Investor Help (NO Ihub questions)

[ottoman]

👍️😊

[cintrix]

I just got back from pickleball and am getting a late start here. I noticed Pro was not behaving and I thought it was on my end. Thanks for the heads up.

[gail]

wait time on phone 30 mins and im holding

[ottoman]

Etrade still down for me. jeez. I'm glad I never use them 🙄

[gail]

i noticed that too, cant log in no matter what i do. omg!!!

[ottoman]

seems like Etrade is down, or not functioning properly. Nice timing right at market open

[cintrix]

I think Ihub is really more of a site for active traders or position traders. Not too many long term investors post here. I think you need to be long term for passive income to work.
I don't know Andy Tanner - never heard of him. I'm also not an options trader so can't help you with Iron Condor questions.
Passive income within the stock market would be to buy quality blue chip stocks that offer high yield dividends. I do have some long term holds and that is what I buy. Most of them like VZ are boring because they don't move a lot but they yield a nice dividend. Short term bond ETF's like sgov are also good for passive income. You get a decent yield right now for doing nothing.
Paper trading is fine for learning but don't ever think that if you do well paper trading that you will duplicate it in the real world. There is a whole psychology when you are trading with your own real money vs fake money.
My time machine advice to myself would be to never become a bagholder. Sell and take losses while they are small. But this is advice for a trader, not an investor.
Sorry I couldn't answer most of your questions since passive long term investing isn't really my thing.

[EclipseWanderer6]

Bare with me here, got a bunch of dumb new guy --about to shoot himself in both feet— questions that will make you laugh. Not expecting any single person to answer all this. Advice on any of it is much appreciated.
Some people talk about stocks and options as generating cash flow or passive income. Or maybe it’s far more than “some” and I just don’t know it yet. That would be the direction I’m most fascinated with and eager to learn. If you happen to know some great online courses to take regarding stocks and options for passive income, please let me know what they are.
Till now I’ve spent the majority of my time reading and listening to Andy Tanner. Have not yet heard him say the words Iron Condor but other people have said that’s a main strategy of his. Is it true that an Iron Condor can generate long or medium term passive income if properly understood and properly executed? Or, do you have a suggestion for a better angle(s) regarding passive income through stocks and options?
Has anyone worked through Andy Tanner’s online courses and could say if they were effective or not?
Not sure to what extent this part is related to Iron Condors, but supposedly Warren Buffet acquired his shares of Coca Colo in a way that could be considered passive income. Meaning, he sold options for a while, made over 7 million doing this, and after the strike price hit he bought the shares while they were temporarily below their true value, which meant they would bounce back to normal in the near future. And although he still holds them today, nothing would have prevented him at the time from selling them at a profit, then start the process over on a new stock. If this method is not the underlying concept behind an iron condor, then what is this tactic called? Is there a book, video series or online course you recommend for this approach?
Next... There is a simulator put out by Investopedia which they say mimics market behaviors to help people practice. Has anyone tried this? Did you like it? Is there a different simulator that anyone would recommend? Are there strengths and weaknesses between different simulators?
People also say that you should set up a virtual account so you can digitally “paper trade,” and that way, everything you think you understand in theory will become hands on real world learning experience. Does anyone recommend a particular website or websites for digital paper trading?
And finally, if you had a time machine to bring you all the way back a year or two after you first began trading, have a cup of coffee with your younger self, what sorts of things would be among the MOST important advice you would give?
Please and thank you very much.

[ottoman]

I would say Fidelity. Commission free to buy them, unlike Etrade or Schwab

[chickentraderr]

What is a good broker for OTC stocks? Im in the United States.

[cintrix]

Yeah, I have been using Pro for many years and tried Power Etrade once and wasn't crazy about it. That was when they phased out Market Trader which I really liked but that was a long time ago. I have no idea what you are talking about when you said Milestone Card.

[cintrix]

Beginning on May 28, 2024, the new standard for settlement will become the next business day after a trade, or T+1.

This isn’t the first time such a change has occurred. In 2017, the SEC shortened the settlement cycle from T+3 to T+2.https://www.finra.org/investors/insights/understanding-settlement-cycles

[cintrix]

Definitely not user friendly.

[ottoman]

yes, I'm using a spreadsheet to calculate total cost basis. Using Libreoffice Calc (which I love, free software). has all the stuff Microsoft excel has, at least for my purposes.

I can't see that I can break down each purchase lot separately on tastyworks, but I haven't played with it enough, since I don't use it much. I have gotten the data I need, so I'm satisfied. I just thought it was crazy I couldn't easily find the value of shares in that broker

[cintrix]

Yeah, that was exactly what I meant. I think you wanted that value for each individual stock and then a total of all of them at the bottom, no? They should show what the market value of each one is. You are trying to make a data base with all your positions from all your brokers? Can't you use a non-broker application? Like Yahoo's portfolio tracker or Microsoft Excel?

[ottoman]

Yeah, I don't know. Net Liquid value is close enough to market value for my purposes, but why does it have to be intentionally confusing? Maybe I'm overlooking something, but I shouldn't have to take an advanced trading course just to see at quick glance, exactly what my position is worth.

