Brokerage Fees: What You Need to Know
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5 жыл бұрын🔴 Subscribe for more free Stock Trading tips: / @timothysykestrader
Today I’m talking about brokers, fees, and what you need to know. My job - my duty - to you is to provide you with useful information. Here’s what I think about brokerages fees. And find out which two brokers I use as I play the stock trading game...
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FULL DESCRIPTION
Today I’m talking about brokers, fees, and what you need to know. I'm really curious to know how many people actually have brokerage accounts and check their brokerage statements...
Brokers actually don't like me because I tell people not to trade as much. Sometimes the best trade is no trade at all. Patience is key.
My job is to help provide you with honest and useful information. So I’ll tell you which two brokers I use. But I don’t choose these firms because they’re better in some way or I think they’re amazing. I choose them because I find an advantage with them that I need to play in the stock trading game.
Here are the two brokers I use: E-Trade and Interactive Brokers. Got questions about either? I can’t answer those. I’m not a broker. Reach out to them yourself. I’m just pointing you in this direction based on my personal experience.
But I will get into this common question about broker fees: How much should you be paying and should you try to cut costs here? The answer is NO. All these little fees are generally negligible.
Saving money on little fees here or there doesn't matter. You need to look at this game as a whole. Which broker can actually give you the tools and customer support you need when you're in a trade?
I want to focus on the game. Brokers are necessary for me to be in the game. I need to be able to trade these stocks. If I'm using a specialized broker that has specialized fees, that can be OK. I want to make my money. I want to be in the game, trading the best setups.
Remember rule number-one: cut losses quickly. Everything outside of the game is negligible, it's irrelevant.
Don't focus on these little fees. Focus on how you grow your account. The whole game is about learning and working to improve over time.
Tell the truth ... do you stay on top of your broker statements? And which brokers do you use? Leave a comment and tell me what you think!
#TimothySykes #Pennystocks #Investing
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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*
----------------------------------------------------------------------------------------------------------------* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here: www.timothysykes.com/terms-of...
@TimothySykesTrader 5 жыл бұрын
What are you looking for in a broker? Leave a comment and tell me which brokers you're using!
@gedalianiasoff4021 5 жыл бұрын
im currently using oanda i went from forex.com to oanda now im looking for a platfrom that covers all markets or most including fx
@KaneODriscoll 5 жыл бұрын
Timothy Sykes Saxo Capital markets. They charge a bit but I like the app on the phone and the layout 👌🏽
@AjayKumar-id7mb 4 жыл бұрын
As I am starting I can not start at $30000, So I am using a broker which is not following PDT rule. My strategy focuses on cutting the loss quickly and then re-entering the market.
@codyjacobs6660 4 жыл бұрын
Beginner at Day Trading. Studying Frequently. I'm Looking for Little to no commission fees, as well low fees in a trading platform before I upgrade into STT. I want that feel for trading. Not looking for big profits, only how to achieve taking more wins then loses. Of course cutting loses quickly. I want that learning experience in the real market in real time. Tradier looks decent, now a low commission based trading platform to go with it
@loveyahshayah8855 Жыл бұрын
How do I pay only 1%-2% fees? I bought pepe for $140.00 but it cost me $20+ in eth just to buy it. If I could buy other coins and only pay 2 % I'd be buying them now. These companies charge 20% to cash out. I don't understand how to buy coins for cheaper. Gas fees always $20+ and if I want to swap some for another it's $35+ Can someone explain how to buy and sell meme coins but not have to pay $20 ea transaction in fees or some crazy thing where you have to pay 20% to cash your money out. ...I'm frustrated b/c I know there's a better way.
@captaincannabis3321 5 жыл бұрын
What blows my mind is the fact that brokers still exist. Coming from crypto, the idea of having all these middle men just doesnt make any sense to me in the modern era.
@loveyahshayah8855 Жыл бұрын
Plz teach me man...eth charged me $20+ just to buy pepe...it's up...but it would cost another $20 to take out my profits. I don't understand, how ppl can make a $10 trade if it costs $20+ to make the transactions. If the fees are 20% how can I win? I don't get it. ..some of these sites say cheap fees to trade but they wack you over the head to cash out...20% to cash out my money? 🤯 That's robbery.
@Jesus_-zz2xf 5 жыл бұрын
Love your videos ! Always learning something new!
