New Canadian Trader; whats the best broker to start of with?

Discussion in 'Ask any question!' started by Fritzlor Auguste, May 2, 2016.

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whats the best broker to start of with?

  1. Canadian brokers

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  2. Online Brokers

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  1. Fritzlor Auguste

    Fritzlor Auguste New Member

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    So I started learning about stock market about 2 weeks ago or less, I am done hours of research to catch up with the terms and to get a general idea of the stock market and how money is made on both end.

    Now that I feel I have an idea of the market i wish to start paper trading. should I start with a regular Broker or a discount Broker? What are some cheap and user-friendly brokers i can possibly start with? will the broker come with a graphing software to be downloaded or must i buy that from a third party? When paper-trading am I keeping score from my end or is it integrated within the trading software? How can i find a mentor in my area, or online?

    Last but not least, would you recommend I start with penny stock to get a feel of a markets volatility or go straight to regular stock? I am willing (after paper trading for 2 weeks) to start with a 500$ CAD account.
     
  2. StockJock-e

    StockJock-e Brew Master
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    I would go for TD Ameritrades thinkorswim.com platform, its pretty much the best platform.

    It will look pretty complicated at first, but you will not outgrow it.

    They have paper trading built in.
     
  3. Gray Wolf

    Gray Wolf Well-Known Member

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    I 2nd Gil's motion. You can open an account with them with zero money to start with, you don't have to fund the account to use Think or Swim which is an excellent platform to paper trade.
     
  4. Fritzlor Auguste

    Fritzlor Auguste New Member

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    Thank you JerryM and Gil Oren
     
  5. Fritzlor Auguste

    Fritzlor Auguste New Member

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    But for thinkorswime, I think it is telling my that I must live in the US. I live in Canada
     
  6. Gray Wolf

    Gray Wolf Well-Known Member

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    Didn't know that but I checked and you are correct.

    "Certain laws and agreements prohibit us from holding accounts for Canadian citizens. Canadian residents may be able to establish an IRA with us if they have earned U.S. income and are paying U.S. taxes."

    It is possible to open a foreign account with them but not sure how complicated it is. You can check with them at 800-669-3900. In the meantime, check out a previous thread I posted at http://stockaholics.net/threads/how-to-paper-trade-with-google-finance.693/
    It works quite well for paper trading but is not quite the same as using a trading platform.
     
  7. StockJock-e

    StockJock-e Brew Master
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    https://www.tdameritrade.com/

    Dig in there, its there!
     
  8. Fritzlor Auguste

    Fritzlor Auguste New Member

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    Thank you all, i managed to set an account. Starting to paper trade, and wow i must say this software is extremely confusing. (ThinkorSwim)
     
  9. Gray Wolf

    Gray Wolf Well-Known Member

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    Try going here: http://tlc.thinkorswim.com/center/tutorial/videos.html

    On the left side you will see a side menu labeled "Topics" Each topic is for a section or tab in Think or Swim and will contain several video tutorials on how they work and how to use them. These videos are really nice as they are cut into 2 to 5 minutes in length so it is easy to stop and pick up later as your time permits. They should get you going with the basics
     
    Fritzlor Auguste and T0rm3nted like this.
  10. Fritzlor Auguste

    Fritzlor Auguste New Member

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    Thank you, I will get right to it
     

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