August 28, 2021
1. Do you have one or more online trading or investment accounts?
Yes, I have one or more accounts that I access both online using a computer and using a mobile app.
2. If your response to Question 1 is Yes, do you think you would trade or invest if you could not do so online using a computer or using a mobile app?
No
3. On average, how often do you access your online account?
Daily/more than once a day
4. On average, how often are trades made in your online account, whether by you or someone else?
Once to a few times a week.
5. If you access your account online, did you have the account first, and only began to access it electronically later? Or did you open the account with the idea that you would access it electronically immediately?
I had a pre-existing account and downloaded an app or visited a website to access my account
6. My goals for trading or investing in my online account are (check all that apply):
Save and grow my money for medium- to long-term goals
7. What would you like us to know about your experience with the features of your online trading or investment platform? (Examples of features are: social networking tools games, streaks, or contests with prizes points, badges, and leaderboards notifications celebrations for trading visual cues, like changing colors ideas presented at order placement or other curated lists or features subscription and membership tiers or chatbots.)
I personally use Fidelity and just want an easy to use interface. I use to use Robinhood and never found that it made me want to trade more it just made me more interested in the stock market. After learning more i decided to just use fidelity to avoid PFOF. I feel like PFOF is hurting the market more then helping retail investors.
8. If you were trading or investing prior to using an online account, how have your investing and trading behaviors changed since you started using your online account? (For example, the amount of money you have invested, your interest in learning about investing and saving for retirement, the amount of time you have spent trading, your knowledge of financial products, the number of trades you have made, the amount of money you have made in trading, your knowledge of the markets, the number of different types of financial products you have traded, or your use of margin.)
Ever since January I study daily about stocks and investment strategies. My goal as a retail investor is to provide a good future for my wife and family. I use a cash account as I have learned there are risks to margin accounts. I feel like cash accounts are great for myself and all new investors. Ever week I seem to be trading more and enjoying the stock market. But there are obviously some issues that need to be addressed to make it a fair game. I understand that dark pools are made for large buyers to buy big blocks of stock and not move the price. But at the same time they should not be used at all to view retail orders or hold them. I am happy to report this year in my first year of trading I am up over 500%. I found that i am comfortable investing on my own instead of just using a 401K.
9. How much experience do you have trading or investing in the following products (None, 12 months, 1-2 years, 2-5 years, 5+ years):
Stocks : Less Than 12 Months
Bonds : None
Options : Less Than 12 Months
Mutual Funds : None
ETFs : None
Futures : None
Cryptocurrencies : 1-2 Years
Commodities : None
ClosedEnd Funds : None
Money Market Funds : None
Variable Insurance Products : None
Business Development Companies :
Unit Investment Trusts : None
10. What is your understanding, if any, of the circumstances under which trading or investing in your account can be suspended or restricted?
Well in my account since it is a cash account I am unable to Day trade. I must use settled funds or if I do not use settle funds I cannot sell the stock I just purchased until the previous trade clears. Fidelity does a great job with warnings and keeping me informed while I am trading.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
PFOF needs to be banned just like many other countries have done. It is not helping retail investors. It is a detriment to the success and the stability of our Market. I feel there needs to be more fines and investigations into naked shorting, miss marking short positions as longs...etc with consequences. Not just a 100K fine here or there. Make the fines hurt hedge funds and Market makers so they think twice about doing it. The enforcement of market rules makes it a better market. If investors arent confident in your enforcement it can hurt all Americans as people will just use a savings account and not invest. I have heard many people talk about this. After 2008 many of us were hurt yet we didnt get a bailout. We paid the banks who made the mistake. Lets hope we dont have to bailout banks again because they were loaning money to people they shouldnt have.