@Breakingfree100 2 жыл бұрын
Thanks Tim. Making my calls today and choosing a broker. Time to get busy with the important stuff!!!!!
@johnteo1621 5 жыл бұрын
I'd just like to add my 2cents into this and just say, that there is a reason why all the multiple Millionaire students Tim has as well as a majority of others, (which you don't have to take my word for, you can look up all their Profitly accounts which have their preferred Brokerage account attached to each trade), all have brokerage accounts that don't have free commissions, and that you have to pay commissions for a trade. These Millionaires will be the ones who will tell you that no commission brokerages are bad, cause just like you, they thought they could save a buck here and there but in actuality they end up losing allot more on bad executions. So the people Tim is referring to in regards to the "what i heard" are his own millionaire students. They all have KZfaq channels in which they will tell you the exact same. Basically look at it this way, look at Tim's Millionaire students and then look at the traders who use these no commission brokers and the stats will show you the difference, you don't have to take my word for it, look it up yourself. I'm not trying to stick up for Tim, he doesn't need anybody to do that, I'm just here for the other people who scroll down and read the comments.
@TimothySykesTrader 5 жыл бұрын
hard work pays off :)
@gkrglr4142 3 жыл бұрын
I want to learn from your every move, Tim. Thanks for lots of videos. :)
@TimothySykesTrader 3 жыл бұрын
glad it's been helpful!
@alfredoandrade7279 3 жыл бұрын
Thank you for advising me which Brokers are best to try out if I'm wanting to trade stocks.
@gabriele454 5 жыл бұрын
Hi Tim! I am studying you lately. And now I want to take another step, but I have a question for you. Which site do you use to trade your penny stocks?
@onelifeonechance1987 5 жыл бұрын
So what does everyone think about CMEG? I’m thinking of opening account just to work around the PDT rule. Any suggestions?
@vincentmeredith2561 5 жыл бұрын
I was thinking about going with td ameritrade but ill have to look into these before i make my decision. As of right now im watching videos and reading the complete penny stocking course book that you recommended once i finnish that book ill be buying some of your dvds working on learing building confidence before i take risk with my money. Thanks for doing what you do tim
@TimothySykesTrader 5 жыл бұрын
nice keep up the good work!
@Alex.UA6 Жыл бұрын
Hey Timothy, so with the tiered plan, if I was to buy 300 shares of Ford at $14 ($4200 total) it would be 300x0.0035= $1.05 in commission? Also if I was to sell it at $15 ($300 profit $4500 total) would I have to pay the commission again at $1.05? Mainly trying to figure out what my takeaway would be $2497.90?
@scottieschmitz71 5 жыл бұрын
Etrade as well. They do have some issues in a few foreign country's that I travel to though.
@itsbeiko 5 жыл бұрын
I think the value in no brokerage fees is for beginner traders with low equity who may make $10-$15 on a trade.
@herewego.. Жыл бұрын
Mate, what about saxo trading? I'm based in Singapore.. I prefer buy and hold for long term.. and which broker is good and have relatively fair cost
@BeautyInYOU583 3 жыл бұрын
Love a person who yells when they talk. :)
@solidthoughtpoker5207 3 жыл бұрын
check out _snake diet_ on youtube then :D >< u are in for a treat
@VBLN 4 жыл бұрын
Here’s how to get rid of them almost every time I’ve never gotten a fee using this. Declare it as $1 NVC (No Cash Value) or tell the sender to declare it as that and you’ll be good
@mirandasworld 3 жыл бұрын
im a beginner and i think im being over charged in over night fees there are no examples on youtube about this or even just roughly what the fees should be
@AhaSweetOne 5 жыл бұрын
How do I know to find the best brokerage to meet my trading need?
@DivinelyNancy 3 жыл бұрын
When do you pay for margin fees, is It automatically taken out of the trade after its done or is there a bill you have to pay after the day is done?
@BeautyInYOU583 3 жыл бұрын
Automatically taken out
@yair3979 3 жыл бұрын
hey tim great see your vids and learn from you all time my broker offer very good platform and execution and no fees on it. but 10$ fix price for each trade . my goal is 1000-2000 shares each trade i want please you opinion is it worth the high cost per trade ? please answer me thank you
@tdawgsavageking7897 4 жыл бұрын
My broker account is charging 400 dollars a 1 time fee is it a such thing
@grahamnorth2478 3 жыл бұрын
eTrade for me--OTC market seems to be best from eTrade (less crappy..)
