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How to choose trading account for trader
The career of any online trader begins with some preparations involving choosing a trading platform, analytical tools and a technical strategy for forecasting the market. However, among these, one of the most pressing problems is directly related to the financial question. We are talking about opening a trading account. What account do beginners need, how much funds are necessary for trading and, out of the services available online, what are the advantages of certain types of investment accounts over others or what can trading platforms offer you in this case? It is these very topics that will be explored in this article.
First and foremost, when beginning to discuss the choice of trading accounts, it is important to mention the related problems that can arise. Firstly, the question of security should be at the forefront of the mind of any trader when choosing a trading account. The problem being that a lot of fraud takes place in this field. It is simply impossible to avoid fraudulent dealers willing to get their hands dirty in such an attractive field with as much financial potential as trading. Considering the fact that there is significant capital present on the market and every investor injects their own personal means, the question of security should be the first thought in your mind.
Online trading is conducted on the specialized platforms of companies who provide service in this field. These companies in particular answer for their clients’ funds and take security measures to safeguard them. That being said, there is such a wide variety of dealing centers for online trading today that illegal services have little trouble hiding amongst them. Illegal services whose singular aim is to blatantly steal the investment funds of traders. Therefore, before opening a trading account on any platform, you need to research it in-depth. First and foremost, check if the trading service is licensed by a regulator. This helps ensures you as much as possible against the possibility of losing funds, even if the company goes bankrupt. Besides that, when you choose a licensed platform, you get to work on the most professional, well-equipped trading services. Don’t rush to open an account, research all the aspects of partnering with them, as well as the reputation of their information database, as you will be conducting your activity based on this information.
The second question you need to consider when opening a trading account is choosing a trading tool with which to operate on the market. Today there are an entire variety of tools for online trading:
● SDF contracts – This type of exchange trading position is offered on the platform Forex. Using this tool, you can conduct financial operations and generate profit on any available asset, be it stocks, currencies, indexes, or cryptocurrencies.
● Over-the-counter fixed-term contracts – This is a relatively specific tool that became available fairly recently under the name “binary options”. This is also a universal trading tool that gives you the opportunity to work with the rates of any assets, including classic ones
● Trading cryptocurrencies –This is a relatively specialized trading regime. The reason for this is that you can conduct operations where you directly purchase and exchange crypto coins with classic fiat currencies. At the same time, the crypto industry provides the opportunity to work in a marginal trading regime close to the format of SDF contracts, where you don’t obtain the asset, only utilize its fluctuation on the market to generate profit
There are specialized platforms for each direction of trading with their own assortment of trading accounts and specific advantages provided.
So, let’s explore in more detail what kinds of account trading platforms offer in the various types of trading, starting with the futures market.
Types of accounts for over-the-counter fixed-term contracts
The vast majority of companies on the futures market offer several basic types of trading accounts that provide traders with various opportunities and service for working on the market. By the way, it is important to mention that the classification of live accounts based on their access to trading tools and starting capital required is a marketing draw for traders. Therefore, when figuring out which type of live account if best for you, don’t decide only based on how attractive the conditions are. It is vital that you take into account both how suitable the financial conditions are for you, as well as making sure that the technical indicators provided on the account fit your trading style.
So, the futures market offers the following types of trading accounts:
● Demo account
Companies don’t require you to deposit any funds to open a demo account. It is free to register and use a training account. This is where new, as well as seasoned traders, get access to the following services:
● A full-fledged trading terminal with access to every technical resource imaginable
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● The ability to use virtual funds for training, be it $1,000 USD, €1,000 EUR, or ₽50,000 RUB, the balance is not limited
● A full selection of information databases
● The ability to participate in tournaments held on demo accounts with real cash prizes
This type of account offers the minimal conditions to begin trading live on the company’s platform. You need the minimal investment deposit required in order to open a standard account. On average, it starts from $10 dollars (this can vary depending on the platform, but overall these are likely to be the conditions).
