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Now, if your local library system doesn’t provide this access, you can also look at state libraries, university libraries, or other libraries in the region for which you are eligible.
Schwab research has reasonable data assessments for funds etf and stocks.. Always look at companies records before buying their bonds... It's not really - free-but I can imagine you can sign up for minimum and see their research..
Look around. Your friendly library doesn't have to be local. Right. In Massachusetts, I can use my local card to use any library. At least I'm certain of THIS: any library in western or central Massachusetts, because that's where I live. You can also return books to any Mass. library.
@wxman123 Hello. How does Firstrade manage NOT to charge any commission at all on standard stock trades? I just opened an account. I see that electronic statements are the norm. Paper statements through the mail incur a charge. But are not all such companies required still, to send official tax documents by snail-mail? They wanted a phone number, so I gave them 111-111-1111. The wonderful system gave me no arguments. I've not funded it, yet.
Stocks are easy. Payment for order flow, spread, lending (stocks are registered in street name), etc. See, e.g. WSJ, Why ‘Free Trading’ on Robinhood Isn’t Really Free While this article is about Robinhood, it addresses your question of how any brokerage could make money on zero-commission stock trades.
Robinhood makes money, in part, by sending customer orders to high-frequency traders in exchange for cash. It's a controversial but legal practice in the brokerage industry called payment for order flow. ...
The upshot: When you buy or sell shares on Robinhood, the app is likely executing your trade at a slightly worse price than another broker would, market veterans say. ...
Robinhood charges a monthly fee for its margin-lending service, Robinhood Gold. And if you want to move your account from Robinhood to another broker, you must pay $75. ...
What if the broker demands a big payment from the market maker? That reduces the market maker's profit, forcing it to quote a wider spread. And the customer gets less price improvement.
(Lots more, but I'm trying to stay within fair use bounds.)
From IRS Pub 1179: If you are required to furnish a written statement (Copy B or an acceptable substitute) to a recipient, then you may furnish the statement electronically instead of on paper. This includes furnishing the statement to recipients of Forms 1098, 1098-E, 1098-F, 1098-MA, 1098-Q, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-LS, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-Q, 1099-QA, 1099-R, 1099-S, 1099-SA, 1099-SB, 1042-S, 3921, 3922, 5498, 5498-ESA, 5498-QA, and 5498-SA.
Thanks, @msf. So, they're allowed now, to provide tax statements electronically. That sucks big ones. But it's an IRS ruling that could affect anyone at all. So if it's an across-the-board rule, ya can't fight that. And I appreciate the explanation above, also. What it makes me want to ask is whether Firstrade is obliged to disclose the fact that I, the client, will not be getting the publicly posted price for the stock I want to buy or sell for "free." It will be a bit higher, or lower when selling, I guess. I talked with their "customer service" person who is obviously Thai. I recognize the accent. (Letters d and n are never pronounced, especially to end a word.) Other than that, she was easier to understand than most of the Filipino call center people. We'll see what the "customer service" call center roulette offers next time... I note that Firstrade very plainly states that fixed income instruments do carry a fee. Yet the call-center "customer service" person never did mention what you've pointed out, above. Sneaky, rotten, unethical. But perfectly legal, eh? Another case of the Law protecting vested interests, rather than being connected in any way to what the RIGHT thing to do might happen to be.
Firstrade interests me because every mutual fund it offers is sold commission-free. The ability to buy funds like DODIX OSTIX FPNIX and GADVX with no commission at the same brokerage seems very appealing, but I'm not sure how long this arrangement will last.
I stick this here only because M* is so superior in its occasional investigative and/or analytical work by staff; I coulda slugged it Rekenthaler so good:
@wxman123 Hello. How does Firstrade manage NOT to charge any commission at all on standard stock trades? I just opened an account. I see that electronic statements are the norm. Paper statements through the mail incur a charge. But are not all such companies required still, to send official tax documents by snail-mail? They wanted a phone number, so I gave them 111-111-1111. The wonderful system gave me no arguments. I've not funded it, yet.
