Make sure you make the most of your stockbroker's knowledge
Whenever you speak to your stockbroker, don't forget that he's in the midst of what's going on in the market. He may be privy to information that you don't know about yet. So it's crucial that you make the most of this. Read on to find out what you should ask your broker…
When you phone your stockbroker, it’s not a bad idea to ask him how the market is looking, Gareth Stokes in Fear, Greed and the Stock Market
That’s because your broker is on top of the action. He can give you a good idea of what’s happening in real time.
It’s also not a bad idea to ask him about a couple of shares you’re watching. You can get an idea about what he thinks about these opportunities.
But as much as you might ask for his opinion, don’t let what he says sway your opinion on the shares. You’re just using the broker to add his ideas to your knowledge pool.
Stockbrokers are busy people
You need to also remember that your broker may be very busy. Don’t feel upset because your broker cuts you off abruptly or is short with you. Nine times out of ten this isn’t the intention.
Stockbrokers work is an extremely high pressured environment and usually work at top speed. They’re in the business of buying and selling shares. They don’t necessarily have time to chat.
You can get around this problem by phoning your broker during quieter times in the day. Whatever you do, don’t expect your broker to chat idly with you during market open or the closing auction at the end of the day. That’s a stockbroker’s busiest time of the day.
So there you have it, how to make the most of your stockbroker’s knowledge.