On these accounts, traders gain access to an optimal selection of service, including:
● The complete live version of the trading terminal
● Access to all trading assets
● High profitability of trading positions, up to 90%
● The ability to place contracts starting from $1 dollar
● The company’s basic bonus offers
● Professional technical support for clients
● The option to participate in contests and tournaments
● The ability to withdraw funds in 3 working days 4
You need to deposit at least $500 dollars of starting capital to gain access to this trading account level, that or achieve this balance through working on the market. To put it simply, as you grow professionally, so will your financial status on the trading platform. Here, in addition to the services listed above, clients gain the following benefits:
● A wider range of financial assets for trading
● Increased profitability of positions, up to 90%
● More lucrative bonus programs
● Insurance on trading contracts
● Reimbursements for trading losses, up to 5% a week
● The option to receive professional consultations from your personal professional manager
● Compensation for losses, up to 5-10%
● Monetization of trading funds in 4 hours
This is the highest level of live accounts and, as follows, clients of this level have access to the best tools and services. In order to achieve this status, you need to have at least $1,000 dollars in your account. VIP clients gain the following advantages:
● Contract profitability of 95% (fixed for all positions)
● A complete list of basic trading assets
● Bonuses amounting to 100% of your deposited trading capital
● Working with a personal manager on an ongoing basis
● Reimbursements for losses of up to 15% per week
● A range of exclusive services
● Monetization of funds within 4 hours
As you can see, futures trading platforms for over-the-counter contracts offer a selection of accounts suitable for all tastes and wallet sizes. Other than the standard accounts, on some services you will finds more exclusive types of accounts for very wealthy clients. Typically, these conditions are accessible from $10,000. In these cases, the conditions of the partnership are discussed on a case-by-case basis.
The Forex Market
This type of online trading platform closely resembles the futures market in terms of available accounts. The vast majority of services offer the following trading conditions:
This type of account requires the minimum starting deposit, beginning from $1 dollar, although there are more professional services available that require a minimum starting capital in the range of $300-$500 dollars. When working on this type of account, you gain the following opportunities:
● The ability to work with basic financial assets
● Leverage of 1:1000 or 1:2000
● The standard selection of analytical services
● Profit withdrawals in 3-5 working days
You need to have a minimum of $500-$1,000 dollars in your account to achieve this trading account status, on some platforms it can require as much as $3,000-$5,000 dollars. With this status, investors gain a wider selection of opportunities:
● A wider selection of assets
● A lower level of commission
● The largest market analysis toolkit
● A professional analyst
● Cash back up to 5%
● An increased number of trading positions that can be open on the market at any given time
● Monetization of profits in 1 working day
VIP or PRO
Traders reach this status when they open an account with $1,000 dollars of starting capital ($5,000 dollars on some services). By opening this type of account, traders gain access to the widest and most exclusive range of opportunities for generating profit:
● Unlimited access to trading assets
● The widest selection of technical analysis tools
● Special opportunities on the trading platform
● A personal analyst
● Professional trading signals
● The support of a professional manager
● Cash back up to 15%
● Individually-tailored partnership conditions
When considering the types of accounts on Forex, it is worth mentioning that there is a limit to the amount you can use for an initial deposit, nearly all platforms set this at $50,000 dollars. It is thought that investors with such financial clout should be working on exchange platforms directly with personal brokers. In reality, the reason for this is to create safe conditions for the trading platform itself to function. When working successfully with such capital, the investor could bankrupt the platform.
The cryptocurrency market
Trading platforms that work on the market are not only innovative but extremely liberal in terms of the selection of live accounts and the accompanying conditions for conducting operations. You will not be limited in your access to certain assets or technical functions of the trading service. The companies also don’t place a limit on the maximum investment or cost or trading contracts. The only condition for working on the cryptocurrency market is the total starting capital, which typically starts from $10-$50 dollars. Following this, all clients work under identical conditions. Other than replenishing the trading account with fiat currencies, they logically provide accounts that can be replenished directly with various types of crypto coins.
As you can see, online trading provides a wide assortment of trading tools, as well as a multitude of technical financial conditions for conducting market operations. Using this list of accounts, any investor can find the trading account most suited to their preferences and financial capabilities. Besides that, they can increase their trading opportunities on higher status accounts, providing an additional stimulus for professional growth as an online trader.
“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”
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How to Choose the Best Forex Trading Platform?
Forex trading helps every disciplined trader to earn a good amount of money as profits in the trades they perform. Every successful trader in forex makes use of the best strategies and makes the best selection of forex brokers and the best forex trading platform. An online forex trading platform helps in establishing a good connection between the trader and the broker and works as a means of earning. Selecting the best platform is essential as it acts as a key to unlock a good career in forex trading as well as pushes your boundaries to achieve the success in trading.
