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

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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.

“My Money Blog has partnered with CardRatings for our coverage of selected credit card products. My Money Blog and CardRatings may receive a commission from card issuers. All opinions expressed are the author’s alone, and the content has not been provided nor approved by any of the companies mentioned. Thank you for supporting this independent site.”



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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.

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