Traders Life Cycle Phase 7

Email Support: phase7@traderslifecycle.com

Three Major Components here:

A.  Choose your Broker.  First, Do the DUE!    Checkout your proposed broker(s) for the following:

1.  Regulatory body/standing - lineage, violations, etc. NASD, NFA, ; validate their status and the liquidity available.  

2.  State or other bodies status.  

3.  Access www.celent.com to determine the 'best execution/pricing' for your markets.   Go with a broker who is in the best, not worst execution environment.

4.  Your trading plan, from Phase 6, should contain types of orders you plan to use; make sure your broker will offer them.  If not, keep looking!

5.  Get a demo account and exercise it for 30 days; compare to your trading plan; vary and retest your plan if needed.    Map and identify all problems; resolve before funding your account.  

6.  Determine what type service you want; desk support to reset, cancel, assist in order placement, or not.   Ensure you get and pay for what you want...then be diligent in recording what you are getting and doing to protect your rights in the event of any failures or disagreements.  

Some of our favorite brokers for their integrity and education for traders: 

B.  Setup Your environment/ computers/ Network, etc.

1.  All systems should be redundant; if one goes down, you need a route to another.   pcs; networks, brokers, etc.   all should be 'backed up'.   If you care about your money; protect and be able to access it, yourself.  

Let the people at Custom Trading Computers help.   They'll be buildling special 'boxes' for our colleagues; they can do the same for you.  Tell Jason we sent you...and tell US if you like, or don't like, their service and products.  

C.  Setup your accounting , Tax, related entities.  BarthCPA, for Traders

To help you in your trading, taxation and corporate efforts, we recommend a local provider, such as BarthCPA, or others, based upon your locale.  Contact us for specific guidance in your area.