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The Wall Street Journal, which broke news of the sale, said it would “combine a Wall Street firm in the late innings of a decade-long turnaround with a discount broker built on the backs of dot-com day traders.”

TD Ameritrade rose 3.4% after rival discount broker Charles Schwab agreed to take it over for $26 billion.

So when discount broker Charles Schwab scrapped the $4.95 commission on all online trades, as a buy-and-hold investor I immediately thought, “Bad idea.”

So when discount broker Charles Schwab scrapped the $4.95 commission on all online trades, as a buy-and-hold investor, I immediately thought, “Bad idea.”

Eventually, I transferred my account to a discount broker and sold out of the investments he’d recommended.