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not if you know what to look for. |
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however, are horrible. The first and foremost thing to check is share limitations. With penny stocks you will be purchasing as many as a million shares or more at a time. A half a penny extra per share over say 1000 shares doesn't sound like much, but a million shares will cost you an extra 5000 dollars, and thats just to get in. Most brokers that offer no share limitations typically charge a little more per trade but it's definitely worth it. The next most important thing is a good trading platform. Nowadays there is no need for the average day trader to spend tons of money on software. Most online brokerage firms offer perfectly sufficient real time streaming customizable charts, watch lists, time and quotes, some screening ability and the all important level II for free as long as your an active trader. It may appear as though you have to trade for a quarter or so to get all of the features, but most of the time if you call and tell them that your an active trader they will let you install right away. This goes hand in hand with trade minimums. Do not be to concerned with how may trades you make a month to save a few bucks,as long as you get the software. When looking at price be sure to look at extra charges for limit orders. We always recommend using limit orders and in some cases penny stocks cannot be traded without them. Limit orders generally cost 5-10 bucks extra per trade but some offer free limit and stop orders. Please do not pay more than 20 dollars per trade. It seems to me that if you could find a broker with an advanced trading platform, no share limitations, a reasonable trade minimum per month, all around ten dollars a trade with free limit orders then you would be pretty lucky right? Wrong, there are tons of them out there, just look around and I'm sure you'll find what your looking for. Don't forget about extra cost's involved with trading such as the extra phone line or DSL connection. We recommend DSL since it's now cheaper than an extra phone line and your ISP bill's combined. If you can't get DSL don't worry it's not that big of a deal. You can still get real time streaming data, broadband is just a lot nicer. Spending high bucks for satellite or a T-1 connection is simply not worth it for the average trader. Enjoy, and don't forget to subscribe to our newsletter. Subscribe Now! |
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