August 31, 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):
Keep the amount of money I have, while keeping up with inflation
Save and grow my money for short-term goals (in the next year or two)
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 use two brokerages, TDA Think or Swim for serious (ToS)trading and WeBull for quick visuals (I like their easy-to-read charts). There is really nothing game-like about ToS or the way I use WeBull. But then again, if I want to game, I wouldn't do it on a trading or investment platform. If I want social networking, I will use Twitter or Reddit, not trading apps. For reference, I am a Generation Jones (or old Gen X'er) so I draw lines between gaming and investing/trading.
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.)
Before I just used my retirement accounts into safe investments. Now I am more active and proactive with my (separate) trading accounts. I still have my long-term retirement accounts, but now I am recognizing higher gains in my disposable income via trading in ToS. I have also started investing in crypto via Coinbase (Pro and regular). I feel like I am taking a more active role in my accounts with the ease of trading applications and platforms. I am also doing a lot more research into the stock market, crypto, companies, and SEC (and other regulatory bodies). I want full transparency and access to the markets that every high-level trading firm has. No more different rules for them vs. retail. I should be able to make more money than the relatively lower gains of my retirement funds.
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 : 1-2 Years
Bonds : None
Options : None
Mutual Funds : 5+ Years
ETFs : 2-5 Years
Futures : None
Cryptocurrencies : 1-2 Years
Commodities : None
ClosedEnd Funds : None
Money Market Funds : None
Variable Insurance Products : None
Business Development Companies : None
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?
If I trade over 3x in one day, my account be locked. Since I only trade cash accounts and shares only, my risk in being suspended or restricted is limited. I will not do options as my risk aversion is too high for that sort of trading. I believe I am adequately informed and knowledgeable about the trading risks I assume. I also frequently communicate with my TDAmeritrade brokers and representatives if I have questions. I will never put serious trading funds into WeBull because I do not trust them as an institution.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
Positive - I have become a more involved investor. I research companies, decide who to support long-term with my dollars based on company strategy, goals, employee relations, and future vision. I will occasionally momentum trade, but mostly, I buy stock and hold it because I like the company.
Negative -
a) The lack of market transparency for retail investors
b) The different rules for different companies within the trading world
c) I want PFoF abolished. It should have never been established in the first place. I don't mind paying a small percentage of a fee to a broker, but I want to be the one to make that decision. Of course I do not want to go back to the days of $10+ per trade but I do not mind paying my broker a fee to execute my trade.
d) I want dark pools to be regulated, if not abolished. I understand they were put in place to stop the wild price swings that large trades can create. Unfortunately, financial firms are abusing them and this needs to stop immediately. All exchanges should be lit.
e) No more conflict of interest. If a firm is a Market Maker, then that is it. They should not have sub-division upon sub-divisions of companies they can create to help them game the system.
f) No more Failure to Delivers (FTDs). You have T+1 days (and that is generous - I would prefer immediate settlement) to settle your shares or your ability to trade is stopped and the shares are bought at any price to close the FTDs.
g) All FTDs should be published DAILY. All short positions should be published DAILY. No more delay in posting information that is available to trading firms in seconds.
h) Anyone found guilty of abusing any financial rules and regulations should be fined their entire position 100%, all profits, and charged with the cost of the investigation (restitution). They should then be unable to trade during a sliding time frame scale per offense (example, 15 days abusing the system = 150 days restricted trading ability).
i) If a trader has been found guilty of fraud or other trading/financial irregularities, they should be forbidden to be involved in any stock/financial trading, EVER.
j) All stocks traded should be attached to a unique identifier. This number should be able to easily be tracked and accounted for. An investor should be able to see where their stock is at all times.
k) All Congress and Senate leaders who are on the finance committees must attend annual training held by the SEC (and pass exams) or they will forfeit their place on the committees.
l) The SEC should use the increased fines and restitution to increase their investigations into firms, train Congress and Senate leaders, and implement more stringent controls.
m) No person working for the SEC (in policy creation or regulation) should be able to take a job in the financial sector for at least 5 years after their tenure and vice versa.