Quote from cashmoney69:
1. do i need an online broker OR a direct access broker?
Both are online. Direct access gives you more control over your order routing, and generally (though not always) uses a front-end application installed on your computer instead of a web-based order-entry system.
As a newbie, doing mid-term trading (i.e. holding more than a few seconds or minutes), you'd probably do better without having to learn the ins and outs of execution through a direct-access platform, which can be quite complicated.
what broker is good for a newbie starting out for swing trades?
echo trader
bright trading
These are proprietary trading firms, where you put up a small amount of money, and trade the firm's money with high leverage available. You have to pass the Series 7 test, your money is not SIPC-insured (because you are contributing capital to an LLC, not trading your own money), and perhaps most importantly, most prop firms are not really interested in low-volume, mid-term (i.e. overnight) trading.
ameritrade
etrade
These are among the more established and well-known, web-based brokers. Scottrade and Brown & Company come to mind as well.
tradestation
IB
I wouldn't recommend IB for newbies, and I don't think you would get approved there unless you lie about your experience. It might be a good place to come back to once you get some experience under your belt.
esignal
eSignal is a quote/charting platform that interfaces with a number of brokers (for an extra cost per month). They are not, themselves, a broker.
As someone said, check the reviews. You might look for the "roundups" that appear in places like Barron's periodically, too.
Good luck.
