Tuesday, June 10, 2014

Review of discount online brokers::What Does a Stock Broker Do - Ask Jeeves







Review of discount online brokers::What Does a Stock Broker Do - Ask Jeeves








Daytrading               can               be               a               great               way               to               work               from               home               and               work               your               own               hours.

I               have               been               doing               it               for               about               7               years               now               and               have               had               a               great               time               doing               it.

The               fantastic               part               about               it               is               that               you               can               set               up               your               own               strategy               and               have               the               satisfaction               of               being               rewarded               for               your               efforts!

Firstly,               to               begin               with               you               have               to               ask               yourself               am               I               daytrading               material?

It               can               be               very               nerve               racking               watching               a               stock               that               you               just               bought               for               $15               a               share               go               to               $14               in               ten               minutes.

You               have               to               be               able               to               stomach               the               ups               and               downs               of               the               market.

Another               factor               is               the               amount               of               privacy               you               have               at               home.

You               need               to               have               a               distraction               free               workspace               so               that               if               you               need               to               make               a               trade,               nothing               will               prevent               you               from               doing               so.

Fortunately               enough,               the               speed               of               the               internet               doesn't               seem               to               affect               your               ability               to               access               the               sites               and               trade.

I               believe               that               it               is               even               possible               to               it               with               a               dial               up               connection.
               Secondly,               you               need               to               have               the               financing               available               to               get               started.

I               think               that               the               minimum               that               you               should               consider               is               $30,000.

Any               amount               lesser               than               that,               I               believe               is               too               little               to               be               able               to               have               enough               trades               in               the               hopper               to               be               effective.
               Lastly,               you               need               to               set               up               an               account               with               an               online               discount               broker.

Personally               I               use               Ameritrade               but               you               can               get               started               with               any               one               of               the               major               online               brokers.

The               reason               that               I               like               Ameritrade,               is               that               they               let               you               get               started               with               30               free               trades               the               first               month               and               I               think               that               the               fee               they               charge               of               $9.99               a               trade               is               very               reasonable.

The               important               thing               is               that               you               use               a               discount               broker.

I've               tried               using               full               service               brokers               and               they               don't               seem               to               do               much               better               then               I               do               at               selecting               stocks,               and               all               they               really               seem               to               be               good               at               is               taking               a               large               portion               of               your               profits!

Okay               now               your               ready!

Your               first               month               is               going               to               be               very               critical               because               it               will               determine               your               success               for               the               rest               of               the               time               that               you               are               going               to               be               trading.

Devise               a               strategy               based               on               what               You               think               will               work.

There               are               many               strategies               out               there               so               find               one               that               you               are               comfortable               with               and               run               with               it!

I               find               that               trading               in               100               increments               is               a               good               place               to               start               because               it               is               enough               to               make               a               little               money               in               a               trade               but               is               not               so               much               that               if               the               100               shares               goes               down               to               bad               it               won't               wipe               you               out.

I               try               and               stick               to               stocks               trading               at               $30               or               less,               that               way               I               can               have               at               least               10               trades               going               at               any               given               time.

I               think               that               stocks               are               priced               very               well               right               now,               and               if               you               have               the               courage               to               get               going,               it               would               be               a               great               time               to               get               started               in               daytrading.






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