What should I be wary of when opening a Scottrade account

Hi George,

Thanks for your question - it's a good one. The key to picking a good broker is finding one that serves your specific needs. We wrote an investment brokerage guide that helps you decipher your needs and the different kinds of brokers here.

It sounds like you plan on trading individual stocks on your own. (It's good that you've already accepted you could lose it all - since stock picking is risky.) If you plan on trading frequently, you want to find a brokerage that charges low commissions. You may also want to find a brokerage that provides you research for a minimal fee.

We've compiled a list of questions you need to ask a potential broker - and the answers you need to hear - when signing up for an account. You can find it here.

I've never worked with Scottrade - so I can't comment on them specifically. But, if you want to consider other online brokerages, check out our database of brokerages and reviews here. (There's at least one user review for Scottrade...we're still building.)

Finally, if you're just getting into investing, you might want to check out Cake Financial. Cake tracks your investments and performance and connects you with other investors. The site is so easy to use that I have to give them a shout out.

Hope this info helps,
Kristen