Brokerage Fees: What You Need to Know

Today I’m talking about brokers, fees, and what you need to know. My job — my duty — to you is to provide you with useful information. Here’s what I think about brokerages fees. And find out which two brokers I use as I play the stock trading game...

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FULL DESCRIPTION
Today I’m talking about brokers, fees, and what you need to know. I'm really curious to know how many people actually have brokerage accounts and check their brokerage statements...

Brokers actually don't like me because I tell people not to trade as much. Sometimes the best trade is no trade at all. Patience is key.

My job is to help provide you with honest and useful information. So I’ll tell you which two brokers I use. But I don’t choose these firms because they’re better in some way or I think they’re amazing. I choose them because I find an advantage with them that I need to play in the stock trading game.

Here are the two brokers I use: E-Trade and Interactive Brokers. Got questions about either? I can’t answer those. I’m not a broker. Reach out to them yourself. I’m just pointing you in this direction based on my personal experience.

But I will get into this common question about broker fees: How much should you be paying and should you try to cut costs here? The answer is NO. All these little fees are generally negligible.

Saving money on little fees here or there doesn't matter. You need to look at this game as a whole. Which broker can actually give you the tools and customer support you need when you're in a trade?

I want to focus on the game. Brokers are necessary for me to be in the game. I need to be able to trade these stocks. If I'm using a specialized broker that has specialized fees, that can be OK. I want to make my money. I want to be in the game, trading the best setups.

Remember rule number-one: cut losses quickly. Everything outside of the game is negligible, it's irrelevant.

Don't focus on these little fees. Focus on how you grow your account. The whole game is about learning and working to improve over time.

Tell the truth ... do you stay on top of your broker statements? And which brokers do you use? Leave a comment and tell me what you think!

#TimothySykes #Pennystocks #Investing

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

[TimothySykesTrader]

What are you looking for in a broker? Leave a comment and tell me which brokers you're using!

[captaincannabis]

What blows my mind is the fact that brokers still exist. Coming from crypto, the idea of having all these middle men just doesnt make any sense to me in the modern era.

[johnteo]

I'd just like to add my 2cents into this and just say, that there is a reason why all the multiple Millionaire students Tim has as well as a majority of others, (which you don't have to take my word for, you can look up all their Profitly accounts which have their preferred Brokerage account attached to each trade), all have brokerage accounts that don't have free commissions, and that you have to pay commissions for a trade. These Millionaires will be the ones who will tell you that no commission brokerages are bad, cause just like you, they thought they could save a buck here and there but in actuality they end up losing allot more on bad executions. So the people Tim is referring to in regards to the "what i heard" are his own millionaire students. They all have YouTube channels in which they will tell you the exact same. Basically look at it this way, look at Tim's Millionaire students and then look at the traders who use these no commission brokers and the stats will show you the difference, you don't have to take my word for it, look it up yourself. I'm not trying to stick up for Tim, he doesn't need anybody to do that, I'm just here for the other people who scroll down and read the comments.

[Breakingfree]

Thanks Tim. Making my calls today and choosing a broker. Time to get busy with the important

[BeautyInYOU]

Love a person who yells when they talk. :)

[gkrglr]

I want to learn from your every move, Tim. Thanks for lots of videos. :)

[stuartdejong]

Can a investment company charge me a brokerage fee, on the original investment amount?

[alfredoandrade]

Thank you for advising me which Brokers are best to try out if I'm wanting to trade stocks.

[nbow]

I have an account with Etrade and Robin Hood

[Jesus_-zzxf]

Love your videos ! Always learning something new!

[vincentmeredith]

I was thinking about going with td ameritrade but ill have to look into these before i make my decision. As of right now im watching videos and reading the complete penny stocking course book that you recommended once i finnish that book ill be buying some of your dvds working on learing building confidence before i take risk with my money. Thanks for doing what you do tim

[VBLN]

Here’s how to get rid of them almost every time I’ve never gotten a fee using this. Declare it as $1 NVC (No Cash Value) or tell the sender to declare it as that and you’ll be good

[frankbernardi]

TD Ameritrade, Stash, Charles Schwab, Robinhood, Coinbase.

[scottieschmitz]

Etrade as well.
They do have some issues in a few foreign country's that I travel to though.

[mirandasworld]

im a beginner and i think im being over charged in over night fees there are no examples on youtube about this or even just roughly what the fees should be

[itsbeiko]

I think the value in no brokerage fees is for beginner traders with low equity who may make $10-$15 on a trade.

[grahamnorth]

eTrade for me--OTC market seems to be best from eTrade (less crappy..)

[Alex.UA]

Hey Timothy, so with the tiered plan, if I was to buy 300 shares of Ford at $14 ($4200 total) it would be 300x0.0035= $1.05 in commission? Also if I was to sell it at $15 ($300 profit $4500 total) would I have to pay the commission again at $1.05? Mainly trying to figure out what my takeaway would be $2497.90?

[gabriele]

Hi Tim! I am studying you
lately. And now I want to take another step, but I have a question for you. Which site do you use to trade your penny stocks?

[Daemon_]

trying to get into it by finding the right one