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Finance

Trading Stocks Online: A Guide For Beginners

Personal Stock-Trading Services

Before you can begin buying and selling stocks, you need to decide which online trading service you want to use. Rob Beauregard, director of public relations for Fidelity Investments, says choosing your brokerage partner carefully can directly affect your bottom line.

“The best piece of advice for an online trader is to choose your brokerage partner with open eyes,” Beauregard told Business News Daily. “Know their pricing, service, investment choices, education and research resources, and security practices. No one should just rely on their gut instincts or the tip from their friend or neighbor anymore. The resources easily accessible to them to generate and validate investing decisions are too valuable not to utilize.”

When you’re looking for an online broker, consider the costs of each service the brokerage provides and the level of support you will need from qualified brokers. Business News Daily’s sister site Top Ten Reviews offers an overview of a number of trading services, with ratings for their fees, research tools, mobile access and investments offered.

As a beginning trader, you may wish to start with a company that can provide personal advice for your investments. As your skills grow, you may wish to ensure that the brokerage offers tools to engage in advanced trading, including short selling and margin trading. The following are popular services known for the quality of their services and support:

  1. E-Trade
  2. ShareBuilder
  3. Fidelity
  4. Scottrade
  5. TD Ameritrade

Some companies, such as ShareBuilder, also offer functions similar to banks, with ATM cards that give you access to noninvested money, or the option to invest your cash in a money market fund to earn a slightly higher return than a traditional savings account.

If you prefer to be a do-it-yourself trader, you can make use of discount online broker services. These services allow you to buy and sell not only stocks, but also options, mutual funds, exchange-traded funds, fixed income funds, bonds, certificates of deposit, retirement accounts and more. You ultimately get to make the final decision on each investment and whether or not to buy or sell, and you don’t need a large sum of money to start.

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