Thread: Doing Day trading online, like the TSP

many, many choices, but one place to start:

www.etrade.com ...

or any other online brokerage you choose.

Good luck,
Chuck

hehehehe...I was thinking the same thing, using ETFs!

Symbol - Management fee - Fund

EFA - 0.35% - iShares MCSI EAFE Index (I)

IVV - 0.09% - iShares S&P500 (C)

IWM - 0.20% - iShares Russel 2000 (sub for S)

Scottrade charges $7 per trade, no limits, and can be on margin.

I took a look at both traders, thanks. Will I be able to trade in the funds that Rolo provided, and if I can work with them, is there a G fund out there, where if I want to pull back for a while, I can still get that penny every 5 to 7 business days. I want to get my feet wet, does anyone else work with either of these two brokerages. They do have an 800 #, probably call Monday and start something up.

I use Scottrade. http://www.scottrade.com They have local offices. You can request the application on the site.

The real-time quote feed is really nice.

Keeping cash in your account bears interest, .1%daily.

Samples from mine

I got 7 cents:
CR INT 4 DAYS @ .1% AVG CREDIT BALANCE 5,995.33

Here's your penny:
CR INT 1 DAY @ .1% AVG CREDIT BALANCE 2,078.88

I rarely have cash in it though. I usually have:
MGN INT 31 DAYS @ 5.45%; AVG DEBIT BALANCE 10,881.26

Thanks for the tips, I am meeting with scottstrade today at 4 to get the paperwork started, I will wait to get my feet wet when the F differential is around 270. Then I am planning on using the F R O to work with my outside investing. I have done well with the TSP and I will be trying to use the same funds and strategies.

I think I may be joining you in that endevour, especially since that will have the real-time advantage.

I hate not having a Wilshire 4500 ETF for accuracy; an approximation may throw the FRO system off. We need to find the closest-performing ETF as possible.

I do like the fact that it will be a 5 second trade instead of the end of the day or next day, should make for bigger possibilities, except for $7 fee everytime. I think you will be able to make that up in the long run, expecially if the markets start losing and you can put a stop to your account if you wish.

As long as your trades earn you more than the commissions ($14, two trades), you'll be alright. Also, don't forget that each trade triggers a taxable event, so you will have to earn x% more over the buy-and-hold result, where x = your income tax rate. The more money you involve in this, the less of an issue fees and taxes are.

I went to Scottstrade today, looking forward to doing this in the now and not for the future. I will have to wait for the market to take its blunders before I start. I want to be able to jump right into the S and I funds. Going to start with the $500 base and then instead of putting my 14 % into the TSP, will only do 5% and put the 9% extra into the Scottstrade. Looking forward to be able to do (now money), instead of future money.

heh, wow, I thought I was a "I want it now!"-Me-Generation-Xer.

I do not know if you will get ahead by siphoning from your TSP. You lose the tax advantage andyou will pay more taxes due to daytrading. That is a lot of gain required to break even. Also, there is a 30-day cost-basis rule that I have been meaning to research.

Waiting until you are 59-1/2 is not absolute; you can withdraw early if you follow the rules.

More than anything, this is for my kids college fund, I have no control over the fund when it is in the 529. Not sure if I just wait 4 years and take a draw, but then have to pay it back, which might be better.