If you are serious about trading in the forex market, then the trading platform you select to execute forex trades from will be an extremely important tool you will rely on in your trading process. Trading platforms can either be provided by your forex broker, usually at no additional charge, or they can be from independent software developers like the popular Metatrader4 (MT4) forex trading platforms. Overall, operating through an efficient and easy to use trading platform with a good forex broker will often translate into increased profitability in your trading.
Before you choose the best forex trading platform for your needs, you must understand what a trading platform is. A trading platform is a computer application or a mobile based application which is used for executing your trading orders with a broker and also provides an access to the trading data like quotes, charts, real-time historical data, news, and others. Most of the forex brokers, offer these platforms free of charge and charge for higher functionality only like forex signals etc. Offering a good quality trading platform is always expected from good brokers as a platform acts as one of the most important links between traders, broker and forex market for all important operations.
The best platform is one that fits all traders needs, where you can build your own trading strategies and effect transactions on your preferable instruments under one roof. It must act as a go-between for a retail broker and investors. It must also provide traders with real-time and historical data, as well as provide them with all types of orders, which should be available during trading sessions. Trading platform should also provide users with regular news updates so that they don’t need to switch between different windows or tabs in the browser.
Basically, the current widespread availability of forex trading platforms from online forex brokers and independent software developers has allowed just about anyone with a computer and an internet connection the chance to trade forex. Since the trading platform you choose can significantly affect your profitability as a trader, you will want to select one that has all of the features you need or anticipate needing in the future, at an affordable price. Be sure to test any platform thoroughly to make sure that it fulfills your particular trading needs in a reliable way.
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What’s more important than hot stocks? Having the right mindset, strategy, and tools.
And when it comes to tools, your online broker can be a key asset … or your worst enemy.
Trust me. I’ve learned from experience.
Choosing an online broker for your investment strategy should take time. Evaluate your options, consider your trading strategy, and don’t be afraid to ask questions. In the financial industry, every tool you use should help make you feel comfortable and secure.
When you’re a day trader, the right penny stock broker can help you maximize every trade, both during and after market hours. Before you make a decision, you’ll want to look for several key indicators, which I’ll describe below.
You might also consider setting up accounts with my preferred traders. If you don’t have a frame of reference, then you won’t know whether you’re using the right online broker for you.
Let’s dig into the strategy between choosing an online broker for penny stock day trades.
Table of Contents
What Is a Penny Stock Online Broker?
A penny stock broker is an online broker who facilitates the trading of penny stocks — also called over-the-counter stocks, or OTC. Penny stocks are stocks that trade at $5 or less per share, so they’re not high-profile or high-revenue companies.
This doesn’t mean you can’t make money with pennystocking. I’m living proof. I turned an initial investment of just over $12,000 into profits of nearly $5 million, primarily through penny stock trading**.
Penny stock online brokers require you to make a minimum investment, which varies between them. Typically, though, the minimums prove much lower than if you planned to trade on the major stock exchanges — or if you wanted to trade on margin, which I never recommend.
Anyone who tells you that online brokers require minimums of $10,000 or $20,000 is lying. If you have $500 to invest, you’re likely good to go.
Investment and Trading Companies
The securities industry is highly diverse. Everyone has different strategies, goals, and areas of expertise.
As you might have gleaned from this site, I focus on small-cap companies. I want to trade quickly and take profits wherever I can.
An online broker can have specialties, too. For instance, some focus primarily on long-term investment strategies. Their clients hold investments for months, years, or even decades before selling and taking their profits. In the meantime, they often get dividends.
That’s not my bag. Instead, I day trade penny stocks and small-cap stocks. I’ve executed trades that lasted only minutes, though I occasionally hold stock overnight or for longer periods of time based on my research.
© 2020 Millionaire Media, LLC
If you’re interested in day trading versus investing, you’ll want an online broker that specializes in day trading.
What Are Some Top Online Stock Brokers for Beginners?
You’ll want to work with an online stock broker that can help you learn your way around the process. For beginners, some are better than others.
