Before I left the house this morning I placed a sell order on ALKM at .25 cents a share to see if I could break even. Around noon I logged into my E*Trade mobile app just as the stock was hitting .25 cents again. I sold my 100 shares and broke even. I broke even on the trade, but I still lost money.
Bought 100 shares @ $0.25 = $25.00
Sold 100 shares @ $0.25 = $25.00
Profit = $0.00
E*Trade fees for this transition = $19.99
In the end I lost $19.99
Diving in and getting my feet wet feels good even though I lost money on this trade. Over the next week or so I’m going to look for a new broker. One that doesn’t charge so much. E*Trade provides an awesome trading platform with E*Trade Pro, but their commission fees are just too high for someone with a small account.
I was planning on dumping E*Trade after 2 months as I believe their trading software costs $99.00 a month after the free trial. I’m not making any money right now trading so an additional $99.00 a month just to trade sounds stupid. I know Nathan at Investors Underground uses DAS Pro but it appears to have an expensive monthly fee as well.
I’m not sure who I’ll end up going with or what trading software I’ll settle on. As soon as I find something, look for a new post. For those making $1000 to $100,000+ a month trading, the $100 monthly usage fee for trading software isn’t shit. For guys like me that have $500 accounts, I’m looking to minimize my costs by all means necessary.