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.

______________________

Custom Business Cards

$86.90 - Real Estate Agent Business Card (White Linen)

$91.90 - Insurance Agent Business Card (Eggshell)

$91.90 - Loan Officeer Business Card (Eggshell)

$80.90 - Sales Rep Business Card Template (Eggshell)

$78.90 - Iridescent Pearl Finish

Weekly Planners

$30.95 - Weekly Planner Notepad (White)

see on 2 styles or 2 products

$30.95 - Weekly To Do List Notepad (White)

see on 2 styles or 2 products

$30.95 - Weekly Planner (Bright Pink) Memo Pad

see on 2 styles

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.

______________________

Custom Business Cards

$86.90 - Real Estate Agent Business Card (White Linen)

$91.90 - Insurance Agent Business Card (Eggshell)

$91.90 - Loan Officeer Business Card (Eggshell)

$80.90 - Sales Rep Business Card Template (Eggshell)

$78.90 - Iridescent Pearl Finish

Weekly Planners

$30.95 - Weekly Planner Notepad (White)

see on 2 styles or 2 products

$30.95 - Weekly To Do List Notepad (White)

see on 2 styles or 2 products

$30.95 - Weekly Planner (Bright Pink) Memo Pad

see on 2 styles