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#331257 - 01/07/21 09:12 PM Re: Conservative and Liberal [Re: jgw]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 10773
Loc: North San Diego County
That's one of the things I liked about Ameritrade. They were pretty democratic from the start in how they treat customers. (Small d, the founder is a Republican donor.) They even let Suze Orman's $50 per month investors open free accounts with a bunch of free trades. I did buy $10,000 worth of their IPO stock as my first transaction.

They do have an upper tier of customer service for heavy rollers, but that just gets you a phone number with a shorter queue. The customer service is all the same and actually very good.

All brokers have a legal obligation to know their customer's financial situation and not sell them unsuitable investments. Ameritrade just has you fill out a form about your investment goals and net worth to fulfill that obligation. They don't check if you were honest. Even getting option trading status was just a matter of asking for it and signing a form saying it can be dangerous and you agree to pay them if you mess up. Of course, they always show on your account web page how much your maintenance requirement is for each investment.

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#331278 - 01/08/21 08:34 PM Re: Conservative and Liberal [Re: jgw]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 3874
Loc: Port Angeles, WA
Before the internet there were no real choices. Virtually all sellers were working on commission. It was a lot bigger gamble than now because many of those selling were REALLY good salesmen. I had one that used to fly his plane in for sitdowns a couple of times a month. I bought a lot of very strange stuff! Now its a lot different. I use Etrade, my wife uses Fidelity. I like Etrade because they have a lot of local banks but Fidelity is good too.

I have kinda abandoned the stock market, just too lazy and old. If I am tempted to gamble I can goto Predictit and spend a couple of bucks (my record there is BAD!)

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#331288 - 01/09/21 09:26 AM Re: Conservative and Liberal [Re: jgw]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 10773
Loc: North San Diego County
Yeah, I was very actively trading there for a while. I found a VERY reliable thing that happened every month, and after some back testing I was making some monster trades that usually kept me invested about a week. That lasted a couple of years. Then that thing stopped happening. Now I just own dividend payers and hold them for a very long time.

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#331307 - 01/09/21 07:35 PM Re: Conservative and Liberal [Re: jgw]
jgw Offline
enthusiast

Registered: 05/22/06
Posts: 3874
Loc: Port Angeles, WA
Yep - I think there comes a time when, if you have enough, its time to stop trying to get rich and beat the market. I am there right now!

Can't resist. I watched a guy, in the state of Washington, that won the lottery. I think he got something like 5 million. Anyway, this was years ago and 5 million would keep you for the rest of your life. Instead he decided to get rich. I bought a bunch of dry cleaning plants and went flat out bust. (Dry cleaning plants, and laundrymats are good if you steal all the cash <G>. I remember when a bunch of friends decided that laudrymats was a great place to put your money. I told one that the only way they could really make money was to steal the cash but that doesn't work with multiple people doing that. They went broke in less than a year and were not real friendly with one another)


Edited by jgw (01/09/21 07:40 PM)

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