 Boom What's up money geeks mr. V here welcome to another video guys so into this video We are going to talk about choosing the right platform for trading again This is part of our series in making $250 a day trading. So initially when I did that video I talked about making $250 a day trading on the webo platform But I've gotten a lot of questions from some of you guys asking if you can use other platforms And some of you even talk about that we both is so complicated you can Trade on other platforms, which I totally agree and I think that you should be able to choose whichever platform you want to trade on Provided that platform gives you the ability to trade So that's what we're gonna talk about in today's video But before we get started guys if you're new to the channel which go about how to earn money How to save money how to invest and build wealth So that's something I interest you go ahead and hit that subscribe button and a notification bell So you don't miss out on new content. So when it comes to trading guys There's particular things I want you to take a look at it. The number one would be your platform Yes, you want to make $250 a day, but how do you go about making that you need a platform that would give you the ability to Be able to trade to make $250 a day So choosing the right platform is like if you want to raise if you want to go do a car race You have to choose the right car that would you can drive that would take you to that that place Oh, that will allow you to win the race So in this case you're choosing the right platform the right broker That will give you all the opportunity to be able to place your trades on time and be able to you know Get your questions answered if you had any questions as far as using the platform So here I do have a list here five Criteria so five things that you should definitely consider when you're choosing the platform So the first one here is is the platform user friendly and when I see user friendly That's very subjective because what you can consider user friendly to me would be so just Combersome and what I consider user friendly it could be an issue for you So definitely go out there try different platforms, which I'm going to give you a few here Subsequently try different platforms and see which one really works for you Which one has the visual the friendliness that you like They're not where you can decide if you want to use it or not the second point of half year is commissions So when it comes to trading, there's a lot of commissions that you can pay But today a majority of the platforms that you see out there Thanks to Robin Hood Stop charging commissions for trade. So let me give you guys some context here back in 2007 2008 when I was investing you would they would charge you seven dollars Commission per trade. So if you bought a $10 stock you pay $17 so it's the stock itself is $10 your commission was $7 So just to go into that trade you already dropped $7 Let's say you wanted to sell that stock and the price was 15 $10 for the stock and the price at that point had dropped to say $9 you still pay $7 So to go in and out of the trade seven dollars to go in seven dollars to get out That's $14 you go in and out of trade. I mean irrespective of if you make money on that trade or not So but fast forward today to 2021 We have all these platforms from Weibo to Robin Hood to TD Ameritrade to Vanguard all Charging commission free trade. So definitely that's something that you want to consider find a platform that gives you the ability to trade Commission free number three is the account minimum Certain brokers require you to put in as a minimum amount deposit So if you don't have a ton of liquidity and by that I mean you don't have a ton of cash You want a broker that would allow you to be able to deposit the money that you have to allow you to trade So definitely take that into consideration because some have minimum deposit Some could be say a thousand dollars or five hundred or two thousand based on the broker. So definitely No, take that into account the third one would be the broker fees are some brokers have fees that you have to pay Again fees would vary depending on your account type. Let's say we have a margin account Do they charge fees for no fee to leverage margin and what are the fees? So if you leverage imagine, what are the fees that you pay? So all those little things definitely come in so if you let's say you have a reverser in your ACH transfer how much money are you gonna charge you for that reverser and then so other little fees do add up over time So make sure that you understand the fees that are associated with our broker before you sign up and start using it Otherwise, you're gonna be scratching your head down the road and last but not the least is your trading style and your needs So in this case when I talk about your trading style, are you a short seller? Are you in somebody that goes long for the most part again? Are you kind of like a swing trader? Are you an active day trader? Do you place and go in and out of trades of a very high rate? So those are the little things that could also impact you So you want a platform that can give you the ability to go in and out of a trade You want a platform that can give you the ability to be to short stocks if you want to so definitely Look at it and then the different account types that are associated with the different brokers Also plays a huge part So just to give you guys an example of some of the platforms that I think are would be so Beneficial to use so I'm talking about we bow is actually the one that I use and that's what I would recommend But if you think that we bow it's so Commentsome or it's just so untidy then definitely find something else There's other options like TD Ameritrade. It's another very good options that you can definitely Check out then here you have interactive broker I haven't used this one, but I've heard some really good things about interactive broker So definitely go out there. They have, you know, free try as you can try them out trade station It's another one. I don't use it, but I hear good things about it E-Trade as well as Robin Hood for those of you guys that use Robin Hood You can also trade using Robin Hood So those are some of the platforms that you can definitely consider So when it comes to choosing The platform that you want to trade with I want you to spend a good amount of time really going through and trying these other Platforms to see what best fit your needs. So this is not a one-size-fit all I use we bow it works for me But I want you to also look for a platform that works for you So if you trade on it or if you invest on platforms like M1 finance stockpile So far, you're not gonna be able to day trade on those platforms because their their Transactions don't get processed the same way that we bow and Robin Hood or TD Ameritrade would get processed So you definitely want to put that take that into account So I do have all this different platform, but I use them for different reasons So for day trading we both definitely my choice when it comes to my swing trade I use vanguards sometimes I use TD Ameritrade sometimes and then when it comes to long term my long terms are all in Vanguard and then I did use M1 finance for a while, but I don't use them anymore But so you definitely want to find a platform that suits your need and definitely go with it So that would be my take again the five key things that I a half year that you'll want you to kind of take into account Before you choose your platform would be number one user friendliness how friendly is that particular platform? How easy is that platform for you to use number two is how are the commissions? Do they charge commissions commission free? What are the commission circumstances on that platform number three account minimum? Are there any minimums if yes, how much number four is fees are they any fees if yes How much of the fees what percentage do they charge for fees and finally your trading style Which is you have to decide that on your own and see what works best for you again Let me know in the comment section what you think about is do you currently use a platform that is different Or that's not on the list that I mentioned if yes drop it in the comments below Maybe somebody can go try them out and see if it works for them And again if you are new here guys we talk about how to invest how to build wealth If that's something that interests you go ahead and hit that subscribe button any notification belt So you don't miss out on your content if you are looking to get started with investing again I recommend we both, but you don't have to use them My affiliate link is in the description below if you use them sign up deposit five dollars You get free stocks at no cost to you again check out the links in the description below and as always guys Do your due diligence don't be a greedy savage stay motivated