Is This a Good Online Broker? (Stock Market for Beginners)

We have several red flags here that you have some more learning to do.

(air whooshes) (metal screeches) I had an exchange on YouTube, and I don't think thisis new to the channel.

I've talked about this many times before, but regardless, something thatcomes up time and time again, and I realize I have 100sof videos at this point.

So I understand how peoplecould miss past videos where I've talked about this.

Regardless though, some big red flags that this person should not be trading, and if I go through certainthings, and you're like well, yeah, that seemslike a good question to be asking to me.

Yeah, he answered your question.

Then that's okay.

I'm not calling you stupid.

I'm not calling you a moron.

I'm just saying well that wouldbe a kind of a mile marker for you that you do havesome more learning to do because you're not quite understanding how this trading thing actually works.

So let's get to this exchange.

So this person asked me, “Clay, what are your thoughtson the fidelity broker?” Now perhaps right now you'rethinking, yeah, how exactly.

Are you gonna talk about Fidelity now? Absolutely not.

To just ask somebody, hey, broker, what do you think about it, and then just leave it at that.

You should not be trading.

You have a lot to learn, and again that's okay.

We all start at that area, but asking about suchan open-ended question, it just shows that you don'tquite understand how it works.

What do I mean by it works? Well it's literally impossiblefor me or anyone else to tell you what they think on a broker if you do not offer what youare looking to try to do.

So in other words, how areyou looking to execute? Execute what? Your strategy.

Okay, well, execute strategy.

Yeah, I mean I can't tell youunless I know your strategy, and not only your strategy, how exactly are you looking to execute it.

Just, and this is stillpretty surface deep, but as an example they're fast or basically not applicable.

It doesn't really matter.

Do you need to get in and out super fast? I bring that up becauseif you've ever watched my live trade videos, then you see Fidelity would not work for me at all because they are not fast enough.

They are not built to operate in the way that I need to execute my strategy.

I need to be fast fast fast, and if you've watched my videos, you know exactly what I mean by fast.

Now that doesn't mean thatFidelity is bad for you, is bad for this person, they're just bad for me because they don't fit my strategy, and well what do you mean? How do they not fit your strategy? Well that just goesback to this right here.

They're not gonna allow me to execute.

Now there's many otherways that they won't fit.

But like I said, I don't wanna turn this into too long of a video.

The point here being thatif you just think it's okay to go randomly askpeople what do you think about this broker without offering any additional context, then you're missing a whole point because you couldeasily get yourself misled.

But then, you know soI'll ask him a question, and then his reply backis pretty revealing too.

So as I just talkedabout here, I reply back, “I mean, they could be fine, but given I know nothing about “your strategy, goals, etc.

, it's hard for me to say.

” They reply back, “I'm an 18 year old “that wants to do daily trades “and have 25% of myportfolio being investments.

” Did you catch it? Do you see what they toldme is their strategy? Now it's, you're breakingyour way down to a strategy.

Don't get me wrong, butit's still not even close to telling me anything aboutwhat I would need to know.

So what did they say their strategy was? Daily trades.

Now you, oh come on, Clay, you're nitpicking.

They mean they wanna do day trading.

Fair enough because you're probably right.

They wanna do day trading.

But again, if you're like, okay, see, they wanna do.

That is still way too broad.

The amount of ways, the amount of methods, the amount of systems thatrevolve just in the branch, we'll call it, of day trading is immense.

So even though they wanna bea day trader, I don't know because, well, how do youwanna be a day trader? In what ways are you looking to execute.

I get it you want totrade within the same day, but that's still very very broad, and you got to be ableto narrow things down.

I will say awesome.

This person is only 18.

I'm jealous of this person.

I didn't get interestedin the stock market until I was, I don't know, 21, 22.

So this person's got four years on me.

So that's great.

I'm not coming down on himbecause there's a young.

I mean, welcome to the club.

I get this question allthe time, hence the video, but if this is the pathyou're going down is, when somebody asks you, okay, well what are your strategy? Well, I wanna do daily trades that I'm only going toput 25% into those trades.

Again, that's good.

You're on the path, but there'sstill a lot more questions and a lot more narrowingdown of things you need to do before you would ever know what is the proper broker for you.

You need to be able to havea strategy, have goals, know when you should be getting out, how long you should be in, and what ways you need toget out, and much much more.

And when you have allthose pieces in play, then you come back and askyourself, okay, what broker is going to allow me to do this? And I realize that'svery counterproductive.

You would think, well, I'm new, I need a broker.

That is 100% logical, but that's the trickypart about the market.

The broker is the lastthing you need to do for the reasons just discussed.

Because at the end of theday, you need to figure out what you wanna do.

You need to figure outhow you wanna execute it.

You need to figure outwhat needs to be executed.

How fast it needs to be executed, and all that sort of stuff.

Welcome to the actualchallenge of learning how to trade the market.

I get it.

Well, sign up for my text alerts, and, well, if you thinkthat trading is that easy, I have some great oceanfrontproperty in Wyoming.

I'll sell it to you at a good deal, okay, but if you wanna actuallytruly learn how to trade, you gotta be able to form a strategy and all the different partsthat go into the strategy, and after you have all that, then you come back to the broker because you're going to know exactly what a broker should be offering you and whether or not theyfit into the picture, fit into what you're trying to do, and, but, to start at thebroker, you're just going to, you're gonna create moreheadaches for yourself.

So just, hopefully, that can open your eyes, but remember starting with the broker and just randomly asking somebody what they think of a broker without offering any sortof additional context is a pretty big flag that, I'm not saying you shouldn't trade.

I'm just saying you shouldprobably tap the brakes on things because my guess isthere's quite a few puzzles that you're missing to howtrading actually works.

If you are out theretrading alone currently and maybe are in the marketlooking for a community to join to assist you in yourtrading or to just help you, give you another set of eyeballs, then I do have a private trading community where you can trade alongside me and other experienced traders.

So what you see poppingup on the screen right now is both an informationlink, so if you click on the inner circle one, that isgoing to take you to the page where I explain all thedetails of what exactly come with the community, both the chatroom and the newsletter, andthen the other image that has popped up is abehind-the-scenes tour where you can see exactlywhat is going to be contained within the community.

I take you through, like I said, a behind-the-scenes tour of everything, and that way you'll know precisely what you are getting when you join.

So definitely check that stuffout if you are interested and thinking about wantingto join a community, and let me know if you have any questions.

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