Personal Finance

Beginner sites for Investing/Stock Market?

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  • Jun 20th, 2005 11:49 pm
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Member
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Dec 24, 2002
333 posts
1 upvote
What are the differences betweent the "pinks" and the level 2 etc...?
Deal Addict
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Dec 22, 2004
1973 posts
12 upvotes
Gold Monkey wrote:Batman, I'm with TD too and their commissions do suck. The problem in Canada is to trade pinks you have to go through one of the major banks. Ameritrade doesn't offer pinksheet trading in Canada because it's too expensive.

What brokerage are you thinking of switching too? I'm going to open an ameritrade account soon....once I cash out of a few stocks.

For level 2 I use alphatrade www.alphatrade.com. You should check them out. They offer a 7 day free trial. You can also get level2 from TD, you just have to phone and ask them (they go through another company).

I was thinking about switching to ameritrade as well. But now that i see they dont do pinks, no so sure...mainly because i want to do momentum plays, and OTCBB and pinks are the best ones for those plays.

How much does alpha charge for level 2? and how much does TD charge? also, do you know of any place that i can get some cheap backfill? I need it for quotetracker. Ior those of you who don't know, QuoteTracker is an amazing program for intraday charts, watchlists and stuff. I highly recommend it. They have an ad-supported free version. Their support is amazing too. The maker of the program himself, Jerry Medved, actually spends time on the forums helping out with people's problems.
Sr. Member
Dec 16, 2003
682 posts
21 upvotes
Scar
batman321123 wrote:I was thinking about switching to ameritrade as well. But now that i see they dont do pinks, no so sure...mainly because i want to do momentum plays, and OTCBB and pinks are the best ones for those plays.

How much does alpha charge for level 2? and how much does TD charge? also, do you know of any place that i can get some cheap backfill? I need it for quotetracker. Ior those of you who don't know, QuoteTracker is an amazing program for intraday charts, watchlists and stuff. I highly recommend it. They have an ad-supported free version. Their support is amazing too. The maker of the program himself, Jerry Medved, actually spends time on the forums helping out with people's problems.
i used Ameritrade for the data feed in quotetracker, i'm not sure if that's what you mean by backfill??

as for Level2, i think alphatrade charge $10/month for US stock exchanges, and somewhere $20/month for TSE.........
Ameritrade is 9.99 for level2, and free if you are in elite status.....
never heard or tried TD waterhouse(canda)'s level2
Member
May 22, 2003
391 posts
7 upvotes
Milton
tk416 wrote:What are the differences betweent the "pinks" and the level 2 etc...?
Pinksheets is just an exchange (these are the riskiest form of stocks...you don't invest in these, you play them, did i mention THEY ARE VERY RISKY)

level 2 is just software that lets you see the bid and ask's (and their depth's) and time and sales.

You will pick up all this info very quickly if you read one of those toni turner books. Seriously, order one or both asap and read them!! They will help you tremendously, she lays everything out so it's very easy to understand!
Member
May 22, 2003
391 posts
7 upvotes
Milton
batman321123 wrote:I was thinking about switching to ameritrade as well. But now that i see they dont do pinks, no so sure...mainly because i want to do momentum plays, and OTCBB and pinks are the best ones for those plays.

How much does alpha charge for level 2? and how much does TD charge? also, do you know of any place that i can get some cheap backfill? I need it for quotetracker. Ior those of you who don't know, QuoteTracker is an amazing program for intraday charts, watchlists and stuff. I highly recommend it. They have an ad-supported free version. Their support is amazing too. The maker of the program himself, Jerry Medved, actually spends time on the forums helping out with people's problems.

