3. Harness technology – With thousands of other traders out there, you need to utilise all the resources around you to stay ahead. With that being said, charting platforms offer a huge number of ways to analyse the markets. You can also backtest your strategy against historical data to fill in any cracks. Mobile apps will also ensure you have instant access to the market, almost anywhere. Combine that with a lightning fast internet connection and you can make fast, informed and accurate decisions.
Traditional full-service stockbrokers do more than assist with the buying and selling of stocks or bonds. They often offer a wide array of services and products, including financial and retirement planning, investing and tax advice and regular portfolio updates. But they can charge substantial fees and transaction costs that can erode long-term investment gains.
For online platforms, websites give the user options and availability of the stock he wishes for, across all the platforms available. If he places an order, it gets stored in a database. After the confirmation of the trading account and payments, the order gets forwarded and the user gets his stock, in the form of money, transferred to his trading account.