Scottrade

I used to be an intern there when I was in college. The brokers just sit at their desks and answer phone calls from computer illiterate people who want to make trades. There’s also a large number of walk-ins who want to open accounts, make deposits, requests checks, make trades etc.

I fired a client and that's where he transferred to.  Took his 15 penny stocks and 11K account and hit the pavement.

Snottrade brokers are by far the least respected broker on the planet.

[quote=Ferris Bueller]

I fired a client and that's where he transferred to.  Took his 15 penny stocks and 11K account and hit the pavement.

Snottrade brokers are by far the least respected broker on the planet.

[/quote]

What kind of idiot client would spread out 11k over 15 stocks?  At $733/position, what a dumbass.  Good thing you fired him.  Clients that make their own decisions are nothing but a pain in the ass. 

They weren’t penny stocks when Ferris was recomending them!

[quote=Whomitmayconcer]They weren't penny stocks when Ferris was recomending them![/quote]

I'll give credit where it's due. That was pretty good.

Ditto.  Good one whomit.  The guy was a real PITA.  I don't think he made a single dollar with all his hairbrain investment ideas.  Snottrade deserved him.

The funniest thing about the comment is that it was true.

Why would I concern myself with what a failed ML broker thinks?

Anybody that has the balls to really be in this business has had dollars stocks turn into penny stocks.

Look at Enron. Alliance Capital wasn't the only successful stock trader that rode that one into the dirt.

If you are in the business, and you haven't had it happen to you..it will!

[quote=Whomitmayconcer]

Anybody that has the balls to really be in this business has had dollars stocks turn into penny stocks.

Look at Enron. Alliance Capital wasn't the only successful stock trader that rode that one into the dirt.

If you are in the business, and you haven't had it happen to you..it will!

[/quote]

Back when I was able to make deductible IRA contributions I invested the entire year's contribution into one stock.  It went down by half within 6 months.  I sold it, and it then proceeded to tumble towards a dime.  So I took my losses and moved onto a second stock with half of the contribution.  That stock got killed in a lawsuit and it went down like 70%.  I've still got like $200 or $300 from that year's contribution.  That's pretty sh*tty to have it happen two times in a row...Anyways, the gains from other postions more than made up for those losses.  No biggie.

From $2000 down to 200- 300 dollars. Isn't that what they mean when they say you're getting a 10 to 15% return?

"OH Return ON investment! I thought you asked about your return of investment."

My favorite was when the BOM had me in to have a heart to heart, he wanted to know what I was going to do to get these clients back to whole, he thought that maybe I ought to sell SFE and reinvest in the local utility (SFE had gone from 100, to .75, my cost was in the teens). "So you want me to sell this 750 shares of SFE and by 12 shares of ED (name changed)?"

"Yeah. You have to get over it, it's not going back to 100!"

"I'm not worried about 100, what do you think the chances are it'll go to 2?"

"Pretty good."

"And what are the chances that ED goes to 90 (say it was fourty five at the time)?"

"Ummm Errrr...."

"I'll be glad to move, you got any GOOD ideas on how and where?"

"Drrrr..."

"Ok? This meeting is over now? I can leave now?"

"Baaaaaa...."

Granted, SFE is still only $2.60+-, but ED is still at 45!

Why am I holding SFE still? I'm averaging almost 50% per year, what more do you want?