Zecco.com is one of many online trading companies. The user interface is relatively fast and offers real-time streaming while logged in. This feature is very useful for those who are about to make a deal or those who are able to monitor performance all day. The fast instagram likes will be monitored through the person on the accounts. Likewise, the facility will be provided on the Zecco.com sites. All the performance of the account will be under the control of the person.
They advertise free trades but there is a catch. In order to get 10 free trades per month the subscriber must maintain a minimum balace of $2500. If this requirement is not met then the trades are $4.50 a piece, which is still decent. Zecco.com also offers a variety of investment options including IRA and Roth IRA accounts, individual and joint trading accounts.
I use ING’s Sharebuilder.com. I have been a member for about a year and a half now and I have enjoyed moderate success. While I have not been very active outside of the site there is plenty of information to be had while logged in. I tend to look for a longer term investment while purchasing stocks. To me a steady earner is less risky and guaranteed to provide a return on my investment. For those who do not rely on day trading as a primary source of income I would suggest a low risk portfolio. I put up a 5.4 percent return on my investments since signing up for Sharebuilder.com. While to many this is not that impressive, I find it even more so because I logged into the account about once a week and didn’t vary in the stocks I owned.
I feel that social networking in stock trading, while being useful to many, will be damaging to the market in general. To those in the market there is a constant whirlwind of rumors, tips, and grumblings about certain companies, mergers, acquisitions and the market in general. The average online stock trader is the one will be affected by this. I define average traders as those who check their positions daily, follow advice from other advisors, and don’t rely on online trading as their main source of income. As a casual trader for the past year I have realized seen decent earnings go to waste in the past few months. Had I known the market would tumble in the way it did I might have invested differently. I relied heavily on the research provided by my site and didn’t venture too far out to make my investment decisions.
I think by having networking capabilities on a site there will be a lot of stock related conversations and this may cause the average trader to doubt his decisions and micromanage his account. Another issue that networking may bring up is saturation of those funds that may have been a steal when only a few people were buying into them. If there is a scare about a certain company then there will be more response by the traders. This will have disastrous results when traders begin to sell off their stock. Instead of just a few users getting out, the rumors and conversations may cause a mass exodus from a certain fund.
On the positive side it would be good to hear from the successful traders and try to emulate their success. As an online trader who doesn’t have too much time to research funds, it’s always good to hear about a new opportunity. If used in moderation this new tool will be a great success. However, I feel that the average user will overanalyze their positions and it will hurt more than help.