A few days later I found a trade I wanted to make so I figured this would be an ideal opportunity to test out tradeMONSTER's trading platform.
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It’s never recommended that you discuss price early in a discussion (or is that just for job interviews???), but price is a major tradeMONSTER advantage.
TradeMonster Review (2020)
Within 5 minutes I had successfully executed two trades and had their orders filled. And for one of the trades, I even had to go back in and modify my bid price. I was able to do all of that without even knowing how tradeMONSTER's trading platform worked.
On the plus side, you can place limit orders on the chart itself, then access a pre-filled order ticket to review and submit the trade. OptionsHouse also allows you to view your past buys and sells right on the chart, a feature few other brokers offer.
If you become frustrated because they don't have all the bells and whistles as other brokerage accounts, I'd say be patient.
In order to complete ACH money transfers, you will need to verify two small deposits made into your account from TradeMONSTER. The process can take up to three business days, but in many cases the money might show up as quickly as one business day.
Now granted I've been trading for many years, so over time I began to get a feel for how to place orders. The companies may change and their order screens are all completely different, but the basics stay the same.
OptionsHouse offers both virtual trading and regular trading. For newer investors, there isn't a better platform on which to learn how to trade options. Pulling up quotes is a breeze, and OptionsHouse makes it easy to file personal notes with each trade.
You can choose to open a securities account, which includes the ability to trade equities, options, and ETFs, or you can open a futures account. Realize that each of these accounts is separate. You can also get approved for margin with each of these accounts, so that you can leverage your trades. (Just be careful, since trading on margin can magnify your losses as well as your gains.)
The first benefit that I noticed is that unlike my other two brokerage accounts, (thinkorswim and optionsXpress) I did not have to open up a regular brokerage account to access the paper trading account.
They have lower options trading commissions than their competitors,.55 per contract with a $ minimum per order. You can take a look at tradeMONSTER's pricing here.