Nervous talking to the broker

Posted by Gunter K

There is something funny about how the human mind works. When we have to interface with others, we often feel hesitant to impose upon the other person´s time or patience, or we feel intimidated, because we think we are not adequately prepared.

I have been in the business for many years, but sometimes, I still hesitate to call the floor and cancel an order for my own account that I had placed just a few moments ago. I don´t want the clerk on the other end to be upset with me, or to think that I am a jerk.

Yet, it is MY money that´s on the line, not the money of the order clerk. Besides, it is his job to do what I tell him to do.

I remember some incidences where such hesitation turned out to be very costly! That´s why I always tell my clients, "don´t hesitate to cancel an order at any time"

Obviously, for many traders the answer to this problem is online-trading. There are probably quite a few traders, who are relieved about not having to interact with another human being by phone. But, this post addresses NEW traders, and new traders should not be doing online trading, as has been discussed many times before.

There are ways to eliminate the human-contact stress, but these ways must originate from the broker:

There should be frequent, educational and friendly dialogue between broker and client. When upcoming trades are discussed beforehand, the actual order placement should then not be such a big thing. Also, speak to your broker in plain English (assuming you are not trading discount), and let him worry about how to place the order correctly.

This does not turn every trade into a winner, but at least it eliminates the stress of human contact. There is plenty of other things to worry about in trading. Talking with your broker should not be one of them.

Gunter K