Saturday, October 22, 2011

Best Books About Online Brokers

Because there is such a broad array of discount brokerages, and the features and pricing of each are so disparate, it behooves any investor to get many opinions about the best type of brokerage for their specific situation. That includes doing comprehensive research about the basic and advanced issues occupying an online broker. Fortunately, there are several books that can help investors educate themselves. Here are some of the best choices:

Getting Started in Online Brokers by Kristine DeForge and Loren Fleckenstein. The book is described as "a quick survey of online brokerages and guidance on how to decide between them."

The book asks three important questions early on that every investor should ask themselves before choosing an online broker: "How much help do you need?", "How confident are you in placing orders", and "How much execution speed do you need?".

The book also compares all the brokerage companies in a lot of depth.

Fire Your Broker and Trade Online: Everything You Need to Start Investing Online by Jonathan Reed Aspatore.

The book focuses on all the basics that investors need but does so in a clear and concise manner without confusing technical terms. Actual snapshots of web pages provide helpful illustrations. The book also discusses the proper mindset one must have when trading online, because the psychology of the online trader is a bit different than the trader who uses a full-service broker. The book also discusses which sectors are tailor-made for online investing and why that's the case.

What Works in Online Day Trading by Mark Etzkorn isn't directly about online broker, but will help those interested in active trading to identify what online broker may be best for them. The books description: "a uniquely honest examination of the online day trading concept".

The most useful sections of the book are the chapters that deal with trading strategies. The advanced topics of swing-trading and Level II scalping will be beyond newbies, but they offer great insight on how to profit from active trading that you won't find anywhere else. Another important chapter focuses on risk control and money management. Traders talk a lot about capital preservation, and integrating risk control into that plan is essential. Again, the book provides unique insights into that strategy.

Online Investing: Everything You Need to Know Explained Simply by Michelle Hooper is true to its title.

The sheer level of detail that the book provides on the different types of trading will be essential for readers looking to select an online broker, to make certain that all these essentials are available.

Danielle Taylor writes out of New York about different personal finance tips and online broker information. Always looking for the most favorable investing options, she tends to end up planning her finances more often than not.

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