Does it give you Net Liquidation Value for each individual entry?

So far, I only see that Tastyworks (Tastytrade) shows the net liquid value for the total number of shares in the account, not individual purchase lots, if that's what you meant.

[cintrix]

Sorry, just looking at this now. These are terrible metric descriptions. Does it give you Net Liquidation Value for each individual entry? Usually net liq value includes all positions, no? Schwab calls it "position value" and Etrade calls it "market value." I would think that net liq would be the choice but what the heck do they mean "calculated from mid price of the position?"
Net Liq: Net Liq is short for “Net Liquidation Value.” Net Liq is calculated from the mid-price of the position. This number is dynamic and will move according to the market price.

[ottoman]

ok, so I'm trying to figure out my cost basis for a few stocks that I've owned for over a year. I have shares in multiple brokers and multiple accounts.

I have a tasty works account. On the web site's positions page, I'm simply trying to add to the column, the value of the shares (current price multiplied by number of shares). And I can't for the life of me, figure out what category it is.

There is a list categories I can add to the columns, the following is a list of all the glossary terms that I can add. But there isn't an obvious one like VALUE lol.
Maybe I'm overlooking something obvious, but any idea what it is?

EDIT: I guess, it's net liq It's not exactly what I want, because the numbers do not calulate exactly right based on currently share price, but it's close. You'd think they would just call it MARKET VALUE, or something obvious 🙄

https://support.tastytrade.com/support/s/solutions/articles/43000471741

[ottoman]

I will miss my little "all in one" pop up window. It gives me all the information I could want. Including if it's Nasdaq, NYSE, OTC. If it's trading halted. Extended hours gain/loss. L2 data, time/sales.

With all the bells and whistles on TOS, I can't seem to find a quick, easy way to get all that info. I'll just have to make do with less convenience.

[cintrix]

I will have to try and open it up and see if I too can use both. I would rather learn how to use it while I can still access StreetSmart. I will try to look into it tomorrow while I have more time. Make a list of all the things you can't do and want to do - wait till you have a bunch of questions and then call them. I'd like to get on that new platform when you are doing it so we can exchange ideas. I'll email you once I have it going so we don't bore everyone on this board.

[ottoman]

Yep, I can use both. There is actually a web-based TOS which is a little better for my needs. But it's still nuts that I can't get basic things the StreetsmartEdge streaming watchlist has (like an easy indication the stock is halted, or extended hours performance).

There may be ways of navigating through the labyrinth of settings, and customize a bit better, but I shouldn't have to take a 4 month online tutorial to figure it out lol.

[cintrix]

I didn't know you can use both right now. I thought once you go over to TOS they disable StreetSmartEdge. That's what happened when I first tried TOS months ago. They had to enable Streetsmart again for me when I decided I didn't like TOS

[ottoman]

I still have Streetsmart Edge. I will use it until I can't. I suppose I could add another $100 or so to my Etrade account so that the Power Etrade platform has real-time streaming quotes, but I'm not too crazy with the Power Etrade format. I'm sure the Etrade Pro is much better, but I don't plan to add enough funds or trade frequently enough to fulfill the requirements to get it.

I have the Fidelity Active Trader Pro platform, but that is not good at all.

So far, I guess TOS will be what I use. It's not nearly as user friendly as StreetsmartEdge (at least for my needs). I very rarely buy OTC stocks anymore. The OTC stocks I have in Etrade, have been sitting in there for years. I've forgotten about them (which is why I'll get surprised with a $38 reorganization fee). At least I consolidated them into one account. I used to get surprised with multiple $38 fees 😬

Hope you have a great trading day today. and all year!!

[cintrix]

I have the perfect solution to that problem with etrade. Don't trade any otc stocks anymore! This way you will save on commissions and you are more likely to never incur that $38 fee since the big board stocks don't reverse split the way the crappy otc's do. I sound like an alcoholic who is on the wagon trying to do an intervention against otc trading! lol
As far as TOS did you voluntarily switch over or did you get forced this week to do it? Because I got that letter awhile ago and am still using StreetSmart. They are immediately forcing new customers to use TOS. I will wait until they force me to switch:
All other StreetSmart users will have StreetSmart platform access removed between April and August 2024 and will be notified at least 60 days prior.

[ottoman]

Never lol. I was charged $38 recently because one of the old .$0.02/share stocks I own, went through a reverse split, and I didn't realize it. So the $38 reorganization fee hit me. I called in, hoping that they would reverse it, of course they did not. And so, they wanna charge me $5 per stock (and I have about 15 of them) to get rid of all the old very low priced stocks, so that another unexpected reverse split fee is not incurred.

I will either sell them outright, which will cost me $2.95 Commission, or just be a lot more aware of when reverse splits hit the OTC daily list.

But I really want nothing to do with Etrade anymore. I used to have day trader status with them (over $25k) so I never had to worry about $38 reorganization fees they would just be reimbursed, but now they won't even entertain the idea of waiving it. Only have $900 or so with them now.

However, it's a rather easy process to import my watch lists from street smart edge, over to think or swim. So I guess I'll be using thinkorswim.

