Choosing The Right Broker

Equity trading is a serious business because it involves a lot of money – your money. It can build wealth but can also destroy wealth. Either you make money from the market, which belongs to someone else, or you lose your money to the market, which will benefits another trader. So please take it seriously because most traders and investors do not. So if you are serious, would you trust your trading transactions to just about anybody? Choosing the right broker is essential because it can mean more money in your pocket.

A business that does not have reliable partners typically will not succeed for the long term unless a new reliable partner is quickly identified. In the options trading business, brokers are our partners. As such, we have to identify and be very selective in appointing the brokerage house to help us with our transactions.

With so many brokerage firms out there, it can be quite a tough and confusing for many of us. Choosing the wrong broker can be expensive through high slippage and commission.

Depending on your trading approach, you should choose a broker that will meet your criteria. Below are some criteria, among others, that you should consider before making your choice.

• Attractive commission rates – understand if it is fixed or if it depends on the number of trades. Low commission does not mean it is good. Choose a broker that fits your trading needs.

• High availability on their website – since almost all transactions are executed online. Understand their contingency plan when website is down. When you are trying to get in or out of position, this could cost you plenty.

• Fast Execution – a good opportunity may be gone if not executed fast.

• After Hours Trading – if you like trading longer hours.

• Sweep Facility – a good broker would automatically take your available cash to have it placed in a money market to generate interest.

• No hidden fees – many brokers have all sorts of endless hidden charges. Choose a broker that provides clear and easy-to-understand commission structure.

• Trading Tools – like streaming real time quotes, screeners, stock charts, etc. A good broker should have this available to their clients. Otherwise you may have to subscribe to various trading websites for these tools which you should receive at no charge.

• Wireless trading facility – if you travel frequently.

• Ability to execute complex options trades – many brokers provide options trading but this is not good enough! Options are complex investment vehicle and there are many ways to construct potentially profitable trades. Many traditional stock brokerages have offered options trading, but many of them do not understand options trading yet.

A good stock broker may not be a good options broker because options trading are relatively new. Although stock brokerage firms offer options trading, they are still behind in many of the services offered by brokerage firms that specialize in options trading. Options trading have more than 20 different trading strategies. The traditional stock brokers may not understand many of these trading strategies.

When selecting a brokerage firm, select the best to prevent any heartbreak later on. A good broker is like a good supplier to any business. If your supplier charges you high prices and are slow with delivery, it can cost you in the market place. If you are running a business, you will always choose your supplier carefully to make your service or product more competitive. In the trading business, it is no different.

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