I get a lot better at trading.
Scott also has physical offices but honestly I donno why I would need one of those but I’m sure many people disagree with me otherwise why would scott have them lol.
AnswrGuy420 5:01 pm on March 13, 2010
I have never used sogotrade, but I have been happy with Scottrade. They have an easy to use interface and I like how they have physical locations if you need it. If you want to try them out you can open an account and use the ReferALL Code: EQZN6327 to get 3 free trades.
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scottrade or sogotrade?, what dou you think about sharebuilder