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How to Ask About an Online Broker

I get this question all the time, so I want to do this video and walk you through exactly how you should ask about an online broker in a way that puts you in a position to get an answer that actually benefits you.

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Transcript:

I'm not gonna lie, I'm lazy,I'm sick of hearing this questionso I wanted to do a videoso that I can just refer people to this videoof how to not ask about an online broker.Or maybe better structured,how to ask about an online broker.So let's get to it.Before anything else,I wanna just go into the question that I get all the timeand this just happens to come from you know,the chat function, chat software, there we go on my site.Someone asked inand it's not like I'm picking on this person'cause this question happens all the timebut it's really such a bad question.So I wanna just kinda structurehow you should actually be asking,whether it's me or somebody else,let's approach this in a very methodicaland intelligent manner.So this person asked,what's your best online brokerfrom which you have used.You may be thinking, Clay that's a good question.What is the best online broker out there,you know, what's the best online brokerthat you have experience with.No, that's really a bad questionand I wanna break it downto how to properly ask this question.'Cause the problem here is that with online brokersthey are not all created equaland there's all sorts of subsectionsthat occur underneath thisand the first way to actually ask the questionis well, what are you looking to do?Meaning, are you looking to day trade?Are you looking to swing trade?Are you looking to invest?And the crazy thing is, ever after that,that still doesn't narrow things down enoughfor me to be able to recommend what sort of online brokeryou should be using.Now if you're thinking right now,well I don't know what I wanna do.There's nothing wrong with that.But just realize that you are gettingway too far ahead of yourself.You need to first figure outwhich one of these you wanna do.But even if you do know which one of these you wanna do,you're still getting too far ahead of yourself, here's why.Again, alright well within day trading you have scalping,you have you know, various, there's other types.Let's just put it this way.There's a lot of day trading that can be donewithin just the family of day trading.Scalping is what I do, what you'll see on YouTubebut that's not the only type of day trading.And that's not the only type of day trading that worksor anything like that,so there are a lot of other ones out there.Same thing here.Swing trading, within the family of swing tradingyou can do that with stocks,you can do that with options,you can do that you know, ETCthere's all sorts of different strategies.There's different approaches within the worldof swing trading.Investing, pretty straight forward.Investing and I'm defining investing aslong term and I guess that kinda proves my point.When I have to start to define what I mean by things.But no, this is pretty much just long termbut there is, you know, even within the category of thisyou know, is it long term like several years?Is it long term like several decades?Well even within that,well now you're thinking well you know,are there tax benefits accounts or not?So I mean there's all sorts of thingseven as I talk out loud here and I realize, yeah.That even within the investing family,there's a whole bunch of things.And depending on what you're going to dois going to depend on what my answer to you would bein terms of what's the best online broker.Well again, I don't know.But even within all this.Still, once again, you know,you need to, there's more that goes into it.Because maybe you're thinking yeah,Clay hey, Clay I'm gonna be a day traderand I wanna do you know, scalping like you're doing.Just within short amounts of time.So that's what I wanna do.What's the best broker.Well, the next layer and this, you know,pretty much encapsulates everythingis risk plan.Meaning, sure you wanted to be a day trader.Sure you wanna do short term scalpingbut those are all words.I realize that's what you want to do.But within that, you need to have a strategythat allows you to incorporate risk.That allows you to analyze risk,that allows you to understand risk.And until you have that,then once again, the broker I don't know.Because each brokers are gonna have different tools,different functions that can assist youwith this very part right here.Once again, maybe you're saying,"Oh Clay, I know I wanna do that stuff"but well you say analyze risk, measure risk,"control risk, what do you mean by all those ways?"Again, that's no big deal.We all start out new but take that as a signthat once again, you're getting too far ahead of yourself.You shouldn't even be focused on an online broker.You should be focused on building a strategythat fits your risk plan.Or in other words, as I've said in many other videos,your personal risk tolerance.Because until you have that,then it's impossible to tell youwhat would be a great online brokerbecause depending on what you wanna do,where you wanna go, there could be,all sorts of different you know, potentialsfor other online brokers.Now I do have other articles and suchthat I talk about things in a broad waybut to just ask me or somebody else,hey what's the best online broker?That just really shows your ignoranceand I don't say that in a mean waybut hopefully now you kinda see, oh wow yeah.What's the best online broker,that's really kind of an open ended question.Now if you tell me, hey Clay,I wanna do swing trading and I'm gonna do it with optionsand you know,I wanna do this that and the other to monitor risk,what sort of brokers would fit that?Hey, that's perfect.That's a very intelligent, that's a very methodical wayto ask, what's the best online broker.You've given me a lot more contextbut to just throw out the broad"Hey, what's the best online broker?"way, way, way too broadand you're just asking yourself to get into troublebecause if somebody just starts telling you,oh use this broker, this broker.They're probably getting an affiliate,so if you sign up for themthey're gonna pay or you know, they're gonna make moneybut who knows if that suits what you actually need.And what do you actually need?Well you need somethingthat's gonna help with your risk plan.How do you know what's gonna help with your risk plan?Well you first gotta get a plan right?So hopefully you see the logic of why,in all actuality if you're not,if you don't have a plan,if you don't have a strategy in place focused on risk,then you should not even be asking this in the first placebut if you have all of that,then I guess it's kind of a self fulfilling prophecy'cause if you do have that,odds are you probably know what broker you should be usingbut in the event you don't and you have all this mapped outand you have a true, genuine risk plan in placeand here's a hint, my risk plan.Oh yeah Clay, I plan on using stop losses.Yeah, that's a part of risk controlbut there's a whole lot more to risk control than,oh yeah Clay, I plan on using a stop loss.There's a lot more to it than thatbut if you do have everything figured outthen yeah, maybe there is a situationwhere you're not still quite sure.So by all means, askbut you know, just stop and think.I think you probably are getting ahead of yourselfif you're asking such an open ended questionsuch as, what's the best online broker?If you are out there trading alone currentlyand maybe are in the market looking for a community to jointo assist you in your tradingor to just help you know, give you another set of eyeballsthen I do have a private trading communitywhere you can trade alongside meand other experienced tradersso what you see popping up on the screen right nowis both an information link,so if you click on the inner circle one,that is going to take you to the pagewhere I explain all the detailsof what exactly come with the community.Both the chat room and the newsletter.And then the other image that has popped upis a behind the scenes tourwhere you can see exactly what is going to, you know,be contained within the community.I take you through, like I said,a behind the scenes tour of everythingand that way you'll know, precisely what you are gettingwhen you join.So definitely check that stuff outif you are interested and thinking about,you know, wanting to join a communityand let me know if you have any questions.

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