Gathering Information

• 1). Call several major brokerage firms in your area and ask for the broker-of-the-day, duty broker or new accounts broker. Be ready to take careful notes of each conversation.
  
  
• 2). Ask each broker about the firm's minimum deposit for opening a trading-only or cash account and what account features are offered (for example, the ability to trade on margin).
  
  
• 3). Inquire about account fees, broker compensation and whether the firm provides any online services. Ask for brochures.
  
  
• 4). Thoroughly discuss what costs, such as commissions, are negotiable. This is important!