Joining my Trading Challenge can help you get your feet wet and learn faster, but I still recommend several companies that have proven their worth for newbies in day trading.
Here are four of my top recommendations. Check them out for yourself to determine the best solution for your specific needs.
Before I talk about traditional online brokers, I want to share the benefits of getting on board with StocksToTrade. It’s an incredible platform that teaches you how to trade stocks in a low-stress, high-data environment.
It’s not an online broker — at least, not yet — but it allows you to try paper trading, filter copious amounts of market data, isolate the stocks that might make big movements in the near future, and more.
Many new stock traders get overwhelmed because they have to get their information from numerous sources. It’s confusing and frustrating … and it eats up a ton of your time.
StocksToTrade combines all those utilities — from live webinars at market open and close to paper trading and stocks to watch. The filters are highly adaptable, so you can adjust your usage of the platform to your particular trading strategy.
I’ve used TD Ameritrade and know lots of people who use it consistently. It’s one of the most well-known online brokers in the world, which gives it some immediate credibility.
TD Ameritrade isn’t great for shorting, but it’s a decent broker. I know many people who have one E-Trade account and one TD Ameritrade account, which means they get the best of both worlds. You can short sell using E-Trade and use TD Ameritrade primarily for buying.
There aren’t any subscription or platform fees with TD Ameritrade, which is one great selling point. There’s also no minimum cash deposit to create an account.
Both TD Ameritrade and E-Trade have commission fees of $6.95 per trade (at the time of this writing). They’re also similar in terms of content and interface, though I prefer E-Trade. In fact, I almost always have an E-Trade account open for trading smaller amounts of money.
You might be interested in Interactive Brokers if you want to trade on margin (again, which I don’t recommend) or if you want to work with a company that has tons of assets. The company requires a $10,000 minimum deposit to start trading, and you must keep a balance of $2,000 in your trading account.
How to Select a Penny Stock Broker
Back in the day, individual traders like you and me were faced with very few broker options. Most stockbrokers were full-service brokers. You had to call them every time you wanted to make a trade and pay a hefty premium for their time.
Fortunately, the landscape looks much different now …
You have lots of online brokers from which to choose, and most allow you to make trades without picking up a phone. That’s a good thing, especially when it comes to commissions.
What Do You Need to Look At?
If you’re interested in working with a penny stock broker, there are several considerations that deserve your attention. What works for me might not work for you, so I’ll cover each category in full to help you make an informed decision based on your trading strategy.
Not once have I ever cared about the commissions that E-Trade or Interactive Brokers have charged me. If I focus on the right trades, the commissions are negligible.
You just have to be choosier with your trades.
I know that you think that you have to trade every single day, but you don’t. If there’s not a great supernova, or if there’s not a huge volatile stock, or if there’s not a stock that you can make 20, 30, or 50 percent on, don’t trade.
The commissions can actually be a good thing to help you avoid over-trading!
© 2020 Millionaire Media, LLC
This is no different than the pattern day trading (PDT) rule, which many people hate, Even I hated it at first. When I first got started teaching, I was like, “Come on, let everybody trade.” Now I see how many newbies over-trade. The PDT rule helps you scale back.
Still, you don’t want to use an online broker that will charge you more than the competition. This is especially true when it comes to hidden fees.
Find out exactly how much your online trading broker will charge and for what.
The top online broker platforms provide handy tools to help you make smart trades. For instance, E-Trade offers fantastic information for people who are new to trading. There’s also an extensive knowledge base, information on investing trends, market news, and more.
Of course, if you’re a StocksToTrade member, you don’t need all of those extras. You get them in one place, and you can use your online broker exclusively to execute trades.
You also want to consider the trading products in which you’re interested. Obviously, if you want to trade penny stocks, you need a broker that allows you to do so. You might also be interested in commodities, ETFs, FOREX, and other investment opportunities.
Legitimate online brokers tell you exactly what types of investment products they offer. E-Trade, for instance, allows you to invest in options, futures, mutual funds, bonds, and more. The same goes for TD Ameritrade.
I don’t know about you, but I don’t like being stuck behind a computer all day. While I enjoy the laptop lifestyle, sometimes I want to carry around something smaller. That’s why online brokers that offer mobile trading can be awesome.
