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"What brokers do you Use?"

 
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emma



Joined: 19 Nov 2014
Posts: 60

PostPosted: Thu Aug 20, 2015 11:12 am    Post subject: "What brokers do you Use?" Reply with quote

Let me start by saying that if any of you see information listed below that is incorrect about any of these brokers, please let me know so that I can fix it! But before I get into brokers, please note that the brokers I use are best for MY trading strategy. I don't believe there is one broker that fits everyone, and it is up to you to decide which broker(s) might be the best fit for you and the trading strategy that you implement. There are plenty of brokers out there that I don't know about or don't care to use, so don't limit your research just to this blog post. Listed below are notable brokers I use or that I have used and some info about each:

Interactive Brokers
Commissions: .005/share or 0.5% of total trade value, whichever is less expensive
Trading Platform: "Trader Workstation 4.0"
Platform Cost: Under $10/month
Required Initial Deposit: $10,000 (no requirement to maintain $10,000 in account beyond opening)

Interactive Brokers' main strengths are their low costs and their availability of shares to short. However, while Interactive Brokers typically has more shares to short than other brokers, don't make the mistake of thinking that it will be easiest to short the biggest pump and dumps here. They issue their shares on a "first-come, first-served" basis; and given the limited number of shares they usually have, they run out quickly. However, if you're looking to short and hold long-term, IB probably gives you the best chance of being able to hold the shares beyond the typical three day period. While I still have an IB account, I rarely use it anymore. They just don't have shares available for me often enough, I don't want to rush my entries trying to lock them up in the cases where they do, and I don't take long-term positions so that benefit is meaningless to me. IB enforces the $2.50 rule and the Pattern Daytrader Rule. One downside of IB is that they do not offer level 2 data for OTC stocks.
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emma



Joined: 19 Nov 2014
Posts: 60

PostPosted: Thu Aug 20, 2015 11:14 am    Post subject: Reply with quote

Hey:-), I am beginner in trading and would like to know that how would a beginner with low funds start if the option for brokers seems limited. Thanks in advance!!
day trading platforms
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