Most aspiring traders want to know about which brokers to use, the commissions they charge and the platforms they offer.
It’s just like the Wizard of Oz… all mystique. It’s truly just a guy behind a screen. This lesson will demystify brokers, commissions and platforms so that you can avoid unnecessary expenditures.
And, here’s my take on it all.
When asked: What broker should I use?
This is one of the first questions always asked at the beginning of the trading journey.
My answer: At this stage of your journey, you don’t need to worry about that yet. It’s putting the cart before the horse.
My story: I didn’t even open up an account until almost six months after I started learning and practicing. And then waited another three more months before going live with them.
You’re wondering – why the wait?
Because you don’t need to worry about this at all until you understand what you’re doing.
It’s kind of like hiring a manager for your piano career when you haven’t even learned do, re, mi, fa, sol, la, ti and do. The manager (broker) will gladly take your money, and do nothing for you because they can’t do anything for you until you know your notes, scales (indicators and how to read the market) and performance ability (trade setups).
So hold off on jumping the gun with this one until you are ready.However, you will come to a point in time when you are ready and here are my suggestions for when that happens.