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>A good broker with a reputable firm will save you more than that and give
you
>your fill while you are on the phone and watch your trades and stops. Plus
he
>will normally assist you with his own view of the markets.
That may be good for a position player, but for a day trader the adage "a
broker makes you broker" will become only too true if you start asking for
opinions. The last thing you need, and the first thing many people want,
is their broker's opinion on the market. Why? To blame the broker, if
they are wrong? What can the broker, any more than anyone else know about
what the market is going to do? Sure, he can tell you facts, like what the
overnight high and low was, what yesterday's volume was, etc, but you do
not need his opinion or view on the market.
So often it is "Good morning, what do you reckon today?" before the market
opens and the answer can then colour the traders' view. It may sound
cruel, but the broker is not a trader - he makes his money from you,
whether you are right or wrong - not from trading. If you blow out, there
are a mass of others to take your place...
But..
Once you have learnt to trade and know what you are doing, know how to
place the right order in the right circumstances, etc, you don't need your
hand held by a broker or anyone else. You just need a professional
execution-only service. You want a sound firm, with a good financial
standing, an efficient back office and a first-class front desk A really
good execution-only broker won't have time for chit-chat, will certainly
get your fills while you are on the phone (I only speak as I find on the
bonds) and his charges should be such as to allow you to be cost effective
in your trading.
It goes without saying that I mean no offence to any brokers on the list,
but this is how I have found what I need, to help me trade better.
Bill Eykyn
www.t-bondtrader.com
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