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Discussion in 'TSLA Investor Discussions' started by nogassnorlax, Aug 22, 2018.
but I don't know which is the best broker to use? Any advice?
I use Interactive Brokers, as some others here do.
- very low cost of execution
- quality of execution is good
- excellent platform; to really use it you will have to learn, it is extremely powerful
- good customer service
I went there looking for low cost and was not disappointed.
You have to know what you are doing and you have to learn the platform.
And you have to decide if you want to stay with TSLA if/when/after they go private (not all brokers will let you hold private stock, although public, delisted seems to be a possibility).
I don't know anything about IB except that many people like it. However, @nogassnorlax if you are a beginner, I'm not sure that IB is right for you. You will need to have at least 100k in assets otherwise you will need to pay USD 10 per month (or have many trades). If you have no experience in buying/selling stock I don't think you should start with IB.
If you are new to the game, I suggest having a virtual portfolio first (where you can sell/buy without using any actual money) and learn how this whole game works. Generally, I'm with Jack Bogle and don't recommend buying any individual stocks but only index funds. Many people got rich with Tesla, many people lost tons of money with Tesla. Be careful & good luck!
Robinhood.com has no fees but I didn’t find it as easy to trade on as Schwab or Fidelity.
Personally I find Schwab and Fidelity to be reliable and trustworthy, and everyone else I've looked into... are kind of scummy?
I've been happy with TDAmeritrade.
hm.... just as I got interested in IB - what did you find scummy about them?
I was with Scottrade for years, and then have transitioned to TDAmeritrade with the acquisition. Their site/platform seems fine and easy enough to use - however the concern (as shared by @CatB above) will be whether you can still trade/hold a privately held company through them if Elon does in fact pull that together....
I use eToro for my hobby trading (disclaimer: I have referals). Real easy to use app and very good overview. Gets you going in 10 min, and a referral gives you 100$ extra.
I've traded TSLA before, but don't have balls right now because I think both going down to 270 and up to 350 or get bought out at 420 are plausible options.
I mostly daytrade indexes with x25 leverage. Indexes are a lot more (kind of) predictable, less volatile, but still volatile enough to make 10% a day with fast fingers, lot of quick trades and a bit of luck on top.
TSLA is a lot of risk short term and medium risk on long term, so you risk locking up the money for a while. Altough if you knew it beforehand or have really big balls the recent weeks movements would double your money .. twice. Like people say, many get rich on TSLA, many loose much.
If you are a beginner, IB is NOT for you. Big learning curve. Allows you to easily do stupid things like borrowing Canadian dollars on margin when buying a Canadian stock (example from a friend )
Do not invest in Tesla. Gas is going to great again and soon there will be gas powered cell phones and laptops- I know this secret information since the market told me... Just sayin'
you can def use IB, even as beginner. if you only plan on buy/hold it’s easy. once you get tot he more complicated stuff, well yeah that’s harder.
they have a paper trading acct option, and also some helpful tools and explanations on the website. they’re cheap. and they have come a longs ways in customer service.
@neroden did you really mean to group IB with the scummy?
I would remind you that stock picking is for serious investors only, if it weren't for the fact that even serious investors are terrible stock pickers. Don't look for the needle, buy the haystack. If you don't know what that means you shouldn't be buying TSLA or any individual stocks for that matter. See bogleheads.org for details.