SPY on the Market: What to Look For in a Broker

You are receiving this email because you signed up to receive our free e-letter DayTradeSPY's SPY on the Market, or you purchased a product or service from its publisher, Eagle Financial Publications. [SPY-on-the-market-banner-1200] [Trading Room]( [Pick of the Day]( [Inner Circle]( [Ultimate Trading Workshop]( [SPY Signal]( SPY on the Market: What to Look For in a Broker by Hugh Grossman and Ahren Stephens 04/11/2024 SPONSORED CONTENT [How To Become a One-Percenter in The Next Six Months]( According to Fortune, investors need to be pulling in at least $650,000 every year to be considered a one-percenter in America. Now, to make that kind of money in one year, they would usually need to own a booming business, climb the top of the corporate ladder or hit a jackpot in Vegas… But one breakthrough trading system can help investors make “one-percenter” money, in the next six months. [Learn about it here.]( The first thing I hear about this topic is low commissions. While important, broker commissions is number five on my list. Instead, you need to find out the following: Number One: Can you communicate with the broker? Can you phone someone when something goes wrong? A popular brokerage several years ago got hacked, causing many traders to lose large sums of money. With no contact information, they were left out to dry. I want to be able to call someone right away when I have trading issues. In addition to this, do the brokers speak fluent English? I once had a brokerage account that, when I called, I could not even understand the receptionist. It was very awkward, indeed. In the same vein, can the brokers handle problems quickly and efficiently? These are questions you need to ask before you sign on to a broker. Number Two: Do the brokers send your orders directly to the market? If your broker admits to “diverting your order to the trade desk for review,” run for the hills. There is nothing to review. What that really means is that the brokers may be looking to front-run your order, a practice that is similar to insider trading. As brokers are able to see the market slightly ahead of you, they can manipulate the price by placing personal or corporate orders ahead of you, driving prices up, and then executing your order, leaving you holding the bag for the disadvantaged price. Make sure you are dealing with an honorable firm. The brokers we use send orders directly to the market. This is non-negotiable. Number Three: What is the execution speed? It is extremely frustrating when your orders fail to execute on a timely basis. When I hit the “send” button, I expect them to fill instantly. The price changes continuously, and when I see a price I like, I want it then. Sponsored Content [Stock Market Legend Shares Biggest Prediction Ever:]( AI Phase 2 Will Mint More Millionaires Than Any Other Tech in HISTORY. And I've Found the #1 Stock You NEED to Buy Right Now to Collect the Biggest Profits From This Once-in-a-Lifetime Market Shift. [Click Here to See]( Number Four: Do the brokers actually fulfill your needs? Some brokers do not allow for same-day-expirations trades. This may not be very attractive if that is something you may want. Number Five: What are the commissions? Brokers make most of their money on lending funds out on margin; commissions may be secondary. That said, I do not want a company with zero commissions, as I am certain that the brokerage firm is making money on my trades in some covert way. I always look for a broker with fair remuneration -- fair for the both of us. Commissions can vary depending on several factors. Generally speaking, the more you trade, the better rates the brokers will provide. You may also be able to negotiate your rates. Number Six: I prefer a broker in the same country that I am trading in. The presence of a domestic broker means a great deal to me, especially if there is some issue that needs to be resolved. This segways into another point for foreign clients. Make sure your broker does not exchange your funds on a daily basis. Instead, he or she should hold them in U.S. dollars until you say otherwise. For example, a Canadian client years ago had a situation where this person’s Canadian broker exchanged this person’s funds into U.S. dollars at the beginning of the day and then converted them back again into Canadian funds at the end of the day. With each conversion, the client lost in the process. If the client exchanged $10,000 Canadian into U.S dollars, the client may have received $7,500 U.S. But, given the same exchange rate, that conversion back to Canadian dollars may have only been converted to $9,900 Canadian dollars. If left unchecked, that leakage will soon erode your funds. [Learn to Trade Like Interest Rates Don't Matter]( As February overflows with interest rate headlines, here’s a fresh perspective for you: Learn to trade like interest rates don’t matter. Whether you're a stock trader, options trader, swing trader, or day trader, this A.I. “Brain” is predicting market movements days in advance. [Don’t Miss This FREE Live Class to Learn How >]( Number Seven: Not all brokers offer quality trading platforms. Make sure they are easy to navigate and offer what you need in terms of charting and data. Most traders only look at commissions and jump at cheaper prices. Maybe they are cheaply priced, but something may be lacking. Accept the fact that, if you want a quality broker with a superior trading platform and prompt, courteous support, you will have to pay for it. Our brokers have been vetted, and we are happy with their performance. Those in our Trading Room would know this. Are you ready to join? [Click here to subscribe.]( Are you still looking to see if options trading is for you? [Click here to join us for a free session, 8 p.m. ET, Sunday night]( for this informative, engaging and entertaining session. Experienced trader Ahren Stephens and I host this weekly event where we review the trades of the day and check out what’s on tap for the next few days. Don’t miss it! Sincerely, [Hugh Grossman][Ahren Stephens] Hugh Grossman and Ahren Stephens Editors, [Trading Room]( [Pick of the Day]( [Inner Circle]( and [Signal]( About Hugh and Ahren: [Hugh Grossman]Hugh Grossman has manned the helm of DayTradeSPY for over a decade now. A self-taught trader, who turned master trader, has learned everything about trading the SPY (the SPDR S&P 500 ETF). Hugh has been guiding his subscribers of Inner Circle, Pick of the Day, DayTradeSPY Signal, and the Trading Room to daily profits since 2010. [Ahren Stephens]Ahren Stephens has been studying the markets since his teens. He opened his first trading account at the age of 18 and has studied the stock market, forex market, and commodities markets for more than 20 years. Ahren is a licensed commodity broker, and was most recently an analyst at an award-winning, multi-million-dollar firm. With his knowledge he has been guiding his subscribers of Inner Circle, Pick of the Day, and the Trading Room to daily profits. About Us: Eagle Financial Publications is located in Washington, D.C. – only a few blocks from the Capitol. Our products have been helping investors build their wealth for several decades. Whether you’re a long-term investor or short-term trader, you’ll find the right strategy for you, including how to earn more steady income to spend now, preserve and grow your capital to enjoy later, and whatever other investment goals you have. 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