Brokerage accounts

[Bosox1]

I've been thinking about opening an online account so I can trade futures. Namely I want to buy oil futures because I don't see my fellow Americans curbing usage anytime soon so I think $200-$300 a barrel in the next few years is easily possible. I figure I might as well make some money on the fact that I'm getting raped at the gas pump.

Anyway, I was wondering if anyone had any recommendations as far as ease of use, cost per transaction and customer service.

Thanks.

[iceman5]

Im not an expert in futures or oil but everything Ive seen, read and heard say that oil is peaking and is at irrational levels just like tech stocks were at the end of 2000. I think buying oil now may be a huge mistake.

In related news, just about every single time that avg people decide to get in on a run-up in anything, thats the exact time to be getting out. I know a guy at work who sat around and watched me make money hand over fist in the last 90's in the stock market. I had been telling him for months to buy QCOM. I made something like 1000% on it as he watched. He finally couldnt take it anymore and bought some and he bought it the EXACT highest price it has ever traded at and he lost his ass over the next couple months. The same thing is true on the downside. When things look so bad that rational people who dont trade just cant take watching their 401ks lose another dime finally sell and get out of stocks, thats usually the point where the market turns around. When there just isnt anymore sellers, the market wont sink anymore.

Cliff notes:" dont buy oil...its too late.

[Beavis68]

[Danhdan]

And as an answer for your question....feel free to use Google.

I found this link...seems like a decent ranking IMO...I've seen and used a couple of there brokerages, although I think they have slightly overrated Schwab. If I was opening one now, I think I would probably use Scot Trade.

Although, I think there are probably easier/better ways to make money than futures, but meh, to each his own.

Edit: Duh...Link:

http://www.jdpower.com/finance/ratings/ ... /index.asp

[Beavis68]

I use scottrade, they are cheap but i don't know if you can trade futures - I don't see the option on the website. Etrade is probably your best bet.

[iceman5]

Oil was close to $135 a barrell when this thread started. Its now under $123.

Hate to say I told you so but......

[iceman5]

BTW...when the airlines tell you they have to raise prices because fuel costs are out of control...dont let them fool you. They buy oil futures as a hedge. When oil goes up, their fuel costs go up but they make money on the oil futures contracts so they break even....Vice versa is also true. Oil prices play very little part in the airlines bottom lines.

One reason they are getting killed is because they have record levels of flight delays and cancellations which costs them big big money. They pass the losses due to their inefficiency and incompetance on to us thru higher prices and try to sell us a sob story about how oil prices are killing them. Im not buying what they are selling.

[80Proof]

[emmasdad]

[80Proof]

[Beavis68]

[iceman5]

[Bosox1]

[MecosKing]

[iceman5]