If you wish to become wealthy and/or increase monthly income, you need to use the best possible stockbrokers, dependent upon your trading approach.
Back several years in the past when I was looking for a straightforward but profitable trading approach, I identified that options would actually be a good alternative. But I was having a substantial problem deciding which option approach would be ideal for me personally! Options have a large number of aspects like time to expiration, volatility of the underlying asset, present value of the underlying asset, etc.
I am extremely visual and currently there was no way I could envision the true worth of an option as the time moved on, or as the volatility changed, or the root asset value changed. I studied a great deal and discovered that I needed a ‘Real Time Risk Profile graph.
I checked around 12 brokers and either they had no risk profile chart or the graphs they had were very challenging to read and not user-friendly. I was going to fork out $200 to buy a risk graph profile program that was not real time. Luckily, another attendee at an investment conference I went to suggested I look into ‘Think or Swim’.
Well at the time the name sounded weird to me, however I checked them out and found they had a Top Notch risk profile graph. And it was Real Time, i.e., the options value were uploaded real time. AND they displayed two value lines, one for the options current value and one for the options value at expiration. I tried a number of option strategies that I could ‘envision’ specifically how their prices changed with the market. For anyone who is basically visual, a risk profile graph will let them find an option trading strategy that will fit their need!
An additional significant advantage that Think Or Swim provides is real time pricing of an option approach. They visually clearly show you the high and low offer/bid price along together with the ‘mid’ price so you comprehend where you really should place your bid. This is essential for you to take advantage of the recommended buy or sell price for your option strategy. If you choose, you can place a bid with a ‘live’ broker. 98% of the time I choose the online trading mechanism, but there are times I need to talk with somebody who has direct easy access to the trading floor.
What is more, they have great service. If you have a query, just e-mail them and you will normally get a response back within just 15 minutes.
Are there other brokers who are cheaper – sure! But you are dealing with your own personal revenue and you really should select top quality over price. You may perhaps save yourself a several bucks on the trade execution, BUT waste much more bucks by getting a lousy fill. Think Or Swim is now a part of Ameritrade, but their main business is options. They plainly provide the number one product for any person trading options!
Now, even though you have a great broker, it is your job to trade appropriately. If you might have now the ‘get-rich-quick’ reasoning you are certain to never achieve riches. To get able to achieve prosperity you need to comprehend that the slow consistent methodology will in reality get you there. Because of Think Or Swim’s risk profile graph, I saw that the Iron Condor Option Strategy was the best for me. If you have now the get-rich-quick thinking, you are looking for the BIG gain. But because of compound interest, if you commence with $3500 and gain only 10%/month, in five years you are going to have over ONE Million dollars.
I realize that there are individuals declaring they generated 150%, 200%, etc. on an option transaction and that this could be true. BUT what they don’t tell you that it will take place only seldom and that they largely have losing trades. So don’t be taken in by their sales ‘lies’, and go for the slow but consistent method to abundance.