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Wednesday, January 23, 2008

Challenge Accounts: New Account to Open

Ok, I'm a bit bored. My trading accounts are 100% cash right now. I figure better to earn 3.18% on them, then buy something when the market is down about -12% so far this year. So what else can I do?

Well, I figured I'd open up a new account for the Challenge. To begin with, this will be a normal savings account. But I'll be rolling the account as it grows. So I decided to go ahead an open an Orange Savings account with ING that is dedicated to the Challenge Account. I had to stick something in it to open it up, so I broke Number 2 rule slightly. But I only dumped $2.06 in it. That's it. From here on out, it will adhere strictly to rule #2 for the account. As it stands, for money management reasons, I can have one trade in the optionsXpress account, as long as the total risk is under $100.00.

Challenge Accounts to Date:

Sharebuilder Balance: $130.77
optionsXpress Balance: $583.49
ING Orange Savings Balance: $2.06

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