Here's what I get on alphatrade:
NASDAQ Level 2 (includes OTCBB)
Nasdaq Level 2 includes NASDAQ Level 1 fees $10.00 USD/month

Pink Sheets Level 2
Pink Sheets Level 2 includes Pink Sheets Level 1 fees $15.00 USD/month

Plus the base fee of 17
For a total of 42 per month (USD)

Try their 7 day free trial. I'm pretty sure you can use alphatrade with quotetracker. For charts I use stockcharts.com

For your broker, look at using td for pinks and ameritrade for anything else (including otcbb).
Member
May 22, 2003
391 posts
7 upvotes
Milton
tk416, to get an idea of what level 2 is, pinksheets.com offers some companies l2 data for free (the company pays for it). Goto http://www.pinksheets.com/quote/level2_list.jsp to see what companies they offer and check it out (I strongly suggest you don't play those stocks unless you know what your doing). Just click on their symbol.

Here's an example of what l2 looks like with alphatrade (it can be made MUCH simplier):

Image


edit: that l2 screen will make sense quickly if you read one or both of those toni turner's books (get the hint yet, lol).

Good luck!
Deal Addict
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Dec 22, 2004
1973 posts
12 upvotes
Gold Monkey wrote:Here's what I get on alphatrade:
NASDAQ Level 2 (includes OTCBB)
Nasdaq Level 2 includes NASDAQ Level 1 fees $10.00 USD/month

Pink Sheets Level 2
Pink Sheets Level 2 includes Pink Sheets Level 1 fees $15.00 USD/month

Plus the base fee of 17
For a total of 42 per month (USD)

Try their 7 day free trial. I'm pretty sure you can use alphatrade with quotetracker. For charts I use stockcharts.com

For your broker, look at using td for pinks and ameritrade for anything else (including otcbb).
coldWater wrote:i used Ameritrade for the data feed in quotetracker, i'm not sure if that's what you mean by backfill??
For historical charts, and for doing my research overnite, I use pcquote.com, stockcharts.com, and sometimes prophet.net. however, for intraday, qt is king since it gives live charts. However to get data for the whole day (or 2 or 3 days), you need backfill. TD doesnt give this. Scottrade does for free, but you have to be American or Chinese to sign up. if someone kind find a way around this, please let me know. The data feed would be the price i think. I use waterhouse for that.

www.stockfetcher.com is a very powerful scanning site, and for $9USD/month, you cant go wrong.

Also, i'm only paperish trading at the moment, so I cant justify paying 42USD for level 2 at the moment. There's also advfn (advfn.com?) that offers Lvl2, i think they got Canadian stocks, not entirely sure. I'm also not sure how much they charge.
Member
Mar 5, 2003
338 posts
2 upvotes
hmm stock market?? mine as well take your $500 to the casino. probably have better luck. not to mention your lost $$ will be going to the goverment and will be returned to you in services, were as loosing it in the stockmarket is just going to corporate giants who will take your money anyway possible
Member
May 22, 2003
391 posts
7 upvotes
Milton
batman321123 wrote:Also, i'm only paperish trading at the moment, so I cant justify paying 42USD for level 2 at the moment. There's also advfn (advfn.com?) that offers Lvl2, i think they got Canadian stocks, not entirely sure. I'm also not sure how much they charge.
For pink's and otcbb it's worth it, your basically trading blind without it on those exchanges because things move so quick.
Member
May 22, 2003
391 posts
7 upvotes
Milton
batman321123 wrote:Also, i'm only paperish trading at the moment, so I cant justify paying 42USD for level 2 at the moment. There's also advfn (advfn.com?) that offers Lvl2, i think they got Canadian stocks, not entirely sure. I'm also not sure how much they charge.
For pink's and otcbb it's worth it, your basically trading blind without it on those exchanges because things move so quick.
Newbie
User avatar
Nov 15, 2004
43 posts
1 upvote
Have you guys heard of Tradefreedom.
I have a friend who trades with them and he pays 9.95 Per Trade for unlimited shares. That's the lowest price i've seen in Canada.

Also get's the following
-Free Level II Quotes

-Level 1 3/4 Quotes

-Direct Access Trading to US and Canadian Markets

-Options,Futures

-Pink's that are capped at a max of $24.95 US, so you don't have to go through a bank.

-A free demo that you can practice with,says you can place trades 24/7.

-They also offer a lot of free training seminars to help you trade.

