Dennis; I use Waterhouse , ( WEB Broker )..now all of the e-trade
programs I know of are growing fast and having some growing pains,
including web-broker, but all in all they do as good as any and
better than most. When they do have problems I can call in and still
get the web broker commission. Only once in the most 3 yrs I've used
them did I get an extra charge for using the phone , and they
corrected that as soon as I noticed it.
My trades are $12 up to 5000 shares , options are higher, and I don't
"think" WH is hot on OTC:BB stocks, but I don't trade them
any way. There are many no load mutual funds I can go in and out
of for no fee there is a clause about if you go out
of a fund more than twice in six months they can charge a
$25 service fee to get back in , but they have so far not charged me , ( I always ask ) and have the impression that as long as I leave them in house name , I won't be held to that more than twice 6mo
service fee.
I find it easier to trade funds via the broker than direct, except
there is a 2:15 EST cut off on orders, ( as they have to pool them )
I take it they get a small discount by pooling, for quantity,
and that's how they make their end.
I have the same restrictions on the IRA as you do, can only sell
covered calls in it and not short. However I run two accounts,
and the Tax advantage of the IRA makes me keep her. I may go long
the IRA , and short in the Regular account, it all comes out in
the wash, I can add 2k profit from my reg account to the IRA
a year to keep tax down , and if I have a bad year I could
then pull some out of the IRA, ( I'm 61 so there is no penalty)
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I believe I heard some talk that the Amex may soon start options
on the SPY and MDY, but I'm not sure , at any rate if they do
I could only write covered calls in the IRA, they won't let me
write puts. But that's federal regs, ( and seems stupid to me )
I can understand the IRS not wanting to let people buy options
in a Tax free account, but all else even, writing puts is no more risky than writing calls.
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Jim
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