We have been asked the illustrious question of “What Broker?” over our 15+ year combined career 10,000 times, easily. It’s gotten to a ridiculous point, so we figured we’d rip the band aid off quickly to get you started.
You know that one time that girl dumped you and ended up dating your friend, then everyone and their mothers ask you about it? That is what it is like when you are asked 100 times a day, every day the same question (I know cue the baby violin).
We digress, at the end of the day, it’s not your broker who is clicking the buy and sell buttons, it’s you. If you’re a brand new trader, you could have the fanciest setup, the most expensive platform & a million dollar account and it is VERY UNLIKELY you will find anything other than fast losses without a proper gameplan.
You’re not sprinting marathons day 1 out of the womb. You’re lucky if you do any walking in the first year, so let’s not even think about running yet! Trading is the same way, it’s a step by step process where you constantly have to build your skills and you will begin to see success.
If you can do the following :
- Formulate a Game Plan (entry, stop, trigger)
- Understand order types
- Understand how to read a chart
- Can explain your trading strategy or Edge
Then it is a valid question to ask. If you cannot answer those four questions with confidence, your broker is books, learning and nothing else until you get those four down.
If you can answer those four questions and have under $10,000 the answer is Robinhood. It’s free and when you don't have a big bankroll, paying commissions can kill your gains. Once you have over $10,000 then Etrade, TD Ameritrade or Scottrade is fine. The fee structures and platforms are comparable to the differences between Coke & Pepsi. They all have the same basic formats and charting software. (Thinkorswim has the most sophisticated charting software but the most expensive fee structure, so pick your poison.)
In summation: If you can answer the four questions then pass go. If you have under $10,000 to trade with, robinhood is the answer. If you have more and want to pay to trade then go to the triplets that all do the same thing for a fee.
Now you might be thinking “But Robinhood’s Charting Sucks!”
You are 100% correct which will lead us right into our next lesson on yet another FREE website that we use for our trades, yes we don't pay for any fancy shit, we use the same free shit you can use.
If you have made it this far and would like to learn more, DM us saying "Getting Started" on Instagram @TradingExperts and we will send you our 7 lesson program that covers the basic's any trader needs to know before tackling any marketSave