New to investing who should I use for a broker any suggestions Etrade, Ameritrade, Thinkorswim, etc

AssetStrategists answered one year ago …

If you want to trade stocks, ETFs, Options, Futures, and/or FX (Currency) then thinkorswim (also known as "TOS," thinkorswim.com) is my first choice. I have tried several brokers and am convinced that TOS is the best of them. Let me give you a few reasons why I like TOS:

1) TOS has a great commission structure and will probably match your current broker, if they happen to have a better commission schedule. If you are an INVESTools student, the options rate is $1.50 per contract.

2) In my opinion, the best way to learn to trade is to trade. At TOS, you can trade single option contracts for the cost of a single options contract. With most brokers there is a minimum ticket charge. AND if you are in a spread trade and can buy your short side back for $0.05 or less, there is NO commission!

3) If you are a novice trader, TOS has excellent educational resources. For example, every Wednesday just after the close they host a live online trading seminar that they call the Wednesday Afternoon Chat in the Traders Lounge (with real time audio and video). All of the chats are recorded and available in an online archive.

4) If you like to attend live classes, TOS offers www.OptionPlanet.com which offers a number of live seminars across the country. Most of the classes are even FREE. Many of the other broker's free classes are mainly advertisements for the firm with a lot of fluff and very little real content, OptionPlanet classes are hard-core, meaty classes that actually teach you advanced options strategies. The classes that they charge for are extremely low cost. In December, I attended a two-day Advanced Options workshop that only cost $99 (including lunch both days) and included some of the best instruction I've ever received.

5) TOS is the only brokerage I am aware of that provides a FREE online audio and video broadcast each trading day from 9:15-11:30 a.m. ET and from 1:30 p.m. to the close. The "Shadow Trader" gives a premarket commentary on his expectations for the coming trading day. Then he gives running commentary on what he sees happening in the market and with individual stocks about which listeners e-mail in questions.

6) If you would like to see how professionals trade various strategies then TOS offers www.RedOption.com. RedOption.com offers several FREE commentaries (that are not advertising) that include great market and trading analysis. There are also a number of subscription advisories that are as little as $20/month. If you are timid about trading the strategies yourself, RedOption will trade the strategy with your money for you. All you do is subscribe and pay the commissions.

7) IF that isn't enough, the staff at TOS are friendly and knowledgeable. Most of the staff on the Trade Desk are former traders from the floors of the various exchanges in Chicago (where TOS is headquartered).

8) If you are located outside the US, you can probably even open a TOS trading account. TOS has customers in many foreign countries and recently opened their Canadian division.

I could keep going with more things that I appreciate about TOS but 8 should be enough to convince you to check it out for yourself.

If you think this sounds like an advertisement, here's full disclosure. I am not an employee or contractor of TOS, their parent company, or any of their sister companies. I am a retail customer that started trading for a living using TOS on June 1, 2007. I think enough of the company that I invested in a couple hundred shares of their stock that I intend to hold long-term.

If you want to contact someone at TOS about opening an account or to get more information, please call or e-mail Andrew Hartnett in Account Services, AHartnett@thinkorswim.com or 866-839-1100. Please let him know that AssetStrategists sent you. If you decide to subscribe to a RedOption strategy, please let me know what you think at AssetStrategists {at} Yahoo.com.

Prosperous Trading!

AssetStrategists