You may give investment orders in person
— once the norm but fairly unusual today — by phone,
or online. You can place an online order after trading hours have
concluded for the day, to be acted on the next trading day. If
you call, it generally must be during trading hours, though your
firm may accept orders before the markets open or after they close
for the day.
Talking things over
On the other hand, when you have a personal
relationship with a broker, you can discuss your investment ideas
and those the broker suggests, weighing each choice on its own
merits and for what it might add to your portfolio. For many investors,
this interaction more than justifies the potential additional
cost.
Time and money
When you give an order to buy or sell a stock,
you must also decide on the price you’re willing to pay and
your timeframe for the transaction.
If you want to buy at the current price,
called the
market
price,
you give a
market
order.
The price you end up paying is usually the same
as, or close to, the quote you're given when you place the order.
But that depends on how quickly the transaction is handled and
how actively the stock is being traded.
