This morning I got from Zecco a E-mail in “marketing correct” language. In Proletarian language I translated it so:
1) zecco’s Website sucks. That is something you know. We at zecco know it too
2) We will reduce your monthly free trades from 40 to 10. We do it because doing so we should be able to find the money to make a usable website.
3) If you aren’t rich and have less than $2.500 balance you GET NO FREE TRADES!
Here is the letter in “marketing correct” language: (more…)
Sold Chevron, Intel and Nvidia yesterday, to cash in gains in such uncertain times. September 5, 2007Posted by deminvest in Chevron (CVX), CVX, growth stock, INTC, Intel, investment, my free stock, nasdaq, Nasdaq stock, NVDA Nvidia, risky investments, Single stocks, stock I own, stocks, zecco.
My “free shares strategy tells me to wait till a stock goes up 40%, then sell enough of it to get my invested money back. This time I went a little bit out of the strategy and got back my invested money on 3 stocks that were up 30% only:
|NVDA||NVIDIA Corporation||Sell||Sep 4, 2007||19.00||51.85|
|INTC||Intel Corporation||Sell||Sep 4, 2007||40.00||26.26|
|CVX||Chevron Corporation||Sell||Sep 4, 2007||12.00||88.44|
I went out of my strategy because I don’t like how Wall Street looks. (more…)
Problems with zecco trading (or why ASP.net sucks) June 25, 2007Posted by deminvest in Internet stocks, investment, investment strategies, zecco.
In few day of usage I had the opportunity to find out how bad zecco.com site is:
1) confusing. Stuff that counts is hidden. Real time information is horribly mixed with outdated balances coming from Penson’s site. I can’t even find on the same page which stocks I own and how much money I can buy. Actually money disappears from zecco.com website for a couple of days after selling shares.
2) sometimes not working properly. For instance, yesterday, when I tried to log-in to the trading part of the website, I kept receiving an error message. I could only access my trading account by using Internet Explores instead of Firefox. (more…)
I did it today! It felt really really good to trade without commissions for the first time in my life: WOW!
my first impressions:
- Zecco’s website is clumsy and slow. Takes too long to get where it counts: the Trading Center
- There are trading options that I don’t understand. Transactions can be “Buy”, “Sell”, “Short” or “Cover”. I know how to use the first two, but I do wonder what would happen if I simply shorted a stock.
- Order Type can be: “Market”, “Limit”, “Stop”, “Stop limit” or “VTSO”. Again I do undersstand the first two: I can buy at market price or I can set a limit to how much I want to pay. I also understand “Stop limit” because underneeth you can decide the STOP (meening that, if a share reaches a certain price the transaction will trigger) and the limit is how much I accept to pay. I don’t understand what happens if I set a Stop without a limit and I don’t have a clue about “VTSO” order type.
- Duration can be: “day” or GTC=”good till canceled”. I understand both. (more…)
22 steps to open a commission free account at zecco.com June 12, 2007Posted by deminvest in investment, investment strategies, zecco.
On Monday 04/26/2007 I decided to open a zero commissions trading account. Knowing how lazy I am, I thought it would take me at least a month to start filling the forms, but I did underestimate the magnetic attraction that the word “free” has on us proletarians!
Here I am, subscribing on zecco and helping Low Cost Society triumph once more:
1) Easy beginning… Opened an account in seconds. What surprises me is the fact that they don’t even require email confirmation. Even Terms are almost readable.
2) Making it a trading account is a bit more complicated … longer forms to fill…
3) Not nice at all: they want again the same mail address I gave before. They also want me to type it again to confirm it… Why make me type 3 times my mail address? Don’t you guys at Zecco know how lazy we are??? Since we are not stupid, we must be lazy, otherwise we would be richer than the big guys, we would not look for free trades and would have our private banker!
4) Not nice at all: they don’t say which fields are mandatory. That way they force me to waste time giving out stupid data (useful only for their marketing department) like:
- Annual Income,
- Net Worth,
- Liquid Net Worth,
- Income Source.
Do they really need to know all that? Do I really have to know the meaning of those questions?
I will leave them unanswered and see if the system accepts my application anyway. (more…)
At zecco.com and Bank of America (BAC) commissions are ZERO. 0, this nice round number, may mean big troubles to Ameritrade (AMTD), ETrade (ETFC), Charles Schwab (SCHW) and many other brokers… Do we, the people, care?
Not really. What we really want is to stop giving our money to blood-sucking leeches. We hate commissions!
LEECHES? Don’t worry, the little blood they take won’t hurt you.
When we invest, we use our hardly earned money, and we work to input our data and computers the computational job : a job a million times simpler than than the job to show us a result page on a search engine research.
Why “did” we have to pay many dollars for that simple job? Because of a Medieval tradition I guess. BUT NOW WE SAY NO! In a low-cost global society, when We The People want, we eventually do win: let’s see what we got this time:
1) 40 free trades [this is changing] per month at zecco.com .
Is there a catch? No, there seems to be no catch. Just an honest further limit of 10 trades in a day, an understandable first deposit minimum of $2500 and an interest rate on uninvested money a bit lower that other on-line brokers.
Can we trust zecco? (more…)