Day trading discount broker
You need a good job, but the best ones out there are flipping burgers or retail clothing sales. What you need is a path toward financial independence. So you need to understand what online brokers like Ameritrade can do for you. Day trading is unique in all the stock market trading arts.
It requires a strong stomach for risk and a willingness to put in the screen time to spot trends and jump on them. It also means that you need to be able to make multiple trades per day. That is the one drawback to Ameritrade: What you might want in a brokerage house that works online is a smorgasbord of options, like low costs, premium research, top-of-the-line strategy tools and a trading interface that can offer everything.
It helps to test out brokers extensively before settling on one. Ameritrade is a well-known brand that has been around since the late s. What might put Ameritrade in a good spot is its advanced trading tools. The third-party research in particular is very robust. You can choose from all sorts of research that can aid you in finding stocks to trade each day, as well as instructional videos and streaming news from CNBC. Beyond cost and ease of use, Fidelity also finished 1 for research tools.
OptionsHouse has been rated the 1 platform for Options Trading the past seven years. Merrill Edge is the online broker of Bank of America and is available to all investors, regardless if they are a current BofA customer. Like TD Ameritrade and ETRADE, Merrill Edge is well-rounded; however, it has a huge advantage over all other brokers thanks to its Preferred Rewards program where customers can earn free trades, credit cards bonus cash back, priority customer service, and more.
I have personally been using the program since it launched in With its competitive commission rates for stocks and options trading, investors who have previous market experience will find themselves right at home. However, unless you are already an Ally customer, you will find that there are better offerings available. Having the best stock broker to serve individual needs is very important for any investor. For example, cheap trades most often come at the expense of less research tools and a more simplified trade platform.
Consider these 12 key factors to help compare all stock brokers and ultimately find the best broker to suite your needs. Trade Commissions What does it cost to buy shares of stock? Does the fee change based on the type of order or size of order? To keep it simple, look for brokers that offer flat-fee trades, ie charging a flat rate regardless of the type, price of the stock, or size of the order.
Customer Service When picking up the phone or emailing a broker, is a well trained customer service representative ready to assist? How any investor is treated as a client is more important to some than others. Trading Tools Trading successfully is a lot easier when investors have great tools at their disposal.
A top stock broker should offer access to a wide variety of trade tools to help make the most of each and every trade. From real-time streaming quotes to last sale tickers, quality stock scanners, mobile trading apps, and level II quotes to name a few. Strong tools are essential for active investors. Account Minimums Some brokers allow you to open an account with no minimum deposit while others may require several thousand dollars.
Also know that some brokers require higher minimums to gain access to premium platforms, functionality, and personalized support. Market Research A good online broker will provide a variety of market research tools. The rule of thumb here is simple: Investment Options A online stock broker should offer access to not only trading stocks, but also a strong selection of no load mutual funds, commission free ETFs, and complex options.