This online broker is more focused on their trading platform. Their services are expensive and top notch. Geared for back testing research. If you are interested in black box trading systems, and algorithmic stock trading, this is the company you’re looking for. Trading systems are developed and implemented on their platform. Performance of stock trading systems are tested on past market data. You can try different systems that are already published, and even develop your own. It’s no secret that billion dollar hedge funds spend time back testing different strategies. They have all the standard broker features, charts, conditional orders, alerts, great customer service etc. It’s worth checking out. This online broker is rated #1 by Barrons 2013. Open an Account with TradeStation. Trade free for 60 days!
This premium online broker has the lowest commissions. As you know by now, most stock traders have at least two accounts. Other brokers have their strengths, and Trade King has the cheapest commissions around. Keeping costs down is essential. The active trader needs to make multiple trades a day. Sometimes 10 to 20 trades a day is common. Commissions add up, and if you’re serious about business, you need to keep costs down. They have the standard charts, streaming quotes, and much more. Stay tuned into the market action with their mobile apps.
Tips: Choosing An Online Broker
Try Different Brokers
Too many traders rely on reviews. In reality you don’t know unless you try it for yourself. You can always withdraw your money and take your business elsewhere. What works really depends on the individual trader, his trading style, tools they like to use, etc. It takes time to investigate, and you can only kick the tires for so long. You must go on a test drive. Try different brokers. It really does take time to find your way around a stock trading platform. Every broker is different. Functionality and friendly user interface will make things easier during tense times in the market. Get to know the different platforms out there.
The Industry Is Always Changing
New Tools and software are always being developed. A top broker today, could be non existent after each bear cycle in the market. It’s just the nature of the beast. Stock trading platforms keep getting better. Open outcry markets, have transitioned to all electronic trading systems and data. It important to keep an eye out for brokers that are new and have other benefits to offer. When looking for an online broker, try to figure out what features you would like to have. There are a few factors most traders pay attention to. Access to stock charts are very popular. Cheap commissions of course. Most important is the flexibility and ease of platform usage.
Get an Online Broker That Fits You
Commissions have always been the focus of professional stock traders. However, it’s important to know what type of trader your are. Are you an active day trader? Or more like a trend follower that makes a few trades a month. If you trade technically, you want an online broker that has a strong chart platform. If you mostly make decisions based on financial information, you want a broker that has access to research. Sometimes you want both. No single broker can cover all bases. Perhaps that is why traders hold more than one account. The market changes, and your strategies will change as well. Remember to adjust and go with what fits for now.