@deeoh_nyc 5 жыл бұрын
TradeStation and Merrill Edge
@stuartdejong5060 4 ай бұрын
Can a investment company charge me a brokerage fee, on the original investment amount?
@frankbernardi3122 5 жыл бұрын
TD Ameritrade, Stash, Charles Schwab, Robinhood, Coinbase.
@MrSschwarz13 3 жыл бұрын
Yes - TD Ameritrade/ToS
@VickyRonquillo 3 жыл бұрын
If a broker ask me 5% of whatever profit I make, should I accept that deal?
@howardthurman3617 5 жыл бұрын
Yes.
@matthewhuyser9111 4 жыл бұрын
Yes: E*TRADE and TDameritrade
@supersam1914 5 жыл бұрын
E*trade is pretty reliable
@ahmedabdi789 3 жыл бұрын
Are those two cheap broker?
@howardwright6067 8 ай бұрын
Yes
@aaronrenzo8515 3 жыл бұрын
Hi my account maneger ask me first for activation fee 100$ and after they ask me for 200$ for transaction fee and now he’s asking me for 400$ for withdrawal fee is this normal? I really badly need some help any suggestions?
@TimothySykesTrader 3 жыл бұрын
no such thing as account managers, block and report all those scammers
@erikaszep5386 2 жыл бұрын
400$ withdrawal fee ,for what amount?
@MrNicholask123 4 жыл бұрын
Ive been using Webull? Seems ok. I prob will switch to etrade,
@nicholasburton9018 5 жыл бұрын
How do you feel about the brokerage tradier? they have the monthly deal connected to stockstotrade.com
@hellothere5855 5 жыл бұрын
On the tradier page it says at the bottom that they don't take pink sheet or otcbb orders. I also read somewhere else that they don't do penny stocks. Im not sure it thats a fact or not though
@pot_bunny3926 4 ай бұрын
yes
@michaelpeterson4880 5 жыл бұрын
What about Webull?
@Lumago.97 5 жыл бұрын
Yes : etrade
@marcinrybinski6224 4 жыл бұрын
I'm using Etrade
@sledgehamner 4 жыл бұрын
I've been using TDAmeritrade for years, managing my IRAs and 401-K. I never noticed any problems until I started paper trading penny stocks. I don't know if the live trading is better, but I've noticed several execution issues with my practice account (not getting filled when I tried and having trouble closing a trade at my preferred price).
@aliendude-zr1ut 4 жыл бұрын
notice the same with paper trade being short on profit , new to the whole scene
@sledgehamner 4 жыл бұрын
Live trading does appear to be better, thankfully, at least for now. Also STT paper trading is great, with live data! 🙂
@aliendude-zr1ut 4 жыл бұрын
@@sledgehamner will check it out, much appreciate
@nbow2214 4 жыл бұрын
I have an account with Etrade and Robin Hood
@TimothySykesTrader 4 жыл бұрын
👍
@twaye30 5 жыл бұрын
Yes etrade
@danielwyatt4935 4 жыл бұрын
yes I have a brokers
@TimothySykesTrader 4 жыл бұрын
👍
@Svyatoslav226 3 жыл бұрын
💯
@daniels4149 5 жыл бұрын
YES
@TimothySykesTrader 5 жыл бұрын
nice! which brokers are you using?
@alvinraj6998 5 жыл бұрын
Why you don't trade options?
@TimothySykesTrader 5 жыл бұрын
because they're tougher than my niche
@busyb5643 5 жыл бұрын
So I will say this I both use E-Trade and Robinhood nothing wrong with either or if you're going to use Robinhood definitely pay the extra $5 a month to have your level 2 chart you won't lose money when you use your order limit Robinhood uses Morningstar for their research E-Trade uses a plethora of different sources pick your poison they're both not bad end of discussion mic drop 🎤
@busyb5643 5 жыл бұрын
@Rabble Repository yeah they're getting you on the slippage so in that instance if you're not putting a limit order you're not going to get the price you want I can honestly say I went to using Robinhood a lot more with excellent results but yeah I never use the market price cuz it will get you good luck
@fredyhernandez2569 5 жыл бұрын
using Robinhood I use buy limit and sell limit the only way to pay the right price
@MsBibay 4 жыл бұрын
I would like to ask,i invest 100dollars of bitcoin and few days before they told me i have to pay for an upgrade fee of 500dollars then after a few days again they want me to oay for a commission fee of 400dollars for a one trade only. So overall they wabt me to give them a 1000dollars worth of money.Is that possible? And can they charge fee from the profit? Thank you!
