Best Online Discount Broker for a student?

[mtl514]

So anyone know a reliable discount broker for a student looking to play?

Please don't suggest QuestTrade. I know there is not a broker as cheap as Questtrade but things that sound to good to be true are really that! :lol:

[RJones89]

If you've got 3k to invest and don't want a TFSA, IB would probably be your best bet.

[myster]

I really don't know what's up with all the negative feedback with questrade..


I'm a student and I'm with questrade and I have nothing bad to say about them except for maybe the fact that it took quite some time to get my account set up.

As long as you're smart, read up on all things dealing with the stock market and brokerages, and know the differences between the limit and market orders, you should be just fine with questrade.

[sPiKyAZN]

If you've got 3k to invest and don't want a TFSA, IB would probably be your best bet.

How do datafeeds work on IB though? I hear you have to pay for even the basic ones?

I'm on QT and I am relatively happy. It is a bit annoying to have to mash the refresh button since I'm too poor for streaming quotes, but overall it's been pretty good.

[questrader]

So anyone know a reliable discount broker for a student looking to play?

Please don't suggest QuestTrade. I know there is not a broker as cheap as Questtrade but things that sound to good to be true are really that! :lol:

Top ten mistakes by (new) traders:

(1) Not having a trading plan before engaging in a trade.
(2) Insufficient trading capital and/or improper money management or risk management.
(3) Lacking patience and discipline.
(4) Having a tunnel vision about the market and not doing any intermarket analysis.
(5) "Over Trading".
(6) Not taking full responsibility for your own action.
(7) Holding on to losing trades, hoping and praying that the market will turn around in your favor.
(8) Counter Trend Trading or attempting to pick the top or bottom.
(9) Not using a protective stop for your trade.
(10) High Expectations.

If you only have $3K, do yourself a favor and don't start trading. Commissions, as a % of your capital base, alone will eat away your account like pirahnas.