Monthly Goal due 2/28: Setting up “Play Money” Account

How is it the 11th of February already?!?! Work is keeping me busy, but I still need to set a goal for this short month. I’ll keep it relatively simple. What I am doing is making the ~$5,000 in my FreeTrade account my “Play Money” account. I am also thinking of it as my own experimental personal mutual fund, or a micro-fund, as first brought to my attention by IRA-CAM.com.

While I will probably not have time to even make one trade this month, I am taking steps to set it up so that I can run it with minimal time invested. Steps I want to take this month:

1) Read up on ETFs in general and also specifically the practice of trading them frequently for profit. (Yes I know this is probably a bad idea, that’s why I call it “Play Money”).

2) Right now I have about $2,400 sitting in cash in an Ameritrade Brokerage (which I opened for a bonus). It offers real-time quote streaming and no fees, as long as I keep $2,000 in the account. Freetrade charges $10/month for real-time quotes. My goal is to figure a good place to park this ~$2,000 so that I can just keep the account open for the real-time quotes yet still have it be invested in the market. Ideas range from an ultra-short term bond fund (“treat it like cash, keep it stable”) to an emerging markets fund (“risk it all, it’s only $2k!”)

3) Pick a fake stock symbol or name for my account, just for fun. (Perhaps also quickly look at the legal implications. ) How about MMBPM (MyMoneyBlog Play Money)? It’s not taken yet either!

4) This is just leftover from last month – I need to get my wife’s Roth IRA fixed and set up by the end of this month.

Comments

  1. Since you have more than $5k, you can actually avoid all transactions costs by trading ProFunds. Check out my post (type ‘profunds’ in my search box). If you have a feeling for timing sectors or indicies, this may be for you:

    http://www.publicmutualfund.com/archives/2005/01/no_transaction.html

  2. Something’s wrong with your TrackBacks. I’m getting a timeout error when referencing your trackback URLs.

  3. Sorry, but this post isn’t allowing trackbacks. I started not including trackbacks due to trackback spam, which I just don’t have time to deal with. I have been going back and manually disabling trackbacks in older posts, but haven’t gotten to them all yet.

Trackbacks

  1. [...] = 'wpp-262'; var addthis_config = {"data_track_clickback":false};I’m a bit late, but here were my goals & sub-goals for last month, and here is my current [...]

  2. [...] if ( !(document.referrer.indexOf( 'mymoneyblog' ) > 1) ) { document.write('Six Ways Reading MyMoneyBlog Can Make You $100 Today!' + ''); } Should I diversify into REITs? if (( (document.referrer.indexOf( 'google' ) > 1) || (document.referrer.indexOf( 'msn' ) > 1) || (document.referrer.indexOf( 'yahoo' ) > 1) || (document.referrer.indexOf( 'aol' ) > 1)) && (document.referrer.indexOf( 'search' ) > 1)) { document.write(""); } var addthis_product = 'wpp-262'; var addthis_config = {"data_track_clickback":false};I thought I’d poke around online and read about some ETFs today and look for a suitable one for my Ameritrade account since I am just keeping $2k in there so I can have real-time quotes (part of this month’s goal). [...]

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