We’re not saying that by switching brokers you will automatically become a better trader and put on more winning positions.
But by dealing through a more appropriate broker for your trading you can reduce your execution costs and use tools that can help you protect your positions for market volatility.
One of the most important factors when choosing a broker is cost. Obviously, the main cost of trading is if you can the market right and your position makes money. But you must all factor in commission and fees. By comparing the spreads and commission charges of the major brokers you switch to a broker that makes your trading more efficient.
For example, if you trade ten times a day every day and your average trade size is 10,000 shares or £10 per point. Your costs could be (on a one point market) £20,000 a year. If you switch to a broker where the commission is 20% cheaper then you P&L would be £4,000 better off.
Or, you can use an options broker to buy portfolio protection. Not all brokers offer options, so check our options comparison table to see if there is a broker that can cater to your overall trading as well as hedging.
To switch to a better broker review our comparison tables and switch to a better broker today.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.