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Questions To Ask An Online Trading Broker Part 2

Online Day Trading Brokers -- Questions To Ask (Part 2)

Here is Part 2 of the article about questions to ask a prospective online day trading brokerage firm:

- Do you get charting with your software, or do you have to get a separate charting package?

- Ask what other features come with the software such as real-time "filters", trade analysis, or historical trade performance statistics.

- Do you have to pay for your software?

- Do you get your software for free with a minimum number of trades/shares per month?

- Do you need advanced quote data such as Liquidity Quote, TotalView, or other advanced quotes?

- Does the software offer fixed stops? If so, what order types are allowed (market, limit, and others)?

- Does the software offer trailing stops? If so, what order types are allowed (market, limit, and others)?

- If you use "Reserve" orders (in Europe these may be called "Iceberg" orders) - where you send out one order for a large number of shares but only get executed in smaller portions - ask the brokerage firm for a list of which routes support these orders. Then ask if you get charged a commission per execution, or only one commission for the entire amount of shares executed.

- Does the brokerage firm offer you access to statistics through your clearing firm's online access?

- What are the fees to wire money in or out of your account?

- By what time of day must you submit a wire request?

- For after-hours, post-market, or overnight trading (as in the case of futures trading or forex trading) will you get 24-hour support?

- What is the official name of the brokerage firm and the names of any licensed brokers with whom you will be dealing? You need this to check up the broker at the FINRA (formerly NASD) Broker Check website:
http://www.finra.org/InvestorInformation/InvestorProtection/ChecktheBackgroundofYourInvestmentProfessional/index.htm


For even more questions to ask a prospective online trading broker and help you make an educated decision, go to Part 3 of this article.

 

 

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