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Saturday, August 30, 2008
The Best Online Broker For Beginning Traders
One of the first decisions that the new online trader has to make is which online stock broker to sign up with. There are hundreds of online brokers to choose from, so it may be hard to figure out the best choice for a beginner.
You can easily narrow down your list if you understand the requirements of a beginning trader. One thing to keep in mind is that as a new trader, you won't be using the advanced tools needed by more experienced traders or day traders. Since your trading with be pretty straight-forward, at least in the beginning, then the basic tools of most brokers will suit your requirements just fine. So really, you want to find a broker who is rock-solid in ease of use, customer support and overall quality of service.
Once you have a list of quality providers, the beginner should focus on finding the cheapest broker. That is because early on in your trading career, the beginner will tend to place smaller trades. These are trades for small amounts of money or a small amount of shares. And also because the beginner will also not hold those trading positions long, on average.
The reason for both of these is that a beginner naturally goes through a period of trial and error. As they try out strategies, they will place lots of trades and turn them over quickly.
So having a cheap online broker is very important. A beginner should be able to place small trades as they experiment and not have to pay huge commissions. This is an important part of the learning process and the beginner can 't be punished by large trading fees for doing this.
To view a comparison chart of discount online brokers, visit, Online Broker Comparison Chart
Daniel B. Johnson is vice-president of a wireless communications company based in Dallas. He maintains a successful online trading career on a part-time basis to earn an additional income stream.
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