You can usually download an app that mimics the online dashboard. Execute trades while you’re on the go, and don’t worry about having to make a phone call when you suddenly realize your investment has taken a turn for the worse.
Mobile trading offers other benefits, too, such as receiving mobile alerts about your account. You don’t have to keep checking constantly if you know your device will let you know when your account needs your attention.
Diversity matters when it comes to customer service. I don’t like dialing 800 numbers and waiting for someone to answer the call. Instead, I want to be able to shoot off an email, engage in live chat, or text my online broker about a problem.
Look for brokers that offer multiple lines of communication. The best ones also have knowledge bases or help centers where you can find the answers to frequently asked questions. I usually consult those before reaching out to a company because I don’t want to waste their time or mine.
Some companies charge for stock analysis and other services via their platforms, while others do not. If you’re a StockToTrade member, you don’t need to worry about this point. However, if you want access to stock analysis tools through your online broker, check on that before you sign up for an account.
Recession banking statistics bad street created by Jcomp – Freepik.com
This also matters less when you’re primarily trading penny stocks, because most online brokers don’t offer detailed information about the companies behind them. Their analysts focus more on blue-chip and large-cap stocks instead.
There are two types of regulations: Those set forth by governing bodies and those your online broker creates. You need to be aware of both of them.
Without a doubt, you need an online broker that follows FINRA guidelines to the letter. The company should be willing to enforce securities regulations consistently and to monitor accounts for any infractions.
Most online brokers have systems in place to keep traders honest. For instance, they issue violations when a cash-account trader doesn’t have sufficient liquidity to cover a trade or otherwise takes a position that violates government or broker rules.
If you receive a violation, you might have your account limited, cancelled, or restricted. Make sure you’re aware of the rules and regulations before you begin to trade.
I know a lot of investors who prefer to bank with their brokers. They can easily shift cash between different accounts — and with penny stocks, minutes can matter when you see a potentially lucrative trade opportunity.
From two-stage authentication and data encryption to fraud protection and firewalls, you want to know that the money you invest with an online broker will remain safe. Checking online reviews and inquiring about specific security setups not only puts your mind at ease, but can also help you trade with greater confidence.
Speed of execution matters, too — especially with pennystocking. You need to be able to act immediately if you decide to buy or short a stock. These days, most reputable online brokers have execution guarantees.
For instance, E-Trade currently has a two-second guarantee as long as the trade meets specific criteria. It doesn’t apply to penny stocks trading for less than $1, but most other scenarios should be covered.
Some online brokers permit international trading, while others don’t. For instance, Interactive Brokers allows you to trade internationally on the stock market, American Depositary Receipts, ETFs, and mutual funds, while while E-Trade doesn’t permit international stock market trading.
Key Tips for Choosing an Online Broker
When you’re choosing an online broker, there are two key tips I want you to keep in mind. They’re total deal-breakers, in my opinion — so take them seriously.
Side view of business team with laptop created by Freepik
Know the Broker and Its Terms and Conditions
Online brokers change their terms and conditions all the time. They also change fee structures, rules, and other aspects of online trading. If you’re not diligent about research, you could get burned.
Don’t Let Anyone Trade for You
You’ll never learn how to trade penny stocks if you let someone else make your decisions or execute your trades. Practice makes almost perfect. Focus on expanding your education on the stock market and making your own decisions.
The Bottom Line
Choosing an online broker is a personal process. You’ll figure out what you want out of a broker as you trade with different companies and compare their interfaces.
You might choose one over another because of the ease of execution or because you read lots of favorable online reviews. However, there’s no substitute for experience.
I’ve tried more than 100 different trading software programs and online brokerage tools over the years. StocksToTrade is the most comprehensive when it comes to education, whether you’re checking out potential stock picks, engaging in paper trading, or researching companies.
E-Trade, TD Ameritrade, and Interactive Brokers all offer several advantages for those who want to trade penny stocks. I recommend checking out each of them in depth before making your decision.
I also recommend joining my Trading Challenge. It’s one of the top ways to get a quick education in the stock market and to follow some of the leaders in this industry. I’m always sharing my trades, producing new webinars, and providing advice and feedback.
You never know … you might be my next success story.
How much has this post helped you?
Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More
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“I’m a 29 year old single mother of two. I do not have a regular 9 to 5. I am currently day trading as a living. Prior to discovering Timothy Sykes I played around with a couple other mentors and penny pick sites. Sadly not being taught the basic fundamentals I lost $5500-Terrible! I found Tim’s website in May and now I’m up 50k learning from Tim Sykes. I am extremely grateful for Tim, he is the truth hands down!”
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Learn How I Turned $12,415 into $5,119,603 Trading Stocks
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Comments ( 62 )
As many of you already know I grew up in a middle class family and didn’t have many luxuries. But through trading I was able to change my circumstances –not just for me — but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!
Which is why I’ve launched my Trading Challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.
So when you get a chance make sure you check it out.
PS: Don’t forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading.
Thank you Tim for everything! I started trading in October and have learned so much about the industry from your videos. I’m extremely greatful for everything you’ve given us. I feel very fortunate that I discovered the checklist before it’s removal. It’s an amazing overview of your technique. I attended your live trading session in November and hope to get your other courses soon. Thanks again, I’m committed.
GOOD! It’s my pleasure
Thank you so much Tim Sykes for bringing out the best in us all!!
What do you think of OptionsHouse or TD Ameritrade?
Both are decent but not great
Your example to me is such a delight. I had thought that I was crazy desiring to work so much until I learned of you, Tim. I appreciate your example. Al Dinger
Hi I am watching your free videos in YouTube and you study guide, I don’t do trades jet, because I don’t feel ready but hopefully this year I start thanks for the info you seems very honest, and I am committed. Thanks
Cool, just keep studying
Thank you so much boss.
Great motivation video! Thanks and looking forward to 2020
I enjoyed the comments you included in this video about your Dad and your family. As a challenge student who is probably about the same age as your father, I can appreciate the fact that you value your father’s wisdom and insight and are able to share your success with family. That’s the primary reason I decided to commit to your strategy and join the challenge; to share my success with my wife and family.
As it stands today I cannot afford to retire (I will be 60 in July) so one of my goals is to learn your strategy and become a good enough trader to earn $50-100k per year. Once I get to that point I’ll be able to retire and –after 40 years working fulltime for others — work for myself, take my wife on a cruise, help my church, etc.
Thank you for the opportunity. I hope very soon that I’ll be able to share my success story just like Arick Russell did. Happy New Year!!
I’ve been watching your videos for over a month. I’ve learned a lot and feel ready to start trading soon. Thank you once again!
Timothy, I am a british national living in Dubai, what trading platform do you suggest for trading the US market? (call and put…)
I have IG Index but it doesn’t seem to have all the stocks.
Interactive Brokers and Etrade
Freaking A. I’m currently studying your Pennystock 101 and about to check out your videos. Thank you for sharing the wealth.
I am going to go back and soak all of this in. So much good stuff on here. I have to take my son to work with me tomorrow for Bring your Child to Work. Have to get up early and be away from trading all day. Good luck tomorrow.
PDT rule is a good thing, focus on cutting losses quickly and choose Low risk trades!! I look forward to the success I will achieve because of your transparency and willingness to show all! Thanks Tim
Can I subscribe for the trading soft wear when I dont have any stocks
Yup, it helps to learn too
I want to new to start trading in penny stocks and have very little money to begin with –just $500. Which trading platform you suggest?
I recently signed up as a next millionaire student . looking forward to learn from your experience to achieve my goals
Hello tim! I hv sign up for her millionaire challenge please with $5000 what trading platform do u suggest.
Two weeks into reading n watching videos..no laptop just iPhone ..next step the millionaire challenge..thanks Tim.
Hello Tim I’ve been going through your all the emails you sent me it’s really encouraging, I’m really learning from it, it’s giving me broad knowledge already cos I’m new to all this. I wish i have lot of money to invest but like I’ve learnt from you previously their is always a starting point, i would like to ask, can i start something at least even As i don’t have enough money for the challenge yet? Hoping to hear back from you. Thanks
Into my third week of studying. Admittedly I’m a little overwhelmed by the amount of ground I’ve got to cover; but the “fog” tends to lift a bit more after each session. My main anxiety at this point is encountering “paralysis by overanalyzes” but I decide to “pull the trigger” it’ll become more clarified!
