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Hate to ask more stupid questions but the person who scheduled my consult with the broker said he can do the transactions for me. As I'm new to the site that would be very helpful but is there a fee for that?
What transactions do you need to do?
I could just post the 4 - 5 steps to completing a transaction on-line and you could just copy that.
I have a number of accounts that have a number of funds in each. So I will need to sell them, then purchase new ones. At $25 a pop that's crazy. I think I can learn to do this but again having never done it if you could help that would be great.
Little things like what happens if the fund I'm about to purchase increases in value between the time my sell goes through and the purchase is made? How do I account for this?
If you buy stuff on Amazon website, you can buy/sell ETF/MFunds just as easily yourself, on Schwabs Website.
They will even walk you thru what you need to do if you get stuck, from the 800 number,
You can Sell it, put in in "Cash" (money market) for day or two, then Next Day Buy something Else. (Note there are settlement periods, rules that go into effect, but if you are Sell/Buy/Hold they would not effect you.)
When you Sell you will get a transaction report, it will tell you how much you got, There will be transaction fees/SEC fees that get applied over night. So your best bet, is sell it, wait till next market day and buy something. So you know what you have to spend.
I have a number of accounts that have a number of funds in each. So I will need to sell them, then purchase new ones. At $25 a pop that's crazy. I think I can learn to do this but again having never done it if you could help that would be great.
Little things like what happens if the fund I'm about to purchase increases in value between the time my sell goes through and the purchase is made? How do I account for this?
I wouldn't pay them $25 a trade. That's not really what Schwab's about-it's about minimal advice, reasonable self-help tools, and minimal (but not lowest) commissions.
Once you 'sell', you get cash nearly immediately-usually within a few seconds if the security has high volume or a day for a mutual fund. You can't do anything with it for several days (like move it to a different account or out of Schwab) while it settles, but as was just said, you CAN buy within a day or so.
When you go to 'buy' a security or fund, you will see a total that says 'cash available for trading'-what you can spend, RIGHT THEN, and the current price. There is also a handy calculator there. Calculate how much you can buy, and enter the amount.
It has an intermediate screen that shows how much you are about to spend (estimated) and asks if you want to proceed. If you proceed, the order is filled at the market rate plus the commission. Generally orders fill in seconds or less for securities or a day for a fund.
It's very simple. I'd try it with one of your smaller positions and you'll become comfortable the first time.
Yeah I have no doubt it's easy, it's just that unlike Amazon I'm talking much larger numbers. I got my answer on the price fluctuation, sell first and then a day later buy. Just hope the market does not spike the day I'm on the sidelines.
Thanks everyone. Sounds like I made the right move to go to Schwab.
I had my consultation, it was great. Big fan of Schwab.
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