@ahmedjaf4688 4 жыл бұрын
Legit brokers won't charge you for how much profit you make. Even if you would make 1milliom dollars, you would still pay the same amount of fee as you would if you just made 100 dollars (percentage wise at least). So I think that this is kinda a scam. They may want you to upgrade your account so you got some "advantages" over others but that's not how much they would charge.
@MsBibay 4 жыл бұрын
@@ahmedjaf4688sadly, I was scammed. thank you for your reply. 🙂
@harrietopanda4691 3 жыл бұрын
@@MsBibay how did they scamm you.. am also having such broker.. tell me before I get scammed please
@MsBibay 3 жыл бұрын
@@harrietopanda4691 they keep asking for money then when the time I was gonna ask for my profit They did not give it to me.
@JeanPau1 5 жыл бұрын
No
@cremekuffisclan45 5 жыл бұрын
How about webull?
@cremekuffisclan45 5 жыл бұрын
Why not ?I been uses webull paper trading for a month now . U need to open margin Account to do shorting
@cremekuffisclan45 5 жыл бұрын
Liuv Suarez which broker u prefer then ?
@rajuahmed3011 5 жыл бұрын
Firstrade do you know this broker?
@TimothySykesTrader 5 жыл бұрын
what do you like about it?
@rajuahmed3011 5 жыл бұрын
No fee broker.good service.
@Maci504 5 жыл бұрын
Nope!
@simonmazzei3817 3 жыл бұрын
no
@verseschannel9064 3 жыл бұрын
Thats fr american students what bout 3rd World country brokers?
@_JamChop Жыл бұрын
bro spent literally the first 2/3s of the entire vid repeating the same point about paying fees in a multitude of very similar ways
@TimothySykesTrader Жыл бұрын
yup, repetition is the key to mastery
@DavidSmith-vo3nd 5 жыл бұрын
Not anymore I use to be with Scott Trade
@TimothySykesTrader 5 жыл бұрын
why did you leave?
@DavidSmith-vo3nd 5 жыл бұрын
@@TimothySykesTrader they discouraged otc trading
@ARModou 5 жыл бұрын
E Trade
@DARKKEVN 3 жыл бұрын
yes \
@fitbright7936 5 жыл бұрын
I love Tim for being human 💚 If I become successful, it's because of your energy in wise words 💚
@TimothySykesTrader 5 жыл бұрын
it's my pleasure!
@laminnjie3222 5 жыл бұрын
NO
@TimothySykesTrader 5 жыл бұрын
where are you in your trading journey?
@laminnjie3222 5 жыл бұрын
@@TimothySykesTrader just getting started!
@linehand5246 5 жыл бұрын
IB old school, TradeZero way better
@nhidao4261 5 жыл бұрын
Linehand is TradeZero good for executions? Thanks
@TimothySykesTrader 5 жыл бұрын
why do you like it better?
@danielm584 5 жыл бұрын
yes i do and hit me up i would like to be a student..
@TimothySykesTrader 5 жыл бұрын
apply to my challenge here: bit.ly/2N3TaaL
@Daemon1995_ 4 жыл бұрын
trying to get into it by finding the right one
@TimothySykesTrader 4 жыл бұрын
👍
@adamd.philips7657 3 жыл бұрын
yes
@luball416 5 жыл бұрын
Yes
@boneyclement4589 5 жыл бұрын
No
@LARZ- 5 жыл бұрын
Yes
@Jencredible731 5 жыл бұрын
Yes
@King.Andrew 5 жыл бұрын
Yes
@andysalo2081 5 жыл бұрын
yes
@clintblack7566 4 жыл бұрын
Yes
@saverigin3645 3 жыл бұрын
yes
@TimothySykesTrader 3 жыл бұрын
👍
@user-qo2en4ld8q 10 ай бұрын
yes
@TimothySykesTrader 10 ай бұрын
👏👏
@dantebruce4933 5 жыл бұрын
Yes
@TimothySykesTrader 5 жыл бұрын
which brokers are you using?
@dantebruce4933 5 жыл бұрын
I used Robinhood at first now it's TD Ameritrade
@brookesteelestephens4264 4 жыл бұрын
No
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