Investment apps

[BMW F22]

Thinking of getting into the stocks game and wondering what methods you guys use. I've heard Robinhood App is good. Acorns is also a good app for change. Are you using apps or traditional companies like etrade?

A bit leary of entering Persona and bank info in an app.

[mbanks21]

I use Etrade, no complaints

[capo180]

I use a traditional brokerage (TradeKing), which I can trade via app. I know a guy that uses robinhood, he doesn't have any complaints.

[IllSic_Design]

I also use Tradeking(now Ally) for stocks. Don't do much stocks though, more forex though.

[pgviper]

Originally Posted by IllSic_Design

I also use Tradeking(now Ally) for stocks. Don't do much stocks though, more forex though.

What do you use for forex?

[IllSic_Design]

Metatrader 4 as a trading platform.

[qba335i]

FYI:

1) you should get a few finance books and read them first
2) trading is not that easy - most people are not making money (beating the 60/40 portfolio).
3) take your time and understand market/relationships. See what trading strategy matches your skill set (fundamental vs quantitative), decide on an asset class.
4) this is a full time job if you want to make it work and have a chance to make some money.

[BayMoWe335]

Ah yes. You know it's a bull market when people start asking about "investing apps" on a BMW forum and refer to the market as the "stocks game."

Here is the best advice you'll ever get on stocks.

You'll never beat the market. You can't pick stocks. No one knows where the market is going. Nothing is a sure thing. Buy a low cost s&p 500 index fund (I recommend VOO) consistently over your lifetime and you'll beat 95% of pros and 99% of individual investors. Any other advice is totally worthless. You WILL lose money trading or at minimum underperform while sweating bullets.

[mxchris727]

I use Interactive Brokers; definitely not a beginner system if you're just starting out. Spend a few months trading paper then move to real securities. Read the right news every day and pick up some good books.

[Aatish]

Play simulators. Investopedia is good.

Stick with shit you're familiar with. Research before investing. Just because someone invests in something, doesn't mean you should too. Pay attention to everything, and try and relate things together.

I steer clear of Robinhood and apps like that...but thats just me. I use Schwab. No complaints.

[BayMoWe335]

Originally Posted by qba335i

FYI:

1) you should get a few finance books and read them first
2) trading is not that easy - most people are not making money (beating the 60/40 portfolio).
3) take your time and understand market/relationships. See what trading strategy matches your skill set (fundamental vs quantitative), decide on an asset class.
4) this is a full time job if you want to make it work and have a chance to make some money.

And you still won't beat the market over the long term.

[BayMoWe335]

Originally Posted by mxchris727

I use Interactive Brokers; definitely not a beginner system if you're just starting out. Spend a few months trading paper then move to real securities. Read the right news every day and pick up some good books.

Reading is fine but making decisions based on stuff you read every day is a recipe for underperformance.

Investing is 99% psychology, 1% ideas. With the right temperament, you'll make a fortune.

[Mark M]

Originally Posted by BayMoWe335

Ah yes. You know it's a bull market when people start asking about "investing apps" on a BMW forum and refer to the market as the "stocks game."

Here is the best advice you'll ever get on stocks.

You'll never beat the market. You can't pick stocks. No one knows where the market is going. Nothing is a sure thing. Buy a low cost s&p 500 index fund (I recommend VOO) consistently over your lifetime and you'll beat 95% of pros and 99% of individual investors. Any other advice is totally worthless. You WILL lose money trading or at minimum underperform while sweating bullets.

+1. This advice is spot on. No one can predict the market. Set yourself up with a Roth IRA, seed it to the $5500 annual max and invest in index ETFs. Done and done. I recommend Vanguard as an investment option. Their general market index fund is VTI with a very low expense ratio. After you build up $25k or $35k then look to diversify with international holdings such as ETF VEU.

[Bluewater328iT]

Vanguard and Schwab. Vanguard has my largest 401K with special "institutional" funds with extra low management fees. Schwab is where I put money to grow a little faster. Both are very good. I like Schwab more because they update the prices instantly. Vanguard does it once per day.

[Patrick303]

I use E*Trade for trading individual stocks. I have an IRA with Wells Fargo that gives me full control of my investments instead of just a selection of funds and I get 100 free trades per year, however I still have 90% in an S&P index fund.

And I use Acorns as a savings account. It rounds up all my change plus I make extra deposits every month. So far it's given me a much better return than a traditional savings account.

[BayMoWe335]

Originally Posted by Bluewater328iT

Vanguard and Schwab. Vanguard has my largest 401K with special "institutional" funds with extra low management fees. Schwab is where I put money to grow a little faster. Both are very good. I like Schwab more because they update the prices instantly. Vanguard does it once per day.

The prices update once per day because they are mutual funds, not because it's Vanguard....

Also, Schwab has no special sauce to make anything grow faster.

[qba335i]

Originally Posted by BayMoWe335

And you still won't beat the market over the long term.

It all depends on how you define the market and Remember is all about risk adjusted returns...

But I agree that a typical person (majority) should just create a diversified portfolio (low fees) and call it a day (rebalance 1 time a year).

I work in the industry so still believe in alpha

[Bluewater328iT]

Originally Posted by BayMoWe335

The prices update once per day because they are mutual funds, not because it's Vanguard....

Also, Schwab has no special sauce to make anything grow faster.

You are stating the obvious. I buy tech stocks in Schwab, mutual funds and company stock in Vanguard.

[Delta0311]

I have 2 accounts but mostly use TD. TD gives you all the tools you need for free.

[mxchris727]

Originally Posted by BayMoWe335

Reading is fine but making decisions based on stuff you read every day is a recipe for underperformance.

Investing is 99% psychology, 1% ideas. With the right temperament, you'll make a fortune.

I would counter your argument, but I do agree that it comes down to having the right "mindset" about the markets in general. I'm more of a short-term trader that relies mostly on charting. Many people want in on markets when things are good; it's counter-intuitive. My advice is to specialize in a specific company/currency/option and stick with it if you want to be active. Long-term passive investing, let's just say I believe that beating risk-free investments and inflation is difficult. Real estate is a better option.

I spend roughly $80 a month for my news and connectivity services. You have to factor in trading costs as well.

[rmizzle101]

Think or swim through Ameritrade for me. Love it.