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Author: JanFromEarth One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 50182  
Subject: What the world needs now..... Date: 7/6/2012 6:59 PM
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I want discount brokers to wake up to the fact that they sell commodities. For example, I invest the funds that are not appropriated after my paycheck. For example, I may have $1,234.56 to invest after setting aside money for all my bills.

With today's low commissions, it makes no sense to wait until I have a round lot of 100 shares. But, I have to use a spreadsheet to calculate how many shares of XYZ I can purchase. Instead, let me put in my dollar amount and decide if I want limit or market. Seems an easy change to the programming to me.
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Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49967 of 50182
Subject: Re: What the world needs now..... Date: 7/7/2012 7:25 AM
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. But, I have to use a spreadsheet to calculate how many shares of XYZ I can purchase. Instead, let me put in my dollar amount and decide if I want limit or market. Seems an easy change to the programming to me.

That's the way the world works. Go the a grocery store, a deli, a hardware store, just about any place you buy things, and you tell them the quantity you want to buy and they tell you the price. Baloney is priced as $X per pound, and you tell them how many pounds you want to buy.

The only place I can think of that is different is the gas station. And that's only because the pump simultaneously shows both the number of gallons and the total price.

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Author: captainccs Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49968 of 50182
Subject: Re: What the world needs now..... Date: 7/7/2012 9:14 AM
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That's the way the world works.

We have spent thousands of years changing the way the world works. JanFromEarth makes an interesting proposal similar to DRIPs but I doubt there are enough odd lot buyers to make it worth the effort.


Go the a grocery store, a deli, a hardware store, just about any place you buy things, and you tell them the quantity you want to buy and they tell you the price. Baloney is priced as $X per pound, and you tell them how many pounds you want to buy.

There are many places where the buyer can bargain. In some parts of the world the seller would be offended if the buyer didn't bargain. I even bargain in the stock market. Yes, that's right! In the stock market. I set a limit order. Only when the buyer or seller, as the case may be, comes to MY PRIKCE do I make the deal. ;)

Denny Schlesinger
 
/

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Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49969 of 50182
Subject: Re: What the world needs now..... Date: 7/7/2012 10:25 AM
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JanFromEarth makes an interesting proposal similar to DRIPs but I doubt there are enough odd lot buyers to make it worth the effort.

I feel like I missed something. There's not penalty/cost for odd lots and hasn't been since the 90's? If the issue is buying fractional shares, I'm not sure there are that many people interested. Also, if you want to invest $XXXX.YY entirely, you can always do it with a mutual fund.

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Author: joelxwil Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49970 of 50182
Subject: Re: What the world needs now..... Date: 7/7/2012 12:25 PM
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Yes, rad. I really do not see any problem.

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Author: stockmover Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49972 of 50182
Subject: Re: What the world needs now..... Date: 7/8/2012 1:48 AM
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I want discount brokers to wake up to the fact that they sell commodities. For example, I invest the funds that are not appropriated after my paycheck. For example, I may have $1,234.56 to invest after setting aside money for all my bills.

As others have said you can easily do this through a limit order and a simple manual calculation. I trade at Schwab and my cost is $8.95 per trade whether I buy/sell 12 shares or 120 shares or 12,000 shares! Odd lot pricing is no longer in existence.

I'm an active trader and on my Schwab trading platform I have a feature where I can select a stock and place the total dollar amount I want to invest and it automatically calculates the total number of shares I can buy. Not sure if other brokers offer this feature but Schwab does .... even though personally I never use it.

HTH

Rich
Arizona

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Author: punitkg Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49974 of 50182
Subject: Re: What the world needs now..... Date: 7/10/2012 4:43 AM
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Rich,

How much do you trade? Have you ever tried ameritrade? I trade very actively and just simply love ameritrade (and thinkorswim platform).

These days EVERY broker has a flat rate pricing so I dont know how important really is your thesis about Schwab. Anyways schwab is a good broker no matter what.

Also if you trade options as well, give thinkorswim a spin and try out their risk profiler.

p

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Author: stockmover Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49976 of 50182
Subject: Re: What the world needs now..... Date: 7/11/2012 2:45 AM
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Hey P,

I also have a trading account at Ameritrade and I too like their trading platform. I use Ameritrade for my "mad money" and use Schwab for my IRA & Roth accounts. Best of luck to you P :)

Rich
Arizona

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Author: JanFromEarth One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50006 of 50182
Subject: Re: What the world needs now..... Date: 8/4/2012 8:17 AM
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No, we don't buy milk or eggs the way I propose but we do buy Mutual Funds that way and it works quite well. When was the last time you were a "buy and hold" investor in milk?

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Author: JanFromEarth One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50007 of 50182
Subject: Re: What the world needs now..... Date: 8/4/2012 8:23 AM
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"it is not a problem, all you have to do is......" I suspect every minor improvement in the history of financial markets had the same comment made. Remember when Yugo's were being criticized for their lousy quality and the representative said "All Americans have to do is learn how to work on cars"? Today, do you remember what a Yugo was?

I am not advocating fractional shares either. Just the option to say "I want to buy $1,234.00 of GM at market.

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Author: JanFromEarth One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50008 of 50182
Subject: Re: What the world needs now..... Date: 8/4/2012 8:25 AM
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Oddly enough, I just moved from TD Ameritrade to Schwab. TDA has been good to me but the trading tools are better at Schwab and they have an in house bank (I moved from Wells Fargo too).

I will have to look for the feature where it does the calculation for me. Thanks

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Author: JanFromEarth One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 50009 of 50182
Subject: Re: What the world needs now..... Date: 8/4/2012 8:28 AM
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I am not looking to buy fractional shares. Just want to put in my dollar amount, buy at market, and have the system figure out how many shares I get back. Just eliminates a speadsheet.

One of the other posters says Schwarb's tool does this and I just moved all my accounts to Schwab. I will look for it.

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