TradeMonster is no longer available. The company merged with OptionsHouse in I highly recommend that you check them out for yourself. Unlike some of their competitors, they provide a convenient way for you to test out their trading platform.
I finally found the time to open up a free paper trading account and tested out their trading platform. I've been reviewing their service for the last few weeks and I thought I'd give you a review of my experience. 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.
It's been awhile since I opened up my thinkorswim and optionsXpress accounts, but with both accounts I had to go through the lengthy application process and fund the account in order to gain access to their free paper trading account. All I had to do was fill out a short form that took less than a minute and hit submit. It took me straight to the trading platform. Short and sweet, just the way I like it. Through tradeMONSTER's free paper trading account, you can experience all the features of a regular account without using your own money.
So if you transition from a free paper trading account to a regular brokerage account or IRA, it should be a smooth transition as you will already be familiar with the trading platform. When I initially opened my paper trading account, I did not have the chance to look around and figure out how things worked. I immediately logged out. I went in blind.
I didn't know how the trading platform worked, I didn't watch any video tutorials, or read any help instructions. 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. Now what I did was risky, but hey… it's a free paper trading account so I had nothing to lose. Buying and selling was pretty easy. 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. TradeMonster's trading platform is web-based so there is no software to download on your computer. You can trade from anywhere you like. I like it because my thinkorswim software I downloaded on my computer works fine until my virus scan comes on, then my computer locks up.
I can't tell you how many times I was in the middle of a trade when my computer locked up. TradeMonster also has a "drag and drop" feature that is pretty unique for a trading platform. You can customize your trading screen by using the "drag and drop" function to move menus around. They also have a mutual fund screener and a list of mutual funds that they offer. This is important as you should not have all of your available trading capital tied up in stock options.
One interesting thing that happened while I was testing out the platform was that I placed an order to buy stock options after market hours 8: I was rather surprised when it said my order was filled.
You're generally suppose to get some kind of message that the markets are closed and your trade will be executed at the opening of the next trading day OR your order should just sit there as an open order until the next morning.
No more calculating your stop losses by hand or through an excel spreadsheet. They have this really cool stop loss calculator and exit plan function. Discovering this alone was worth the time it took to test out the trading platform.
When you place any trade, you have the option to enter in your exit strategy and any alerts will be sent via email or as a pop-up on the site. I think you get the point. They don't have quite as many studies technical indicators to apply, but they have the most important ones that I use.
Also, once I applied the indicators to the chart I had to scroll down to see them. This was a minor annoyance. They have lower options trading commissions than their competitors,. I tried their live help feature and the experience was good.
I didn't have to wait long for an operator to respond and he answered my questions to my satisfaction. There was one question he could not answer so he directed me to their contact form on the website. We have received your inquiry and are assigning it to a representative. You can expect to receive a response from us within one business day. And then to top it off my issue was still not resolved. All the person did was ask more questions. The annoying part was that the answers to those questions were in my first e-mail.
I politely explained that I was annoyed and copied my original e-mail within the body and highlighted the information he was looking for. Roughly 12 hours later, my issue was resolved. Now that was a better response time! So they were 1 for 1 with regards to their response time. I assume they took so long to respond the first time because they are being bombarded with so many new members signing up.
You know how it is. A new company grows so fast that sometimes the staff has a hard time keeping pace with the growth. My other two brokers, optionsXpress and thinkorswim, have a huge head start on tradeMONSTER so I can't expect them to have all the nifty resources and reading material as everyone else. If you become frustrated because they don't have all the bells and whistles as other brokerage accounts, I'd say be patient. After all, it was started by 3 trading veterans and respected investment industry experts - Jon Najarian, Pete Najarian, and Dirk Mueller - which all have more than 20 years of experience cultivating financial and technology-driven businesses.
Ultimately, free is still free no matter how many ways you look at it. You won't ever know what they have to offer until you check them out for yourself…don't miss out on the next big thing. Options Trading Made Simple Book. Marketclub Options offered via Marketclub.
The Options Trading Group, Inc. All stock options trading and technical analysis information on this website is for educational purposes only. While it is believed to be accurate, it should not be considered solely reliable for use in making actual investment decisions.
Futures and options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this video or on this website.
Please read "Characteristics and Risks of Standardized Options" before investing in options. Suite C , Lewiston ID Free Options Course Home: Option Basics Module 2: Option Value Module 3: Option Strategies Module 4: Stock Charts Module 5: Using Indicators Module 6: Trader Travis Rants Philosophical Friday.More...