Do Rich people have accounts with retail brokers like Ameritrade or E*trade ?
- Thread starter trader45hf
- Start date
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They may own the brokerage.
Millionaire Mind book by Dr Stanley;
notes its= stocks, real estate,small business. And to a lessor extent its big business/lawyer/cpa/doctorr..……………………………………………………………… I made the most money in real estate with interest rates about 10%. non mls REALTOR, to whom I paid a 10% commission. Well worth it, even though I got my best farm with a MLS Realtor with less than a 10 % comissiuon; av market time=3to 6 months...…………………………………………………………...
I'll tell you like this. Etrade's software cost me $2500 a couple of weeks back and I haven't used them since. I made a momentum trade at a high volatility moment ready to sell in a split second if the trade went against me. Well, it did go against me. Only when I went to sell their software glitched and grayed out all but the buy button making selling an impossibility. I sat there for roughly 3 minutes watching in horror as hundreds turned to thousands in losses before the buttons finally appeared.
When I wrote them about their crappy software and told them I would never use their platform again (I've been with them for about 6 years) they didnt even bother to respond. That's Etrade. Do you really want that kind of service? I'm on Tradestation now. Far better software.
Robert Morse
Sponsor
The very wealthy generally place money with A family office, asset managers, hedge funds, CTAs etc. I doubt there are very many multi billionaires out there that wish to day trade or invest on their own. And, if they do, I think they’re more likely to go to a large bank e.g. Goldman Sachs.
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I wouldn't call them ultra or uber wealthy. They probably have a few million I'm sure. But I doubt that's why many in their generation use these brokers. They didn't really come up in the internet generation.
My father knows computers, don't get me wrong, even more so than myself to the tenth power. He was a software engineer his entire life. However, his use of the web correlated with his profession. My mom worked for a very large brokerage and had a traders licence. As I stated, my father didn't even know you could make your own trades via proxy through discount brokers like Etrade etc.
My mom probably knew about them in her business, but would probably feel it was beneath her in working at an actual mega entity brokerage, thereby never even considering using it. Not because the were wealthy, or uber wealthy, because they aren't, but because of their mindsets.
To them there was only one way to trade stocks, and that was using a brokerage firm with brokers doing the trading, because that was the only way theyd ever really known.
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Thanks for your feedback and sorry to hear the lose occurred on your account.
which of the platform you used on that day ? Power E*trade or E*trade PRO ? I think Later is beautifully designed and strategy scanner is something i'm interested about to use.
May i ask What the download speed on your internet in MBPS ? and How much Memory Ram GB
and Type of Graphic card & Ram GB you used on the day ? Don't you think issue was on hardware ?
I'm using Tradestation V.10, it's fast. But from my experience Unlike IB which is very light resource, Tradestation it's heavy resource and need to have very high specs. My laptop is Core i7 10 Gen, 32 GB PC3200 Type Ram, 4GB nividia DDR5 ram graphic, it never freeze now, but when i using scanner it takes time if i have many fields as Filter to search, because i have slow internet, and 250MBPS cost 110$ and 500MBPS cost 130$ a month. P.S i'm new with TS, still needs to see what happens in real world trading, as i'm playing around with all features and testing.
what's wrong with keeping money with broker like IB and others ? fund safty or other issues?
Does Goldman sachs has daytrading plateforms ?
Who was “them” in my post?
I used Etrade Pro. I have 24 gb of Ram. I have a 1 tb SSD. My internet speed is 100 mb/s.
How would hardware speed or internet connection cause all of their software to continue showing me each second loss of money as well as the buy button, while simultaneously graying out the sell button? How would that equate to a problem on my end? Why the lack of response from customer service afterwards?
Give credit where credit is due. It was their software.
My parents. You quoted my post that was speaking specifically about my parents.