Candlestick Trading Blog
July 17, 2009
Buying Stocks
| For those investors new to buying stocks there are a few things to consider beginning with the type of stock broker that you decide to use. There are different types of stock brokers available depending upon your needs. In today's article we discuss the different types of brokers that you can choose from before you begin to invest in the stock market. Brokers must be licensed to purchase securities on your behalf. There are full services brokers, money managers, online discount brokers, and discount brokers. When buying stocks you must research and determine which type of stock broker you will need. Full- service brokers – full services brokers are the traditional stock brokers who take the time to discuss with you everything from your personality, your investment philosophy and your financial situation. These are the most expensive brokers because they take the time to develop a financial plan that is best suited to accommodate your investment goals, your investment risk tolerance, and your life style. They can also help you with items such as estate planning, your taxes, budgeting and retirement planning. These brokers will not only place stock trades on your behalf but he or she will also provide advice regarding stock investments. Money Managers – money mangers act like financial advisors however they also have full discretion over their client's accounts. Money managers are highly educated and skilled and they can handle very large investment portfolios. Of course they come with expensive rates that are based on the assets that are under his or her management and not per transaction. Wealthy stock investors will take advantage of a money manager when buying stocks and other investments. Online discount brokers – online discount brokers basically just take your stock orders and they provide the least amount of services available. They provide no financial or stock trading advice and there cost is based on transaction fees or a per share basis. You can open a trading account with this type of broker for a very small fee. You basically receive technical support and other website related links for any additional resources. Discount brokers – discount brokers are basically the same thing as online brokers, however they make charge a very small fee to pay for a little extra assistance. This assistance is still very minimal but they may offer more in house research and reporting, as well as provide helpful investment newsletters. Continue to research the different types of brokers before and see which one is right for you. Online Stock Market Reviews presented live via the internet by Stephen Bigalow |
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