Thinking about trading? Read here first
I just want to make sure that everyone is aware that the major trading platforms/brokers will provide free training seminars in your area from time to time. They are put on by the institution and usually have a guest speaker from a reputable investment strategist. They are very helpful.
They will include training in how to use their product (i.e trading platform/software/website) as well as answer any questions you have.
(Placing trades, placing orders, managing risk etc) This will go for about an hour.
Then the speaker will hand over to the guru from the investment bank and they'll teach you about their trading methods and tips and also answer your questions.
(covers charting, market influences, company fundamentals, hedging etc)
And they are FREE because they hope to get you signed up to
a) Their website/trading platform, any maybe even
b) as a customer of the market research company, which is fair enough.
If you decide it's not for you, grab a free coffee and you're still up.
Or go to another seminar. Let them earn your business. Shop around.
Most trading platforms will sign you up for free, and give you a trading credit to get you going. You will usually trade 'commission free' for a month or so. Expect/ask for a training book to be mailed to you to help you learn the ropes. This will also be free.
Sometimes there will be a minimum opening deposit. If they're asking too much shop around.
I trade CFDs through CityIndex (I like it because it is web-based). But as far as I know they're all much the same. Just make sure they're a big, reputable brand.
I could go on with my own tips but they cover it all in the handouts.
PS Fees should be something like $10/trade plus interest for shares.
Commodities, indicies and currencies should have free brokerage, but you'll be required to pay some interest. On average I pay less than $5 in interest per trade. There is also a margin (spread) in the market price. There shouldn't be any monthly fees, if there is, shop around for value.
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