Your stockbroker can be one of the most important people in your life when it comes to your financial status. Depending on how much freedom you give him/her, your stockbroker could have you in dire straits or rolling in the dough… and all by lunchtime!
Your stockbroker can be one of the most important people in your life when it comes to your financial status. Depending on how much freedom you give him/her, your stockbroker could have you in dire straits or rolling in the dough… and all by lunchtime!
What is a Stockbroker Anyway?
A stock broker is a middleman. If you’re interested in the stocks of a certain company or want to trade internationally, the stockbroker is the one who contacts market makers to facilitate the buying and selling of the stocks that you’re interested in or are already involved with.
Do You Need a Stockbroker?
Yes, because as mentioned above, you need a licensed professional to carry out your stock dealing wishes. Look at it this way, if the average Joe was allowed to enter the New York Stock Exchange to trade, then the floor will be an even bigger chaos than what you see in movies!
There are basically three types of stock brokers: one who simply executes or carries out what you want; one who advises you on which stocks to trade in but leaves all the final decisions to you; and lastly, one who can carry out even the decisions on which stocks to buy and sell using your money provided you’ve laid down certain guidelines of course.
How to Choose the Stockbroker that’s Right for You
To select the right stockbroker you must first assess what type of trading you want to engage in. For example, if you’re quite knowledgeable with the ins and outs of stock trading then you just need a stock broker who can execute your wishes. On the other hand, if you want to enter a specific market you know nothing about, then getting a stockbroker who’s well informed in that niche is probably what you need.
As a stockbroker handles your finances it is extremely important that you get a trustworthy one so that you don’t lose your shirt.
For instance, read up on the best brokerage houses, ask friends and family for referrals, and ask for meetings so that you get a good feel of the company and the stockbroker who’ll potentially be assigned to you.
If you’re trading small, you may want to go with some independent stockbroker. That’s all well and good. Just make sure that the person is really knowledgeable in the industry you want to get involved in.
Furthermore, ask him about his trading licenses, trading associations he belongs to, how big a portfolio he’s currently handling, how he keeps updated with changes in the industry, and so on and so forth.
Remember, it’s your money and in the end, you’re the one responsible on how that money grows.
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