Hi there!
I need a registered broker with a good support system. Could anyone advice me on this. Its urgent.
Thanks
I need a registered broker with a good support system. Could anyone advice me on this. Its urgent.
Thanks
- #6
- Dec 26, 2008 2:46am Dec 26, 2008 2:46am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Thanks guys for your swift response. Anyway, I intend starting with a $1000. Sure its ok to do with?
Cheers
You're "ok to do with".
At that level, you'll be dealing with a market maker.Most everyone here has had the experience of trading in and out of one of these shops.
No matter who you pick, you'll find some things you just don't like.
Find out the answers to some of these first (before sending $$):
1) How streamlined is the process to withdraw profits ?
2) Trading hours, when are they (broker) "offline" for "maintenence" or other excuses?
3) How much excess capital do they claim they have ?
4) Who are you REALLY dealing with and who are they fronting for ?
5) Where are they and how long have they been in business ?
after you know the answers to those and you've narrowed down the lesser of evils,
Find out:
6) How reasonable are the rollover rates ? They'll really put it to you at some places.
7) Are there any inactivity fees or other hidden account charges ?
8) How small can you trade ? With $1K account you don't want to trade very big at all
until you know what the firm and their trading platforms are really like under live conditions.
Even then, not too big with $1,000. Make it grow first.
9) Platforms & software. How comfortable are you with the dealing software ?
10) Any live support ? You'll eventually have an issue and does anybody hear you ?
Another thing, don't make your decision based on, "how tight is the spread ?"
In your case, a fixed spread might be to your advantage until you have a larger sum to trade with.
As you put on more lots and have more at stake, and are doing alot of fast trades,
then the spread becomes more of an issue. Not how tight is it but how REAL is it ?
You'll want to seek out real market prices, which are not fixed at all and you'll want to
move toward a model that offers open pricing with a commission based fee structure.
But that comes later. Make money first.
Lastly, don't shoot your entire wad. This better be money you could light on fire
and not even feel it. If not, you're already in trouble before trade #1.
If you're absolutely sure you can part with this money, with no regrets,
since some brokers are going to give you a hard time and others will be more agreeable,
have you considered having 2 or 3 accounts with a few hundred in each ?
You'll quickly find out under live conditions who you like and who you don't.
Broker X trades tighter on Cable. Broker Y spikes his price feeds on purpose.
Broker Z requotes constantly and I can't stand that, and so on....
All things to consider. There's about a dozen things I thought you might wanna hear.
There has to be dozens more that i've not even mentioned. Just enough to get you started....
- #8
- Dec 26, 2008 4:56am Dec 26, 2008 4:56am
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Well, lemme tell you like this:
I only know what I've personally been through, with regard to a given broker.
Your mileage may vary. For every posted opinion either for or against a particular firm,
there is usually some degree of personal experience being conveyed by the user.
I think that's almost unavoidable, because if someone's had a good go with a broker,
the opinion will likely be positive, even if the next guy trades at the same place,
at the same time, with the same amount of money and has something not go as expected
and viola, you've got two conflicting storys. One good and another bad.
I'll tell you this, deal with any of them long enough and you will find something you don't like.
A lot of times, you can get the issue resolved to your satisfaction.
Other times you won't and your arguement with them may not even be sound.
Maybe you're wrong on a particular occassion. The agreement you signed has within the
language enough if, ands, or buts to potentially refute almost any claim you might make.
In the interest of "pleasing some of the people some of the time", you could get some consideration.
Other times, it's just works out bad and you move forward, just like a stop getting hit.
Sometimes an error even goes in your favor (wouldn't complain about that, right ?)
So, first rule is if you come to play the game, PLAY THE GAME.
If you're trading thru one of these dealers, you're playin' the game, my friend.
Next rule is: KNOW THE RULES
The rules might change and you get what you get because of it.
You've accepted this as a trading condition when you applied for the account.
Whatever you assume, don't. You become accustomed to a particular manner of treatment
over a period of time with broker X and one day, per the terms of your agreement,
ABC happens and you go, "foul !" and they go, "not so fast.... let us tell you like it really is..."
"..Read pages 1,2,3,4,5 and the bottom of 7,8,9 and you'll quickly see that this risk of loss
was covered in the Aliens Have Landed clause of the account agreement and disclosure...."
If you became too comfortable with broker X and such and such happens, it's really on you, not them.
Never forget what COULD happen, on and during each and every trade and you've mitigated
a fair portion of the broker risk. Naturally, you still have to deal with market risk but,
that's a heck of a lot less aggrevating than broker risk. Just watch 'em.
Once you see and experience first hand something that you really don't like,
guess what ? You probably won't set up another condition like that again.
You might make the same trade, but with tighter precautions.
An example would be leaving a stop order open during the weekend and
having it trigger against you on Sunday nite during stop clearing routines.
Why would you do that ?
Eventually, you'll get to know your broker. When does the platform become irratic ?