Hello Tim, which broker you advise for European traders? Thanks a lot, maestro!
thanks Tim, I am reading your material and doing the homework and building up to the trading challenge. Getting myself in the correct mindset. I don’t have a clue on how to trade but am getting some of the information needed from your starting info. Again thank you for your honesty.
What about SureTrader ? I have heard, some people complain about their cost is high, and sometimes there are execution issues.
Hey Tim, was just wondering if you have ever used the broker ‘IG’ it is a uk based broker that uses worldwide stocks.
I am looking for a good broker at the moment and would love to get your advice.
I already have a account in TradeStation. how about to use it.
Hi everybody, since recently I’m a part of the Pennystocking silver. I live in EU. E-trade won’t let me have an account… I just asked AMERITRADE how can I get an account… Can you point me the best options for europeans. Thanks in advance!!
Literally 3 days into learning about stocks, trading yada yada yada. I am appreciating the content and value you give. #transparency…thanks for your realistic and honest approach.
Này Tim ,Tại sao TD ameritrade không tốt để bán khống ?
THANK YOU SO MUCH , YOU CANT BELIEVE HOW MUCH I LEARNT FROM YOU IN A MONTH . I ALWAYS TRUST THE NEW GENERATION WHO ARE CAPABLE OF USING MEDIA FOR GOOD . YOU ARE ONE OF THEM . GOOD JOB AND THANK YOU AGAIN .
You turn 12k into 5m? but how long it take into it?
Hi Tim. I don’t know if you know about it, but Interactive Brokers recently changed their account minimum from $10,000 to $0, so you might want to change that in the post.
Hi Tim. Interactive Brokers changed their account minimum from $10,000 to $0. You might want to change that in the post. Thanks for everything you do.
I am much in the same situation as Kerry Lehman. I too am over 60 and am studying to be able to provide enough income to clear debt, cover my costs and travel with my wife. I also want to purchase some properties and build to suit. These can help my family and give us vacation or summer housing.
Dedicated to learning how.
Hi Tim, I am new watcher your videos, and I really like it this is very successful way, I will start this penny stock soon.
Tim, what is the lowest amount I can become to trade?
I am a newbie trader of about 2 months. I am with a broker ProfitIx, Ltd. I want also to try other brokers. Please refer one with minimal capital.
Your advice appears to be very welcoming and I am starting to look into trading if I can get to grips with it.
Your guide is obviously based where you are in the States, what is your advice if you are looking to do this from UK / Scotland?
Use Interactive Brokers from the UK.
Hello, it would be really interesting how much of your capital is under the risk for each positions. Secondly, according to your strategy, how much price/volume in a day called as a penny stock?
This is very helpful so I have a better idea of who and why. Thank you very much.
Great info – thanks so much. I have been turned down over 20 times for an online brokerage as I am a citizen and resident in a 3rd world country. I persist but any ideas on international brokers I can try, I have tried all those you refer to above. I do not have a SSN. Thanks so much.
Hi Tim, I am very interested in your system but I don’t speak English, only Spanish, can the program be done anyway?
well i live in holland is there anything i need to be aware of & what broker would u recommend trying
Try Interactive Brokers – they offer accounts in many countries.
Hi Tim, I’m from New Zealand, and very new to this, I’m trying to find out about a broker platform for the US. Interactive Brokers apparently don’t allow day trading unless you have $25,000 or have a Magin call account, which I thought you advise against and apparently, the commission on penny stocks trades through them are quite expensive. love some clarification or guidance, please.
I recommend Interactive Brokers for traders outside the U.S. You might have to start with low-priced listed stocks rather than OTCs.
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About Timothy Sykes
I became a self-made millionaire by the age of 21, trading thousands of Penny Stocks – yep you read that right, penny stocks. You may have heard . Read more
Tim’s Important Resources
** Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here..
Millionaire Media 80 S.W. 8th Street Suite 2000 Miami, Florida 33130 United States (203) 980-1361 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.
©2007-2020 TimothySykes™ All Rights Reserved. Millionaire Publishing LLC
How to choose a trading account
After you have chosen a broker, you should determine an account type which trading conditions will be the most suitable for you. Trading account is your personal trading space at the broker where are placed your funds for maintaining a trading activity in the financial markets.