I'm a newbie also and plan on starting with them, cause for the price/training this is probably gonna be the best deal I can find in Canada.
Paying all that money for Level II is crazy. My money saved from quotes i'll put towards buying NT when it hit's 1.00 :)
Member
Dec 17, 2003
344 posts
2 upvotes
Ok guys so I'm new to Stock Investments and i was wondering if any of you could answer the following?

I plan to use TD Waterhouse WebBroker to do my trades. Apparently their commissions are the following:

Stock Prices $0 - $2 ==> 1.5% of principal trade, $29.00 minimum
Stock Prices $2.01+ ==> $29.00 flat fee up to 1,000 shares or $0.03/shares for orders greater than 1,000 shares

1) Is this in line with the other trade sites out there?


2a) As well, is it fine to to online trades on the weekend (or when the Market is closed for that matter)? 2b) Will you get the current stock price as of the weekend or not?

Thirdly,
3)Is it wise to borrow to invest? I realize there is some risk involved here and I'm not talking megabucks to borrow, but have any of you borrowed in the past?

4) You ever have a gut feeling about something? Would it be wise to go on a gut feeling for my first ever purchase?

I have already determined the amount of money I am willing to lose in case things go sour, I won't have any regrets, though I am hopeful that the stock I'm interested in has much potential :D

Thank you so much for all the great sites and information!!!!
Member
Jan 24, 2004
400 posts
Ottawa, Ontario
plucky duck wrote:At $1000, it's 6% of your return going to commision (depending on who you go with).

At $500, it's 12% of your return going to commission.

Starting at $100? lol, at $29.95 per trade I don't think you'll get far, even if you get 200-300% ROI. That's 60% of your return going to commission. Who's to say you won't actually lose money, right?
Agreed.. Something you should consider if you're trading stocks is the commission fee that gets tacked on each transaction.

And with $100, you might as well go to www.oneshare.com and buy one stock you want. You'll get the 1 stock you'll want and you get a nice certificate with it too. :)

And don't even consider looking into pinksheets or OTC stocks as a beginner.
Member
Jan 24, 2004
400 posts
Ottawa, Ontario
Wow..

I just re-read the thread and realized there's a bunch of mixed up information being passed around.

brownstein, since you're new to the investing game, I thought I'd let you know that the majority of the posts are based upon short term investing. Although you can make a profit from short term investing, it's often harder and involves you keeping track of your stocks and news surrounding the market.

Another form of approaching the stock market deals with long-term investing. This is similar to what Warren Buffett does. He puts his money into stocks that he feels that'll grow in the future and just leaves it. This is better for people who don't have time to constantly look at stock listings. It invovles extensive research into a company (seeing the growth in the financials, observing the market, an idea of how management functions, etc) but many people say the rewards are worth it.

Perhaps you could tell us what form of investing you're more interested in (long or short term) and we can give you more specific information on which type of investing you want.
Member
Dec 17, 2003
344 posts
2 upvotes
Hey brownstein, first, apologies for hi-jacking your thread, hope you don't mind ..

zeroace, I am interested in the long-term approach. Buying undervalued companies and then letting them grow (hopefully) and make some potential cash flow. Seems to make sense. The short-term method seems too risky and I don't have the time to keep checking stocks each day..... what type of pointers can you provide? Any thoughts on the questions I posted a few posts up? Thanks for your help.
zeroace wrote:Wow..

I just re-read the thread and realized there's a bunch of mixed up information being passed around.

brownstein, since you're new to the investing game, I thought I'd let you know that the majority of the posts are based upon short term investing. Although you can make a profit from short term investing, it's often harder and involves you keeping track of your stocks and news surrounding the market.

Another form of approaching the stock market deals with long-term investing. This is similar to what Warren Buffett does. He puts his money into stocks that he feels that'll grow in the future and just leaves it. This is better for people who don't have time to constantly look at stock listings. It invovles extensive research into a company (seeing the growth in the financials, observing the market, an idea of how management functions, etc) but many people say the rewards are worth it.

Perhaps you could tell us what form of investing you're more interested in (long or short term) and we can give you more specific information on which type of investing you want.

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