When do they reject or slip you. Man, there's places I've been where they'll slip you on limit orders.
For a LIMIT order, not an M-I-T order, and I still paid too much. You gotta call 'em on stuff like that.
The worst crooks I've ever seen will usually fix a problem like that, so, keep your eyes peeled.
Another "rule": withdraw some profits, otherwise the market will remove them for you.
Keeping all you money and profits that you worked for and traded for all in one place is foolish.
What if something happens ? Atleast withdraw your initial investment and trade the profits.
These "rules" are just things that make sense to me. They may not hit home for others.
You may or may not agree with them. Doesn't matter. It's what I've tested on my end.
If I say it's raining, other guy says it's not. We're in 2 different towns. Maybe we're both telling the truth.
I assume you get what I'm saying.
There's waaaaay too much to share on this topic and after you've gotten a huge dose of it all,
if it won't make you any money, what's the point ? I think the point is, if being witness to
the mistakes of others can forewarn you of a possible unfavorable outcome, you'd atleast want to know.
The frustration will come when you are forewarned and still make the same mistake.
Anger can set in when you've made the same mistake a few times. Don't let it consume you.
Knowledge will begin to take hold when you avoid that same mistake.
I cannot speak of wisdom. I don't have any. Just the ramblings of an old market fool, trying to stay young.
Do with it what you will. I'm pulling for ya'
I only know what I've personally been through, with regard to a given broker.
Your mileage may vary. For every posted opinion either for or against a particular firm,
there is usually some degree of personal experience being conveyed by the user.
I think that's almost unavoidable, because if someone's had a good go with a broker,
the opinion will likely be positive, even if the next guy trades at the same place,
at the same time, with the same amount of money and has something not go as expected
and viola, you've got two conflicting storys. One good and another bad.
I'll tell you this, deal with any of them long enough and you will find something you don't like.
A lot of times, you can get the issue resolved to your satisfaction.
Other times you won't and your arguement with them may not even be sound.
Maybe you're wrong on a particular occassion. The agreement you signed has within the
language enough if, ands, or buts to potentially refute almost any claim you might make.
In the interest of "pleasing some of the people some of the time", you could get some consideration.
Other times, it's just works out bad and you move forward, just like a stop getting hit.
Sometimes an error even goes in your favor (wouldn't complain about that, right ?)
So, first rule is if you come to play the game, PLAY THE GAME.
If you're trading thru one of these dealers, you're playin' the game, my friend.
Next rule is: KNOW THE RULES
The rules might change and you get what you get because of it.
You've accepted this as a trading condition when you applied for the account.
Whatever you assume, don't. You become accustomed to a particular manner of treatment
over a period of time with broker X and one day, per the terms of your agreement,
ABC happens and you go, "foul !" and they go, "not so fast.... let us tell you like it really is..."
"..Read pages 1,2,3,4,5 and the bottom of 7,8,9 and you'll quickly see that this risk of loss
was covered in the Aliens Have Landed clause of the account agreement and disclosure...."
If you became too comfortable with broker X and such and such happens, it's really on you, not them.
Never forget what COULD happen, on and during each and every trade and you've mitigated
a fair portion of the broker risk. Naturally, you still have to deal with market risk but,
that's a heck of a lot less aggrevating than broker risk. Just watch 'em.
Once you see and experience first hand something that you really don't like,
guess what ? You probably won't set up another condition like that again.
You might make the same trade, but with tighter precautions.
An example would be leaving a stop order open during the weekend and
having it trigger against you on Sunday nite during stop clearing routines.
Why would you do that ?
Eventually, you'll get to know your broker. When does the platform become irratic ?
When do they reject or slip you. Man, there's places I've been where they'll slip you on limit orders.
For a LIMIT order, not an M-I-T order, and I still paid too much. You gotta call 'em on stuff like that.
The worst crooks I've ever seen will usually fix a problem like that, so, keep your eyes peeled.
Another "rule": withdraw some profits, otherwise the market will remove them for you.
Keeping all you money and profits that you worked for and traded for all in one place is foolish.
What if something happens ? Atleast withdraw your initial investment and trade the profits.
These "rules" are just things that make sense to me. They may not hit home for others.
You may or may not agree with them. Doesn't matter. It's what I've tested on my end.
If I say it's raining, other guy says it's not. We're in 2 different towns. Maybe we're both telling the truth.
I assume you get what I'm saying.
There's waaaaay too much to share on this topic and after you've gotten a huge dose of it all,
if it won't make you any money, what's the point ? I think the point is, if being witness to
the mistakes of others can forewarn you of a possible unfavorable outcome, you'd atleast want to know.
The frustration will come when you are forewarned and still make the same mistake.
Anger can set in when you've made the same mistake a few times. Don't let it consume you.
Knowledge will begin to take hold when you avoid that same mistake.
I cannot speak of wisdom. I don't have any. Just the ramblings of an old market fool, trying to stay young.
Do with it what you will. I'm pulling for ya'
