Everyone wants to have a strong investment portfolio. Letting your money work for you and create more money is how people go from being comfortable to being wealthy.
But wealth managers and investment brokers charge high fees. Not just high fees but incredibly high fees. They can cut into your portfolio severely. What’s the answer to this quandary? The answer is to manage your money yourself. The best way to do so is to do it online.
Online trading is the modern and cheap way to do your trading. Rather than going through a stockbroker, you are making your own choices and trades. Rather than the stockbroker taking a huge fee, you’re paying relatively small fees to online trading platforms. These platforms make money by conducting a high amount of trades at minimal costs to you the investor.
There are a large amount of available trading platforms. The price per trade can vary but it’s generally between $5 and $15 depending on the trading platform. There are a lot of large trading platforms. Some are based off of established banks and some were created specifically for the purpose of online trading. Some of the big trading platforms include E*Trade, TD Ameritrade, TradeKing, Charles Schwab, Firstrade, Questrade, Fidelity, OptionsHouse, optionsxPress and Scottrade. Any of these trading platforms will be able to provide you with the ability to perform the trades you want and track your portfolio. Additionally they will often provide even more for investors to help them not just making trades, but informed and good trades.
Any trading platform should also have training available for people, so they can understand the nuances of the trades they are making. Investing can be incredibly complicated at times. Some deals that may seem simple may be riddled with tricky details that were unexpected. So trading platforms want their investors to be informed and making good trades. This will lead to them making more trades, and of course the platform will make more money at this point. So they provide training in various forms. They will provide graphs from past stocks and show examples of why they increased or decreased around those times. They will provide videos and tutorials on how to use their platforms to make the various kinds of trades. There should be examples of all of the more complicated trading options so that they can help you understand how they work. --
Virtual trading is the highest level of trading training. Virtual trading allows you to test your skills against a computer generated stock market to see if you are ready for the real thing. Virtual trading allows you to reduce your risk to zero before you decide to go after the real market. It’s one of the best training tools that you can possibly have. Additionally because it’s a virtual market you do not need to run it in real time. You can speed up the passage of time to see the potential long term consequences or benefits of your decisions. It’s a method to allow you to hone your skills and develop pattern recognition. It’s a method to balance the cause and effect of your trading skills.