I'm not sure but I've been with FT for many years and never had a problem. Very secure, I get an email with every login. The website is basic but easy to use. You also need to download quicken files to update if you use Quicken BUT they do offer free MS and still use the older (usable) format. I don't think brokerages earn much charging 4.95 a trade. The free trades is probably a loss leader. They pay almost nothing on idle cash so you will need to buy a cash equivalent fund/etf.
@wxman123 ok. I'm not seeing emails with every log-in. I'm glad to hear they are consistent and secure. Also see the reply from @msf above, regarding costs, and how they probably work out the "free" trades. ...Now, teach me something: I could easily buy with a "market order." But Firstrade lets us use LIMIT orders, too. Then I see that a "stop" (stop-loss?) is required when filling in your desired stock purchase. I understand that the"limit price" is the specified share price at which you are willing to buy.... What's the purpose of needing a "STOP" figure, too? Others can chime in, too. Thank you.
This link provides what i found helpful about stop orders. It turns out there are different varieties. Never tried one myself. I do remember that the "flash crash" screwed a lot of people who had entered such orders.
@BenWP I saw the same thing last night. I know it's not really complicated, but the logic seems backwards.
What makes sense to me, in my world, is to enter a LIMIT ORDER at a low, favorable price for Stock A. The LIMIT ORDER would just never happen until the stock falls to my desired purchase-price... If I wanted to put a STOP on it, that would be the share price at which I'm happy to SELL at a handsome profit. Or is the only way to do what I'm describing with two separate BUY and then SELL "Market trades?"
@wxman123 I was playing around at Firstrade last night, just to familiarize myself. I tried to fill in the blanks on a dummy-trade, with Canada-based Bombardier. It's Canada-based, but trades OTC here in the States. Firstrade did not like the idea at all. Disappointed, there... Ticker is: BDRB.F
Stops are generally defensive orders (hence "stop loss"). You place a stop sell order on a security you own at a price below the current market price. That way, you protect against backsliding too much. (If you're looking to buy a security, you place a stop buy order above market price, so that you catch the trend before it runs away from you.)
The problem is that a jolt to the market could cause a sharp, temporary downward spike. That would trigger your stop order, but because the market was moving rapidly, your sell order could execute at a price well below your trigger price. Then the jolt subsides, the stock price recovers, and you're out a pretty penny. Stop limit orders address this situation. Perhaps that's the kind of order entry you're seeing at Firstrade?
Firstrade stock trading screen: With regard to free, or even $4.95 trades not being profitable, surely you've heard the old punchline: we lose money on every trade but we make it up in volume.
@Crash, try BDRBF, without the dot. That's the symbol at Schwab.
This stock is down 65% since last October. What makes it interesting to you? Just curious.
I wish I had some "play money." I might go after Bombardier. I've looked at its stats. And I've seen a couple of very recent news items about the company and its stock. It used to be spread all over from hell to breakfast. The Province of Quebec had to come to its rescue. Bombardier is currently busy getting focused again on just a couple of money-making avenues. Analysts like what they see. This is a company which is restructuring and seemingly has nowhere to go but up. It has been around since 1951, if I recall correctly, making snow-go machines and specialty Arctic transport vehicles. No more. Corporate jets are one emphasis. And I see Bombardier has a contract to service a bunch of trains over in England. The company is pulling out of military and commercial aircraft products, too. Quebec has too much at stake to let this established, legacy name just fail. https://www.thetimes.co.uk/article/rail-deal-to-help-keep-bombardier-on-track-rlmtl9m5j
Thanks again, @msf. I understand, but it just sounds like something I won't do. I'll employ a Market-Order both ways, buying and then--- eventually--- selling.
@wxman123 ok. I'm not seeing emails with every log-in. I'm glad to hear they are consistent and secure. Also see the reply from @msf above, regarding costs, and how they probably work out the "free" trades. ...Now, teach me something: I could easily buy with a "market order." But Firstrade lets us use LIMIT orders, too. Then I see that a "stop" (stop-loss?) is required when filling in your desired stock purchase. I understand that the"limit price" is the specified share price at which you are willing to buy.... What's the purpose of needing a "STOP" figure, too? Others can chime in, too. Thank you.