I'm already noticing so many little things, that I can do in street smart edge that I cannot ( so far anyway ), do and think or swim. For example, right click a stock and an easily get a chart. Once I have a chart, I cannot easily zoom in or out using the mouse wheel, have to use the little plus, minus magnifying glass icon

I will make do, but wish I didn't have to 🫠

[cintrix]

OMG no wonder! It may be worth it for you to just park some money in there so you can use it.

[ottoman]

delayed quotes. Reason number 5067 why I hate Etrade lol

Did you try Power Etrade? If you only need it for streaming why not use that? I thought you mentioned you you have access.

From my previous message:

I just discovered I don't have real-time quotes with Etrade lol. So Etrade is out. Have to maintain at least $1000 in each account.

[cintrix]

Did you try Power Etrade? If you only need it for streaming why not use that? I thought you mentioned you you have access.

[ottoman]

I suppose I could consolidate the Etrade accounts, but I won't. I also hate Etrade lol. I would rather not use their platform anyway. 😆

I will try to play with TOS more. I really only need a streaming watchlist. I wont be trading from it. I LOVE Streetsmart Edge, so naturally, they have to dump it.

[cintrix]

Can you consolidate those accounts and just add a few thousand so you can start trading and having access? If not, give TOS a chance. I am sure you will eventually get used to it. I have to tell myself that too. lol

[ottoman]

I just discovered I don't have real-time quotes with Etrade lol. So Etrade is out. Have to maintain at least $1000 in each account. I have several Etrade accounts and I don't trade with Etrade anymore. I have a total of about $900 in all accounts. oh well. It will either have to be Fidelity Pro, or ThinkorSwim, if I can navigate through the 8 billion bells and whistles I don't use or need.

[cintrix]

That could be. Maybe you have to have made a certain amount of trades in order to get it? You are going to have to learn TOS.

[ottoman]

hmm. I don't think I have access to Etrade Pro. I see "Power Etrade", but I don't see a stand-alone program (I remember having one).

Maybe I don't meet the requirements, since I almost never trade with Etrade anymore

[cintrix]

I have it on two different platforms and the two layouts look totally different. They actually have a setting called Market Trader that looks a lot like the old Market Trader platform if you are used to that. Just go to layout on the top and click on the drop menu.

[ottoman]

I'm looking into that right now 😉

Do you still have an Etrade account? If so, open up Pro and use that. I happen to like that one the best.

[cintrix]

Yeah, I am waiting for my warning email telling me that I will have to go back to Sink😜or Swim. I forgot what I learned in that short period of time I was using it. Hopefully they fixed that problem where I couldn't sell lots individually that were already purchased prior to using it.
Do you still have an Etrade account? If so, open up Pro and use that. I happen to like that one the best.

[ottoman]

As you were aware, Schwab Streetsmart Edge going away 😟 That's the platform I use exclusively for streaming quotes. I guess I'll have to look elsewhere.

[MrsS]

That's very unfortunate yet Coinbase is said to be amongst the secure apps. Thanks for your response

[cintrix]

Only crypto I ever traded were stocks that were crypto related - never actual crypto - never opened a crypto account. Probably never will. My nephew got his coinbase account hacked. Somehow someone got into it and started trading it when he wasn't active and watching it. He didn't have a lot of money in the account but they went into his margin and borrowed funds. Long story short, coinbase claimed they weren't responsible and he had to come up with the money owed to close account. It was a complete nightmare story for him. Hours and hours of calling coinbase. And this wasn't something that happened years ago when there were no regulations. It just happened over the past six months.

[MrsS]

Do you trade Crypto?If so do you have experience using Crypto.com?

[MrsS]

I placed the order using the app not the website. I need a pattern first to qualify for Pro.

[cintrix]

Ah, there you go!! Weird how I can't do it on their website but I can on Pro. Not that I ever trade on the website so I am not worried about it. The only time I ever make a trade via their website is when I want to sell an equity that has fractional shares from dividends. Have you tried Pro out yet or do you have to establish a trading pattern in order for them to give it to you for free?

[MrsS]

Yes I was able to after signing an extended hour trading agreement. Thank you.

[cintrix]

What did they tell you when you called them? Can you make a premarket/after hours trade on the actual website? I make premarket trades all the time with etrade but I put the orders in on Pro, not the website.

[cintrix]

Thats a regular day order. You will get that message when you place an order and don't choose another option.

[MrsS]

Message when I place. I will call them. ® The market was closed when we received your order. It has been entered into our system and will be reviewed prior to market open on the next regular trading day. After market open, please check to make sure your order was accepted.

[cintrix]

Did you try it using Pro? The destination choice should be AUTO-Extended Hours. I just went to the web page and they don't give you a choice there. I never trade off the website. Is this what is happening? I suggest that if you don't want to use Pro, call them up and ask them why you are not given a choice.

[MrsS]

Hello. I did open an Etrade account. However, I'm unable to trade premarket and receive a message that the order will be filled at market open. Any activation required for premarket trading?Thanks

[cintrix]

What about order flow? Isn't that how these no-commission brokers make money?

[bar1080]

No reputable brokerage wants daytraders, especially the small-time IHUBer stock gambler type.