How to Set Up an Online Trading Account

These days, all brokers offer online trading capabilities. Some brokers provide web-based trading platforms that you can access from any computer while others require you to download trading platform software. There are also several other things you may need to do to make sure your trading setup works smoothly.

Suggestions

1. Get the fastest Internet connection you can from the most reliable provider. Trading software provides streaming data in real time that won't work properly over a slow or unreliable connection.
2. Select a broker. Brokers have similar trading platforms but cater to different clienteles. Some provide bare-bones service to experienced traders; others offer more support and advice. Some are strictly online; others have local branches that offer trading seminars for beginners. Talk to several to see with whom you feel most comfortable.
3.  Check with the broker to see if your computer meets its software requirements: processing speed, RAM and operating system.
4. Download, fill out, sign, and mail in the brokerage account application. If the broker you choose has a local branch nearby, you can open an account in person. In addition to the identifying information, you'll be asked for your employment status, annual income, net worth and investing experience and objectives. Brokers need this information to make sure your trading patterns conform to your stated objectives.
5. Decide whether you want a cash or margin account. Margin allows you to borrow money from your broker to buy more securities or to withdraw cash without having to sell your holdings.
6. Fund your account. The minimum opening balance varies from broker to broker but is usually less than $2,000. You can send a check or link your bank account to the brokerage account to transfer funds electronically.
7. Familiarize yourself with the trading platform before placing actual trades. A trading platform comes with a lot of features. Don't get intimidated. Most traders use about 20 to 30 percent of what's available, based on their trading style and method. Call the broker if you need help navigating through the platform.

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How to Compare Online Trading Platforms

Choosing the right trading platform will be a different process depending on your trading profile. The three major points on which online trading platforms differ are fee structure, financial advisory and user interface. Each trader will value these categories slightly differently, and none of the brokerage firms are identical in any of these categories.

Suggestions

1. Avoid paying too much attention to online trading platform review websites. Many of these websites are members of the affiliate marketing programs of various brokerages. This means that the website owners are paid a fee for every customer that a brokerage signs up from a link from their websites. As such, their reviews can't be counted on to be objective. Instead, consider your needs as a trader when comparing online trading platforms.
2. Examine the fee structure of the online trading platforms and compare it to your trading patterns. If you haven't traded before, consider spending some time with a virtual trading program offered by the brokerage of your choice to get a better idea of which fee structure will fit your needs. Traders who typically make only large-volume, infrequent trades will prefer trading platforms with lower, flat fees. Active traders who make many small transactions will prefer a fee structure that charges per share traded. Some brokerage firms also offer tiered trading fee structures.
3. Review the financial advisory services offered by the trading platform, if any. Full-service trading platforms may offer research alerts, personalized trading coaching and other services in return for additional fees. Some brokerage firms offer telephone trade execution for an additional fee or at the same fee as online trading. Traders who don't need that service may be better off looking for a brokerage that charges lower fees.
4. Learn about the user interface offered by the trading platform. Some brokerages only offer web-based trading interfaces. These are usually easy to use but aren't very customizable. Others offer a multiple-tiered user interface allowing beginning users to trade over the web and more advanced traders to download trading software. Discount brokerages aimed at professional traders usually offer stripped-down, highly customizable interfaces that can use third-party software with more features.
5. Select a brokerage firm that fits your overall needs. You can always switch firms if you're not satisfied with your current one. Look for a firm that offers free demonstration accounts so you can get a better feel for what it would be like to trade using its system.

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How to Buy and Sell Stocks on Etrade

Many people are turning to online sites in order to manage their investments. With a few simple clicks, you can buy and sell stocks without the need to speak to an accountant first. You will still pay a commission, but typical online investment fees are much less. Through eTrade, you can buy and sell your stock options securely online.

 

Suggestions

1. Open an eTrade account. Provide your financial details, contact information and then choose a login name and password in order to access your trading options.
2. Deposit money into your portfolio. After finishing your account application, you will need to deposit funds to start investing. You can transfer money from a bank account or credit card with the eTrade Quick Transfer tool
3. Receive advice from online eTrade advisors and stock charts. You can then directly access the stock you wish to buy from the Exchange Traded Fund Center from your trading menu by either performing a search or entering the stock symbol.
4. Decide on the number of shares that you wish to buy and enter that into the order menu. In order to complete the transaction, a $7.99 to $12.99 commission fee will be applied to your eTrade account as well as a 0.75 contract fee.
5. Go to the "Trading and Portfolios" menu on eTrade in order to see a stock if you wish to sell on eTrade. Choose the "Trade" option from the list of selections. You will then have to enter "Sell" in order to signify the order type.
6. Type the number of shares that you wish to sell of the particular stock as well as the stock symbol. Select "Market" when inquired for the price type of the stock you are selling. Save your changes in order to finish selling your eTrade stock.

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