From UK looking to day trade US stocks BUT with $25,000 starting balance

This is a discussion on From UK looking to day trade US stocks BUT with $25,000 starting balance within the First Steps forums, part of the Reception category; All good advice so far..... I'd go with IB, don't think you'll find cheaper for US Stocks, and you do ...

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Old Feb 16, 2017, 9:01pm   #9
T44
Joined Oct 2012
All good advice so far.....

I'd go with IB, don't think you'll find cheaper for US Stocks, and you do get the added benefit of other products incl their own FX offering which you can use to trade and not just for your currency conversions. Their are pros and cons whatever you decide to use as your base currency, if you keep it in GBP then IB in effect lend you the USD to trade. If you incur losses you have to square these off via a currency trade or you will be charged for the loan, though that fee is a v small %.

Good luck!
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Old Feb 17, 2017, 5:52pm   #10
 
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r1ch started this thread Really appreciate all the advice. I have started to get used to IB, it seems it 'bugged' yesterday in regards to not being able to close orders etc. It's a shame all the data is behind so much on the demo version unlike Plus500 as i've found I do better at quick trades in the first 5-15 minutes of the day but the data is delayed by 15 mins at least in IB demo but I am starting to know where everthing is on the interface, it will just be a bit of time to get quick at it due to the less user friendly interface.

I will give them a call before I sign up properley as a little unsure of the account differences, I definitely want to be able to short so can't use the Cash account but have no desire to use leverage so hopefully speaking to them over the phone will help me get the right account for me.

I didn't realise how difficult it was trying to find the 'right' broker, I had been spending most of my time learning candles and patterns and candle patterns!

Much appreciated again guys.
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Old Feb 20, 2017, 12:51pm   #11
 
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r1ch started this thread Thought i'd just post a quick little question rather than starting a new thread. I've searched but with no luck. Currently getting to grips with TWS and getting there, however there is a big issue i'm not understanding. I setup BookTrader with Buttons Buy 100, Sell 100 up to 1000. Still doing paper trading and the charts in TWS don't update automatically when no active funded account so you have to manually refresh.

It's a bit of a challenge but i'm getting there. The issue I have is, I currently own 500 shares in a company. I went long and the price went up, however, the TWS Portfolio shows my current P/L for this deal as 97 but BookTrader's portfolio screen is showing 20... which is a pretty big discrepancy, commision is currently at around 11 so no idea why the amounts are so different?

I ended up selling the shares, TWS portfolio +67, BookTrader portfolio -10.25. It was 500 shares at 2833.3, sold at 2850 so no idea.

Any ideas?

Thanks.

Last edited by r1ch; Feb 20, 2017 at 1:19pm.
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