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Originally Posted by Jenn Vivyan
Have been watching the stock market well and have been doing my research about certain stocks. Since I am new and have never traded before I do not know which online broker to use. The fees baffle me. When they say $7 a trade is that all I pay for trading nomatter the # of shares? Are there any more fine print fees that I will pay such as maintainance, taxes, etc? Also, which is the best online broker for a beginner that will not pound me with crazy fees. I would like to get my foot in the door but I also do not want to get hurt with an outrageous loss. After I get a feel of the broker and what the average chargers are then I can set my goals higher. Please help me with me question. I would greatly appreciate it!!!
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Yes. The $7 trade would be all you pay to open the position (unlimited shares) and the another $7 to sell it for a total $14 round trip.
Interactive Brokers charges $1 for the first 200 shares and .50 for each subsequent 100 shares, so 1000 shares would be $5
OptionsHouse charges $2.95 a trade (unlimited shares)
Running an automated trader will also help you with trading as it ensure you are always following common sense rules, like ensuring the bid/ask spread is not too wide, or ensure you don't jump in when most of the stocks in the market are actually going down (even when the dow is up big). Look at the cooltrade software as it does not require programming.
Keith
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