STOCK CHARLES
STOCK CHARLES
Do I really need a ONLINE STOCK broker?
If not, how do I go about getting into BUYING STOCKS on my own?
Who are the best online brokers companies to work with...Charles Schwab, TD Ameritrade, Fidelity, Scott trade, Etrade, ABWatley Direct, Choice Trade, Firstrade, Interactive Brokers, MB Trading, Muriel Siebert, Options Xpress, Preferred Trade, Rush Trade, Share Builder, Terra Nova Trading, Trade King, Trade Station, Wall Street Electronica or Think & Swim???????
Why or why not??
TY for your time,
~Essence
No, you don't need an online broker, but your trading life will be MUCH easier if you have one.
There are a lot of good brokerages depending on what you like and how you trade.
Barron's has a great article on brokerages that they publish each year. (Latest one was in March 6, 2006 though the 2007 article “just” came out). Kiplinger does one too.
Here’s the link to the 2006 Barron’s article.
http://webreprints.djreprints.com/1550280182488.html
Here’s the link to the new Barron’s 2007 – Best online Brokers 3/5/07
http://online.barrons.com/public/article/SB117288684364425609-wsYkdd74F9ukYSQgQJifDpHYwsY_20070402.html?mod=mktw
Here’s the link to the Kiplinger’s July 2006 article which isn’t bad either.
http://www.kiplinger.com/magazine/archives/2006/07/brokers.html
For basic stuff, E*Trade, Ameritrade, and Scottrade are sufficient. For more complex trades, I'd recommend Optionsxpress, ThinkorSwim, or interactivebrokers.
Based on what you put in your question, I'd recommend one of the first three, but all are very good. Cheapest probably is scottrade (of the larger online firms). Yes there are cheaper like interactivebrokers, but you'll have to get used to their software based platform (which is doable). They're only about $1/contract on options!
Brokerages like Fidelity are horrible for anyone with any decent experience.
So, decide what's important to you as a trader and compare the brokers! You can use the article, or go to each website as they all seem to have comparison charts!
And if there are particular things that you want to mention as being most important to you (such as executions, cust svc, cheapest trade - which you mentioned, flexibility on allowing you to do certain types of trades, stop and stop limit orders, contingent orders, great graphing, what if scenarios, training, etc), I'll be glad to help discuss this with you too!
If you have any questions, let me know.
Hope that helps!
P.S. I just found a link to a review of reviews as well! Here it is:
http://www.consumersearch.com/www/internet/online-brokers/reviews.html
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