September 14, 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?
Yes
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 per month.
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 downloaded an app or visited a website first, and then opened up an account with the company
6. My goals for trading or investing in my online account are (check all that apply):
Other
If Other, Explain:
I use a small account to make short term trades (weeks to months) using technical analysis and prominent market theories for practice, experience, and to eventually become a full time trader. I began with a paper trading account.
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 greatly enjoy the social networking tools in TradingView, which allow technical analysts to share and discuss trading ideas. I appreciate IBKR's iBot, which has a variety of functions. I like to receive notifications on economic data releases, corporate events relating to my holdings, and general news for the overarching markets. I believe features such as games, streaks, contests, points, badges, leaderboards, celebrations for placing trades, visual cues, and ideas presented at order placement only serve to harm retail investors and encourage 'gambling' in the markets. I don't believe that short term trading is gambling inherently, but I believe short term trading with no strategy and very little market and economic experience is akin to gambling. I believe that subscriptions and membership tiers are overall harmful to retail investors, as these features lock oftentimes valuable information behind a paywall that institutional investors don't have to worry about.
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.)
I have an employer sponsored retirement plan (401k) with Vanguard. I have called occasionally for assistance, but generally the online services are more than sufficient. I invest in my 401k, but I trade in my other accounts. I believe this is more due to the lack of options for investments I am given in my 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 : 5+ Years
Bonds : 1-2 Years
Options : 2-5 Years
Mutual Funds : 5+ Years
ETFs : 5+ Years
Futures : Less Than 12 Months
Cryptocurrencies : 1-2 Years
Commodities : 2-5 Years
ClosedEnd Funds : 5+ Years
Money Market Funds : 5+ Years
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?
I understand that my account can be restricted for violating a number of rules, including placing too many trades in too short a period of time if my account is not labeled as a day trading account, trading with unsettled funds in a cash account, and others.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
It seems to fly over the heads of the Senate Banking Committee members that PFOF is damaging to retail investors when the majority of retail trades are sent to market makers and high frequency trading firms because it provides access to invaluable information that everyday retail investors and traders are not privy to. I also think that certain services and platforms are designed so that they are very hard for retail investors and traders to obtain, such as a Bloomberg Terminal (because of the large paywall).