What’s a brokerage account and how does it work? There are many different types of brokerage accounts ... but here’s one that I really want you to focus on.
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First, let’s talk about full-service brokerages. Sound kinda old-school? It is. But they still exist today. You could actually go to a brokerage firm and sit down with an advisor. You’d talk about your goals, what kind of trading you want to do, and how much money you have to trade...
Of course, you gotta pay for that service. There are some bonuses ... These firms have experience, assistants, and a full staff. They can give you professional advice — but definitely not for free. And it may not quite fit your day trading needs.
Here’s what might suit you better: a discount brokerage. These started in the dot-com boom, in the early days of the internet. With internet access, you can now trade your own stocks. You don’t have to call up a broker and say, "Buy this stock. Sell this stock." The internet and personal computers make it possible for you to do it yourself.
So you can eliminate some of the human interaction with electronic trading. And that means you can lower your costs. For new traders especially, that can be key. Why pay some broker’s salary to execute the trades for you when you can do it yourself? That can just eat into your profits.
There are also independent brokers. As a day trader, you won't necessarily use these kinds of brokers. But you should still know how they work. These are generally smaller firms that invest over longer terms. They can be a good option for retirement or longer-term accounts.
So check out these different types of firms and educate yourself. Study everything you can about the markets. Things change a lot — there's always something new. It’s important to have a thirst for knowledge. Understand how brokerage accounts work and build your knowledge account every day.
Always be aware of your options and how you can lower your costs as a new trader!
#StocksToTrade #StockMarket #Brokers
*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
You can lose money trading stocks. Do not invest money you cannot afford to lose. You understand and agree you will consider the important risk factors in deciding to purchase any of our products or services.
🔴 Subscribe for more free Stock Trading tips: YouTube.com/StocksToTrade
Share this video with a fellow Trader: https://youtu.be/-gL8H1gUAKA
✅ Links we mention and recommend:
Try StocksToTrade for $7: https://stockstotrade.com/14daytrial/
Get our FREE weekly watchlist here: https://stockstotrade.com/watchlist
Check out the SteadyTrade podcast: https://steadytrade.com
✅ Recommended video: https://youtu.be/wPSA7pghS4Q
✅ Recommended playlists:
Stock Trading 101: A Day Trader's Guide: https://www.youtube.com/watch?v=G_v3GMkKCjk&list=PLWWz2BSabm3bG64ohfJ-CnnVTjLCWwvei
Advanced Stock Trading Tips: https://www.youtube.com/watch?v=OXLs_-PgMUk&list=PLWWz2BSabm3YCZdk7ocrBXGJaLVXXFUYb
StocksToTrade Software Tips and Tricks: https://www.youtube.com/watch?v=jiTi-chHNyo&list=PLWWz2BSabm3ay_lvQC9JN_1niB78bI7ga
Weekly Trading Recap Videos: https://www.youtube.com/watch?v=_n0XaDt1XFY&list=PLWWz2BSabm3b3-4DcEx98TzNPLAKcq6ES
✅ Follow StocksToTrade on social media:
Instagram: https://www.instagram.com/stockstotrade/
Facebook: https://www.facebook.com/StocksToTrade/
Twitter: https://twitter.com/StocksToTrade
First, let’s talk about full-service brokerages. Sound kinda old-school? It is. But they still exist today. You could actually go to a brokerage firm and sit down with an advisor. You’d talk about your goals, what kind of trading you want to do, and how much money you have to trade...
Of course, you gotta pay for that service. There are some bonuses ... These firms have experience, assistants, and a full staff. They can give you professional advice — but definitely not for free. And it may not quite fit your day trading needs.
Here’s what might suit you better: a discount brokerage. These started in the dot-com boom, in the early days of the internet. With internet access, you can now trade your own stocks. You don’t have to call up a broker and say, "Buy this stock. Sell this stock." The internet and personal computers make it possible for you to do it yourself.
So you can eliminate some of the human interaction with electronic trading. And that means you can lower your costs. For new traders especially, that can be key. Why pay some broker’s salary to execute the trades for you when you can do it yourself? That can just eat into your profits.
There are also independent brokers. As a day trader, you won't necessarily use these kinds of brokers. But you should still know how they work. These are generally smaller firms that invest over longer terms. They can be a good option for retirement or longer-term accounts.
So check out these different types of firms and educate yourself. Study everything you can about the markets. Things change a lot — there's always something new. It’s important to have a thirst for knowledge. Understand how brokerage accounts work and build your knowledge account every day.
Always be aware of your options and how you can lower your costs as a new trader!
#StocksToTrade #StockMarket #Brokers
*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
You can lose money trading stocks. Do not invest money you cannot afford to lose. You understand and agree you will consider the important risk factors in deciding to purchase any of our products or services.
🌐🌏🌍🌎🇵🇭🚩🏴💫🕊ono
How do I own a brokerage firm and what qualifications do I need ? Thanks boss for your support
fathi medos fes said thank you so much
Hey my guy, not trying to troll, but when you referred to brokers as "guys" and "he" I left. Try being more inclusive in future videos to reach a wider audience. Cheers.
Is it a good idea to have a stock broker in Uk.
The title of this video should be “Different types of brokerages” … listening to him say I need to look up how brokerages work is kinda tilting b/c that’s literally the name of the video
at the end of the video he tells you to "understand how a brokerage works and build that knowledge". why? because he doesnt actually tell you. i dont really care about dan akroyd.
"…the question was was all this legal… Absolutely not."
hi, nice video.
Could you please tell me what could be the possible entry barriers for opening an online equity brokerage firm?
mo
Keen to learn. Can you please advise me on any books for buying and selling stocks and all the different types of brokers available in East Flanders, Belgium?
This video doesn't explain how brokerage companies work
Anyone else just watch wolf on wallstreet and now wants to be rich
Nice!
Hey there. I'm a new sub, also new to trading, so I'm absorbing everything I can from you and brother Sykes. I just heard the news about the Charles Schwab TdAmeritrade E-Trade etc. Bringing their fees to zero. How is that going to effect the investor and what can we do to prepare ourselves for it? Thank you.
Now that interactive brokers switch to no commission trades to be more competitive now tdameritrade has followed suit and will now offer no commission trades. I hope this does not mess up the execution because they had great execution always and I've been with them for 20 years. Well started with Datek online and then being absorbed by Ameritrade.
Hi Tim… I'm a new sub.. I'm in it for the long haul.. all the way ! learning everything I can till success and then learning more… I want to be great so I can later help others be great, and give back…. excellent starting info on this video…
I'm sure you will be seeing more of me
-serf
todays main question is why do you think nio, the chinese electric car company which is failing has a spike in their stocks and huge volume. why do you think the stock is moving, would it be china buying and selling through us channels?
lot`s of questions, i don`t even know where to start. I will write them down this week and send them your way. Thanks for the help. If it ever stops raining in michigan i might have a cool deer story also.
Hey Tim, I follow you and Sykes almost religiously. Good beginners vid, once I start really trading at the start of next year, Ill definitely be trying out the brokerage integration feature. My question/recommendation for you is if you guys could make a beginners video about understanding some basic financial forms like an 8-K or 10-Q. This is one my weak spots, and Id like to pick your brain about the thought process to take when looking at a company's fundamentals. Thanks again for the vid!
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