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Choosing a broker
Old 01-11-2006, 05:39 PM   #1
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Choosing a broker

The question: In your experience, what's a good brokerage for someone who prefers to do business over the internet and plans on making trades very infrequently?

My background: I'm 20, and I'll be graduating from college in 2007. I have some cash in CD's, but I have enough saved right now that I can afford to put up to 5K into the market without worrying about needing to raid it for cash. I think I should put it in a balanced mutual fund like Vanguard STAR or Wellington. I'll make monthly contributions of a few hundred dollars. Other than that I don't plan on making any trades in the near-future, but I think the day will come when I want to trade some specific stocks or switch funds. I prefer not to go through the trouble of changing brokers or going to different places to deal with different accounts. Once I graduate I expect to start adding about 10K a year. I already have an IRA I'm maxing out each year, so this is just for taxable investment.

Thanks for your input!

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Re: Choosing a broker
Old 01-12-2006, 10:57 AM   #2
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Re: Choosing a broker

If you're going to contribute primarily to vanguard accounts (not a bad idea), open them directly with vanguard and use their web site. You can establish a connection with your bank account such that its just an electronic funds transfer when you want to move money in and out. I've been using it for about 5 years. No problems.

You can even set up automatic monthly withdrawals.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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