stock markets, this is the time to start getting back in. Well, in
fact, you may be a bit late, the market hit its most recent low point
at the beginning of March 2009 and has been going almost straight up
ever since. Most people think it is overbought and needs to pull back
a bit, so a lot of investors are waiting for the markets to fall back
a bi so that they can get in. Unfortunately, the markets seem to have
a mind of their own, either that or there are some very rich and
powerful people controlling everything, and if people are expecting
the markets to pull back then they will probably do just the opposite.
So, if you are thinking of getting back into the stock market, or
getting in for the first time, then you may wish to heed the following
tips and advice for online stock trading and choosing an online
broker..
First and foremost it is important to realize that your PC in all
probability is not directly linked to the stock exchange.
Consequently, when you click to place an order things do not
happen instantaneously. The order first has to travel via your online
stockbroker, and online stockbrokers are not 100% accurate at all
times. As I have found out to my cost. They are also very reluctant to
own up to mistakes. So bear in mind that your order may take a few
seconds to negotiate its way through cyberspace.
You need also to be sure that the online quotes displayed on your PC
screen are true real-time. For this you would be better off relying on
personal recommendation from someone you trust if at all possible, as
unfortunately some brokers have been known to have errors in their
software.
Stockbrokers do make mistakes and sometimes end up with hefty fines
from the SEC e.g. TDWaterhouse which was fined $225,000 by the
NYSE for "problems related to World Wide Web site failures that
prevented it from filling online stock orders" in 2001
Don't accept the first price your broker quotes you. If you are not in
a hurry try phoning them up and asking them if they can give you a
better quote, inside the spread. They may oblige and they can only say
no so you have nothing to lose. Be friendly with your online broker
chappie.
Get information to substantiate claims your potential broker may make
concerning how easy their system is to use.
Make sure you know the difference between market price and limit
price, don't ever place a trade and say get me the best price you can
whenever you can, you may get a very nasty surprise.
Also make sure you know what stop losses are and use them.
Make sure you understand the risks involved in buying on margin i.e.
on credit.
Ask the broker about website downtime and breakdowns and various
interruptions that may impact your ability to trade. Check with other
people who use their system if at all possible.
Check that they have an alternative order execution system in case of
problems with their online system.
Check that your name and address will not be farmed out via mailing
lists to all and sundry.
Make sure you understand what commissions and fees are involved, they
can soon add up.
Check to see if you have access to Level 2 information. Level 2 gives
you more detailed information about stock prices and where they are
likely to go in the next few minutes/hours. Such information is useful
to know to time your trades so that you are not buying when it is
clear that the price is headed down.
Check customer service before you sign up by asking them ridiculous
questions and being a pain to see how they react.
You must of course maintain your own records of any trades you place.
Check the status and history of any online broker to see if they have
had problems before.
You will generally find that it is a broker's attitude to sorting out
problems that sorts out the good ones from the cowboys, so you really
should get as many personal recommendation as possible before handing
over any cash.
So that's it, remember that if you are trading by yourself online with
a non-advisory account, then brokers are like bankers they are not
there to make you rich, they are there to provide a service in
exchange for fees.
Making Money In Stock Trends: http://www.trdeshadow.tk/
w.tk/
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