How to Use Online Stock Trading Software
To trade stocks on the United States stock exchanges, you can either go online, visit your stockbroker's office or call your stockbroker. If you research or trade stocks through your stockbroker's website, you are using their trading software. Different stockbrokers use various trading platforms, but the requirements are the same. Here are some tips on using online stock trading software.
- Difficulty:
- Easy
Instructions
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1
Open a stock trading account with an online stockbroker or a bank that offers online trading services. Note their fees, commissions, ease of use and trade executions. Open an account with the stockbroker of your choice (see Resources below).
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2
Fund your stock trading account. Contact your stockbroker and find out how to add funds to your brokerage account. Most stockbrokers accept funds through wire transfers, money orders, personal check and bank-to-bank deposits. Fund your account following your stockbroker's instructions.
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3
Use free stock charting and research websites like Stock Charts and Morningstar to research the fundamentals of different stocks. Note their earnings, return on investments, management, bid and ask ratio and company news. Write down the symbols of the stocks you find attractive (see Resources below).
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4
Log on to your stockbroker's trading software
Log on to your stockbroker's trading platform using the username or account number and password you received when you opened the trading account.
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Enter information about your stocks
Click "Trade Stocks" and enter information about the stocks you want to buy or sell. Select "Buy" or "Sell" from the drop-down list. Enter the number of shares you are buying and the ticker symbol of the stock in the area provided. Click "Find symbol" if you are unsure of the symbol of your stock.
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6
Select "Order type" and "Order duration" from the drop-down list. Most common order types are "Day," meaning you want the trade executed immediately, or "Limit" if you want to set the price for the stock. Click "Review order" and review your order when the next window opens. Click "Buy" when you are ready.
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1
Tips & Warnings
Use free stock trading simulation programs like Trader to practice online stock trading before opening an account with a stockbroker. See Resources below for additional information.
Be careful when you place stock market orders. They are non-reversible and execution is almost instantaneous. Always review your orders before clicking the final Buy button. You are liable for all stock trades executed through your account.
