- Bargaineering - http://www.bargaineering.com/articles -
Posted By Jim On 09/22/2009 @ 6:52 am In Investing | 13 Comments
TradeMONSTER   is a relatively new online discount broker  in an industry that hasn’t seen a new entrant in a few years. I believe TradeMonster’s strategy is to offer relatively low pricing (not rock bottom) and a powerful suite of browser-based analysis tools. TradeMonster is owned by optionMonster, a financial media company that publishes market news and commentary on options and stock trading. If you’ve ever watched CNBC then you’ll recognize a bunch of the faces behind optionMonster (Jon ‘DRJ’ Najarian and Guy Adami are on Fast Money).
The aspect of TradeMonster that really jumped out at me is the first thing I’m going to review – paper trading.
This is the first broker, that I know of, that lets you open a paper trading account (called Paper Trade) with all the features of a regular trading account. To do a TradeMonster review and not talk about this feature would be a travesty! That means you can open an account for free, pay no fees, practice trading stocks or options, and still use all of the tools available to regular brokerage account holders. You get real time streaming quotes, charts, and balances; all the stock analysis; performance charts, projections, risk analysis; as well all their options spreadMAKER tools (for complext options). It’s generous of them to offer all these tools for someone who isn’t paying a penny.
If you want to practice, I can’t think of a better place than here. It’s like behind able to test drive a Ferrari without having to pay the price when you slam it into a wall.
At E*Trade you get access to a suite of Power E*Trade tools if you’re an active trader that makes 30 trades a quarter. At TradeKing, you need 25+ trades a month to get access to their streaming quotes tools. At TradeMonster, everyone gets access to the tools and they’re browser-based, so you don’t have to download anything.
Since their pedigree was in options trading, a lot of their tools have options traders in mind. They have several powerful tools, most notably SpreadMAKER and AdjustTRADE, designed specifically to help you tailor your options trading. They also have portfolio simulators that let you see how your trade would react to market changes without your money on the line.
If you want powerful tools and the flexibility to get good pricing on any trade, TradeMonster is a pretty good choice. I’ll be sticking with TradeKing for now because I only use my broker to trade stocks and I don’t use sophisticated charting tools, so TradeKing’s $4.95 trades and lack of sophisticated tools for a low volume trader like myself is not an issue. You’ll be hard pressed to find these types of tools at any other discount broker, which is probably the strategy TradeMonster is going for.
I hope you enjoyed this TradeMonster review and learned a lot about the service. Do you have an account at TradeMONSTER? I’d love to hear your opinion about it.
Article printed from Bargaineering: http://www.bargaineering.com/articles
URL to article: http://www.bargaineering.com/articles/trademonster-review.html
URLs in this post:
 Tweet: http://twitter.com/share
 Email: mailto:?subject=http://www.bargaineering.com/articles/trademonster-review.html
 online discount broker: http://www.bargaineering.com/articles/best-online-discount-brokers.html
Thank you for reading!