Who iare good Brokers for a Newbie ?

Discussion in 'Retail Brokers' started by setu, Oct 13, 2009.

  1. setu


    I am just starting to trade so I need all the help I can get from trading various world markets including Indices, Options, Futures & stocks plus order placing to getting IPO's etc.

    I am able to do my own technical anlysis so that is not a problem but besides that I especially need a broker that is available to answer my questions.

    High commissions is not a problem since I want to learn. I want to start out with $10,000.00 account.

    Thanks in advance for any & all the help.
  2. I would look at Optionsxpress or ThinkorSwim
  3. piezoe


    There is no such thing as a "good" retail broker, as they all exist to get rich at your expense regardless of whether you make money or go broke, but some are less bad than others. For a beginner, probably Thinkorswim, owned by Ameritrade, is a less bad choice. They have better than average trader education and a live broadcast during the trading day from which the fundamentals can be learned. IB has some of the lowest commissions, but it is probably less suitable for a beginner. Study the broker reviews at ET.
  4. So you will loose. Point. Idiots never survive. Or... they learn the basics fast and are not idiots anymore.

    Here is somehting for you to think of:

    You really think your broker helps you making good trade decisions?

    Illusions. They are SALESMEN, or ORDER CLERKS. They will help you avoid stupid mistakes (like buying instead of selling when you want to close a position) as they are reflecting your order with a little more common sense than a web interface, but basically.... stay in simulator for a month, and if you are then still too stupid to make technical errors (i.e. buy instead of sell), then you should not trade.

    Besides that, real brokers are just an expensive way to enter an order. Computerized order entry is more efficient... and then the question really is... what the heck you want to pay for if you dont get a good return anyway?

    Education? Well, sign up with Ameritrade, Thinkorswim. Put the minimum amount in. Look at all the videos, close the account and start trading at a reasonable priced broker ;)

    At the end, you will have to realize that if YOU trade, it is YOU making the decisions. Blaming others wont work, so why have them there in the first place.
  5. Except for customer service, I think IB might be better. They generally do not allow huge leverage (small margin) like other brokers often do.

    Newbies get fascinated with the concept of 50:1 leverage. Veterans get fascinated with the concept of not blowing out their accounts one more time.
  6. I trade with just2trade , 2.50 on any amount of shares , .50 options. Margin
    rate is around 3 1/4 % , and very fast executions , and another one I trade is
    TOS , just plain the best.