Crash, this is because you did not select a limit order in the "order type" field. If you did then the "stop" option is grayed out. As to the email notification with each log in, I do get them. I assume this is a setting I chose but you did not. I'd call FT and ask if you want that feature, they usually answer quickly and the folks are fairly knowledgeable.
@Crash, if you want to play you can get in at any amount of whole shares. At $1.15 per share on that stock you can spend $11.50 for 10 shares (without trading costs). Have some fun!
Comments
https://www.mymoneyblog.com/free-morningstar-analyst-reports-via-public-library-card.html
Regards,
Ted
Derf
https://www.nypl.org/blog/2012/12/05/breaking-news-morningstar-available-nypl-home
So if you live in Buffalo, you're all set.
New Mexico residents qualify for a free library card to the public library of Albuquerque and Bernalillo County . That gives them access to the Morningstar Investment Research Center.
Look around. Your friendly library doesn't have to be local.
Derf
We use Google finance and market watch frequently
Right. In Massachusetts, I can use my local card to use any library. At least I'm certain of THIS: any library in western or central Massachusetts, because that's where I live. You can also return books to any Mass. library.
From IRS Pub 1179:
If you are required to furnish a written statement (Copy B or an acceptable substitute) to a recipient, then you may furnish the statement electronically instead of on paper. This includes furnishing the statement to recipients of Forms 1098, 1098-E, 1098-F, 1098-MA, 1098-Q, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-LS, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-Q, 1099-QA, 1099-R, 1099-S, 1099-SA, 1099-SB, 1042-S, 3921, 3922, 5498, 5498-ESA, 5498-QA, and 5498-SA.
https://www.morningstar.com/articles/942232/how-to-lose-a-lawsuit
https://www.morningstar.com/articles/943057/want-to-test-your-managers-mettle-ask-them-to-work-backward
Regards,
Ted
M*: Want To Test Your Managers' Mettle? Ask Them To Work Backward: (VCHOX):
https://www.mutualfundobserver.com/discuss/discussion/52169/m-want-to-test-your-managers-mettle-ask-them-to-work-backward-vchox#latest
M*: How To Lose A Lawsuit: (MWTIX) - (FKUSX)
https://www.mutualfundobserver.com/discuss/discussion/52171/m-how-to-lose-a-lawsuit-mwtix-fkusx#latest
https://www.investopedia.com/terms/s/stop-lossorder.asp
What makes sense to me, in my world, is to enter a LIMIT ORDER at a low, favorable price for Stock A. The LIMIT ORDER would just never happen until the stock falls to my desired purchase-price... If I wanted to put a STOP on it, that would be the share price at which I'm happy to SELL at a handsome profit. Or is the only way to do what I'm describing with two separate BUY and then SELL "Market trades?"
The problem is that a jolt to the market could cause a sharp, temporary downward spike. That would trigger your stop order, but because the market was moving rapidly, your sell order could execute at a price well below your trigger price. Then the jolt subsides, the stock price recovers, and you're out a pretty penny. Stop limit orders address this situation. Perhaps that's the kind of order entry you're seeing at Firstrade?
Schwab: Mastering the Order Types: Stop-Limit Orders
https://www.schwab.com/active-trader/insights/content/mastering-order-types-stop-limit-orders
Firstrade stock trading screen:
With regard to free, or even $4.95 trades not being profitable, surely you've heard the old punchline: we lose money on every trade but we make it up in volume.
This stock is down 65% since last October. What makes it interesting to you? Just curious.
https://www.thetimes.co.uk/article/rail-deal-to-help-keep-bombardier-on-track-rlmtl9m5j
https://dsm.forecastinternational.com/wordpress/2019/08/19/a-new-bombardier-aviation-is-formed-as-it-exits-commercial-aerospace/
https://www.morningstar.com/stocks/pinx/bdrbf/quote
Morningstar rates it at a -37% discount to fair value right now. "Simply Wall Street" rates it currently at a -50% discount to fair value.