The gray cubicle can be a depressing place to end up if you are looking for a good job out of college. When you put all that time into education you expect to have a good opportunity when you get out of college. But what you get is a chance to stare at spreadsheets and move marketing calendars around day after day.
So looking for a new way to make extra money is a good way to spend your days. That is where day trading comes in. Day trading can be a way to supplement your current income, or even eclipse it as a way to get better at your financial future. If you want to become a better day trader, you want to understand all the different broker options out there. Interactive Brokers can be valuable for novice traders, but it is more geared towards traders with more experience.
Interactive Brokers has been in the online trading business for a long time. Its interface can be tough for beginners to get used to, but the offerings and customization are very valuable to those that learn how to take advantage of them. And the account minimums are very high for those traders or investors that do not like to make frequent deals. IB is not for casual investors. It is built for and by frequent traders, so day traders are in good hands with this platform.
Also, the level of customer service for Interactive Brokers is not high enough for the beginner traders that need a lot of hand holding. It is built with highly engaged users in mind. The lack of phone or email support is going to be frustrating for the recent retiree with a lot of time and not a lot of investment experience. But for a younger worker, laid off from a marketing firm with time and the initiative to learn quickly, Interactive Brokers can provide a path towards day trading competence.
The education will need to come from other sources though. The educational elements, whether they are videos, e-books and articles, at Interactive Brokers leave a lot to be desired. That is why you need to find a day trading education site that can supplement your need for knowledge. Veteran instructors with high quality video lessons can be extremely valuable in closing the gap between novice traders and their more experience counterparts. That is where you can make use of these more complex platforms.
For frequent traders, the low commissions are fantastic. Fees on stocks and exchange traded funds, and even options are very competitive. They key is you need to be a high volume traders. The more trades you hit per month the more your fees go down.
Interactive Brokers Trader Workstation is one of the most advanced platforms on the market. Experience traders will be very happy with the customizable dashboard, real-time watch lists and timely alerts. As stated before, beginner traders will have a harder time deciphering all the bells and whistles, but that is why you need extra education on the side. Then you can make Interactive Brokers work for you.