Step 1. Choose an account type
According to functions and parameters trading accounts are divided on several types and the main are standard dollar accounts, cent micro-accounts, professional ECN-accounts, investment PAMM-accounts, and also demo (virtual) accounts. If you just started trading on Forex, we recommend you to create a start educational demo account, there the trading is held using not real, but virtual funds. Such accounts are provided by most of the brokers interested in creation favorable conditions for beginners.
In accordance with your plans, you have an opportunity to register any of the following accounts:
Standard account – the most widespread type of the real accounts with classical trading conditions without any additional transaction commissions, with two execution modes: Instant execution or Market execution. Accounts of this type can be subdivided into subspecies depending on the base currency of the account and some separate options (for example, Swap-Free accounts).
Cent accounts – so-called micro deposits, the base currency of which is presented by cents or euro cents. On cent accounts, as well as on standard accounts, the trader can select fixed or floating type of spread. Usually there are no additional commissions, the leverage is higher (in comparison with standard accounts) and the order size (lot) is smaller, that’s why cent accounts are the most suitable choice for beginners.
ECN accounts – is aimed at professional market players and the execution of transactions happens slightly quicker, than on the standard account, because the orders are placed directly in the interbank network. ECN accounts can have requirements for the amount of the minimum deposit necessary to open the account and the commission for each transaction.
PAMM-accounts – this account type is intended for investment and income provision without personal participation in trading activities. The investor enlists money for the PAMM-account, after which they are managed by the professional trader with rich trading experience and sufficient skills of Forex work to guarantee the investor stable profit.
Demo account – a complete analog of real accounts. The only difference lies in the fact that business is done using not real, but virtual means. The client can open an educational account of any order execution type and trading conditions, which will completely correspond to the parameters on the real accounts. Demo accounts are convenient, first of all to traders, who is taking the first steps on Forex. Beginners obtain the possibility to improve initial skills and accustom with a trading platform without any threats for capital.
For obtaining the detailed information you can use the Accounts catalog on GuruTrade, where are specified all available types.
Step 2. Choose base account currency
Experienced traders for their trading accounts usually choose those currencies, which are often presented in the most popular currency pairs: USD (US dollar), EUR (Euro), GBP (British pound), CHF (Swiss franc), JPY (Japanese yen), AUD (Australian dollar). Thus, many traders prefer to work on accounts with base currency USD and with currency tools in which the American dollar acts as quoted currency. It simplifies preliminary calculations of transaction parameters in comparison with a situation when as the base currency of the account is used, for example, the euro. In that case, before a transaction, it is necessary to make the recalculation of its parameters taking into account another nominal of a basic monetary unit, spending more time for this procedure and increasing possibility of mistakes.
Step 3. Get acquainted with trading conditions
Do you want to trade with fixed spreads and to use trading advisors? Are you interested in the smallest of possible amounts of the transaction and the maximum leverage? If these or any other trading conditions are the most important for you – thoroughly study the trading parameters for each account type offered by brokers. Check, whether a set of available tools on the chosen account, arranges you, and also whether values of the Margin Call levels (a situation when maintenance of necessary amount of a margin requires account replenishment) and Stop Out (a threshold of forced closing of all orders on the account) suit you.
To look through the detailed characteristics of trading accounts, go to the Accounts catalog, choose a necessary account and go to the page with its description.
Step 4. Find out, whether there are no restrictions on funds withdrawal
The main goal of every trader is profit earning. Sooner or later every successful client starts thinking about a transfer of the gained income from the trading account to the personal bank or any payment system account. If you don’t want to experience any difficulties concerning money transfer, choose familiar payment system from the list of available deposit/withdrawal methods. Sometimes brokers mention in the trading conditions, restrictions concerning the amount available for withdrawal. Similar limits can be set by payment services or systems, expressed by the minimum amount of transaction. Find out, whether the broker doesn’t set restrictions on withdrawal amounts for a certain period (for example, weekly or monthly limit).
Step 5. Compare selected accounts and choose the best one
Selecting the most advantageous trading conditions, you will surely stop directly on several trading accounts. The function of trading accounts comparison available on GuruTrade will help to simplify the procedure of choice. To carry out a comparison of the trading accounts selected by you, use the button “Add to compare” in the Account catalog, and then – “Compare accounts”:
You can add the account for comparison from the page of the trading account description.Best Binary Options Brokers 2020:
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