Best Broker For Day Trading, How to Find the BEST Penny Stock Brokers – Day Trading Futures.
What are the best penny stock, brokers? What are the worst brokers? I’ve tried them all… SUBSCRIBE: https://bit.ly/2MDNeVq to get INSTANT alerts when I post a new video outlining my penny stock trading techniques.*
I’ve had dozens of brokers in my life, maybe even hundreds at this point. I think I’ve probably tracked over 100 because I tried different brokers for different things. In the past, I’ve made money going long penny stocks, buying them. Lately, I’ve been dip buying them, so for that strategy, pretty much any broker is fine. I use E-Trade and Interactive Brokers, but you can use Schwab, or Fidelity, or TD Ameritrade, or even Scott Trade for dip buying penny stocks, because it frankly just doesn’t matter. You want a big, well-known broker that has decent executions, very little commissions, and you know, basically does the job of what a broker should do. I would caution you, though, even if you are taking one of these brokerage accounts, don’t over trade, okay?
I also would caution you against using a prop firm, or these hedge funds, or Robin Hood. You know, Robin Hood offers no commissions. Everyone’s like, oh, I’m saving so much on commissions! But you’re getting screwed on terrible execution. So, you’re saving $5 or $10 on a commission, and then you’re losing $50 or $200 due to bad executions and fewer services than a regular broker. It’s just a marketing scheme, so don’t fall prey to that. Also, if there are no commissions, you feel no responsibility whatsoever as to how much you should be trading, and I see a lot of people over trading who had Robin Hood accounts because they’re like, oh, I’ll just put $5 in this stock, I’ll see, I’ll put $10, I’ll put $50, and they’re just throwing money out because it’s fun, because they like the action. That’s a very dangerous thing, okay?
You do not want to give into the addiction that the stock market offers you, that trading offers you, that penny stocks offer you. You have to be in control really, so I like the commissions. I don’t mind paying commissions. I don’t mind paying a lot of commissions if there’s a good enough trade, you know? I don’t mind paying double commissions if the broker can find me shares to short of a hot penny stock that I think is going to tank. It’s all about what is your overall profit and loss. Don’t be so cheap as to think you need to save money on commissions. I have never met anybody who became a millionaire based on saving commissions, okay?
People become millionaires because they have the right strategy, they have the right process, they have the right discipline. Commissions are, you know, negligent. Commissions are such a small part of the game, but these commission-free brokers appeal to the masses, and they appeal to coupon clippers who think they’re going to get rich saving on commissions. You will not get rich that way. Focus on learning useful strategies. Focus on the real things that matter instead of being so cheap. These are like the same kind of people that are so cheap they refuse to invest in their education.
The same thing to brokers. Don’t cheap out on a broker. It will cost you so much more in the long run. I use E-Trade and Interactive Brokers, two decent brokers, nothing great, nothing outstanding, but it’s safe, and frankly, reliable. That’s what I think about brokers. You are warned, if you use one of these off-shore brokers, or these hedge funds, or these prop firms, or these startups, you might do a little better in the short run, but in the long run, trust me, it’s going to be vastly more expensive.
* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here: https://www.timothysykes.com/terms-of-service/.
, Best Broker For Day Trading
Day Trading Futures How to Find the BEST Penny Stock Brokers.
Find Trending info About Day Trading Futures.
Day trading is conjecture in securities, especially dealing financial tools within the same trading day, such that all settings are closed prior to the market shuts for the trading day. Investors who trade in this capability with the intention of revenue are therefore speculators.
- Day traders are traders who implement intraday strategies to benefit off price changes for a provided property.
- Day traders employ a wide range of strategies in order to take advantage of market inefficiencies.
- Day trading can be a lucrative endeavor, but it likewise includes a high degree of threat and uncertainty.