Let’s go over the top three things to avoid in a broker and how all these things can really cost you money and eat away at your account.
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When it comes to stock brokers — there's reputable ones, intermediary ones and really sketchy ones. So what should you avoid?
Number one: Avoid brokers with ridiculous leverage. Leverage can be very attractive to new traders. As a new and growing trader, your goal is to make good trades. But the simple fact is, you're going to make mistakes. You do not want to compound those with ridiculously high leverage. Remember, leverage amplifies everything.
Number two: Look at the fee structure… especially these brokers that allow you to short these really hard-to-borrow stocks. I know it's attractive to short these penny stocks, these big runners. But you end up paying tremendous fees for the “privilege” to short the stock. Don't just sign up with any broker. Know what you're paying and review it.
Number three: Brokers that don’t allow specific order types or specific times to trade. For example, you want to avoid a broker that only allows market orders. If you're under the PDT, you're going to be overnighting trades. As a new trader, you should avoid pre-market and after hours for new positions but if you're just looking to exit, that’s fine. Make sure you can do limit orders. Make sure you can do stop-limit orders. You need the ability to exit your positions in pre-market or after hours. If you can't get out, things can get messy once the market opens.
Be diligent. Look for these fees. Make sure you research and find a good broker.

#StocksToTrade #StockBroker #Broker
*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.

By Stock Chat

where the coffee is hot and so is the chat

22 thoughts on “Three reasons you should stop using your stock broker”
  1. Avataaar/Circle Created with python_avatars Kusha Rai says:

    I am new here in uk so how i can start my trading can you help me

  2. Avataaar/Circle Created with python_avatars Walter Harris says:

    Super helpful Tim thanks

  3. Avataaar/Circle Created with python_avatars Skylor M says:

    How do I get into stocks, I'm 18 and I want to start making my money to work for me

  4. Avataaar/Circle Created with python_avatars Harlem Sounds says:

    I invested in a broker ..came to the end point to withdraw…paid my fee …does he have to give me my money if he is real..he saying he is holding my money because I bad mouthed him

  5. Avataaar/Circle Created with python_avatars Jake Tucker says:

    HI THANK YOU FOR ALL INFO. I BEEN TRADING FOR ABOUT A YEAR THE MONTH OF NOV EVERYTHING SAID I WAS DOING GREAT THERE ANTTLIST SAID I WAS UP 30G EVERTHING WAS PERFECT EXCEPT MY STATEMENT DIDNT SHOW ANY PROFFITS OR LOSES BUT ACCOUNT SHOWS UP 75% PERFORMANCE SHOWS BIG WINS BUT THE BROER SAY LOOKS RIGHT E*TRADE ANY CHANCE YOU HEARD ANYTHING LIKE THIS OR ANYHELP MAKING SINCE OF IT ?

  6. Avataaar/Circle Created with python_avatars Truth Defender says:

    Misleading title

  7. Avataaar/Circle Created with python_avatars Joseph Balliro says:

    paper trading now thanx for the broker advice god bless you tim

  8. Avataaar/Circle Created with python_avatars Sam A. says:

    I have a cash account and I’m focusing on learning how to buy first then as my account grows if I feel I’m ready I can go to a margin account , it also keeps me under the PDT

  9. Avataaar/Circle Created with python_avatars T says:

    Thanks!

  10. Avataaar/Circle Created with python_avatars Peak Oz says:

    Hate the fee structure but have not alternative. Every land has few good broker lynx is the only alternative in Germany to trade pennystocks

  11. Avataaar/Circle Created with python_avatars Diesel Day Trading says:

    where did Stephen go did he quit trading lol

  12. Avataaar/Circle Created with python_avatars Scott B says:

    Tim B, have you seen $SOLY from 5-11 Jul. A lot of days appeared to be similar, if not exact gap/crap VWAP strategy you talked about. 10 Jul looked like a great VWAP consolidation along VWAP for a great swing on the 11th. Thoughts?

  13. Avataaar/Circle Created with python_avatars George Wilson says:

    HI Tim,
    I wanna know how a stop limit works

  14. Avataaar/Circle Created with python_avatars yas78687 says:

    Why do you advise people to avoid Forex? And what about futures?

  15. Avataaar/Circle Created with python_avatars Артем Заянчковский says:

    🙂

  16. Avataaar/Circle Created with python_avatars Patrick Aryee says:

    Thanks

  17. Avataaar/Circle Created with python_avatars Mente Positiva says:

    Hi TIM… can I use $tockstotrade paper trade with out having a broker account yet? Im in Costa Rica have been studying for the pass year and I what to se if I can do that before I open my interactivebroker account since I think is the only broker that I can use… unless you can help me with that and gave me some names o brokers that do international accounts..

  18. Avataaar/Circle Created with python_avatars Be Free says:

    I trade on webull which is nearly free. They have full before and after hours. They also have all order types.
    They don't have trailing stop loss yet. NO PDT RULE on cash account.
    3 questions
    Does StT have trailing SL?
    Does any broker do stop losses during after hours or pre-market?
    What program gives us your live trading chat room?

    Tired of waking up and seeing my stocks down 20% blow right past my stop loss!

  19. Avataaar/Circle Created with python_avatars Omar Roache says:

    Thank u

  20. Avataaar/Circle Created with python_avatars Howard Thurman says:

    Thank you for the advice.

  21. Avataaar/Circle Created with python_avatars Keith Lee says:

    Wondering are there any brokers I can use in the UK that people might recommend I investigate? and what do you like about them?

  22. Avataaar/Circle Created with python_avatars StocksToTrade says:

    Have you been burned by a broker? After a great month, do your brokers fees hurt your progress?

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