Good brokers for beginners?

Bradleyule said:

I've been learning about trading for the past few months reading books, learning technical analysis etc and think its about time I started doing small trades. I'm not 100% familiarized with the different types of trading, CFDs, Spread betting etc. But I want to be able to trade the Currency markets and stocks.


I cant seem to find a futures broker that has any good recommendations. Am I also correct in saying that futures is a more tame way to trade than trading than CFDs?

Any input is appreciated, thanks.

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timsk said:

Hi Bradleyule,
Welcome to T2W.

I recommend getting up to speed with the different markets and the various financial vehicles to trade them before jumping in feet first. It will be time very well spent. For example, you say that you want to trade futures and stocks. This is difficult to do from a single account unless you go to a broker like Interactive Brokers who offer a universal account from which you can trade pretty well any market via any financial vehicle. You could trade derivatives of (some) futures and (some) stocks via a spread betting account but, depending on which stocks (and to a lesser extent which futures), this could prove tricky. I suggest you stick to just one market to start with as it'll make life much easier while you're learning.

As for futures being more 'tame' than CFDs is hard to say as that would depend on what you mean by tame. Some traders prefer one to the other for a host of different reasons: which of the two (if either of them) will suit you best will depend upon your personal preferences. Sorry not to be more helpful, but I think you need to spend more time reading the Stickies and FAQs here to get a better grasp of your options (which includes options) before opening an account. As and when you do, make sure it's a demo account so you can trade paper money while you familiarize yourself with the trading platform and practice implementing your trading plan.
Tim.

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timsk said:

Hi Bradleyule,
Welcome to T2W.

I recommend getting up to speed with the different markets and the various financial vehicles to trade them before jumping in feet first. It will be time very well spent. For example, you say that you want to trade futures and stocks. This is difficult to do from a single account unless you go to a broker like Interactive Brokers who offer a universal account from which you can trade pretty well any market via any financial vehicle. You could trade derivatives of (some) futures and (some) stocks via a spread betting account but, depending on which stocks (and to a lesser extent which futures), this could prove tricky. I suggest you stick to just one market to start with as it'll make life much easier while you're learning.

As for futures being more 'tame' than CFDs is hard to say as that would depend on what you mean by tame. Some traders prefer one to the other for a host of different reasons: which of the two (if either of them) will suit you best will depend upon your personal preferences. Sorry not to be more helpful, but I think you need to spend more time reading the Stickies and FAQs here to get a better grasp of your options (which includes options) before opening an account. As and when you do, make sure it's a demo account so you can trade paper money while you familiarize yourself with the trading platform and practice implementing your trading plan.
Tim.

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tommyho said:

Tim, very good advice there. "paper trading" and then, once you have an acct with a broker, Sim trade. I've been trading for just about 2 yrs. now and use AMP. Really like their expertise and service. They are businesslike but efficient and courteous. Tim's recommendation to find a instrument and stick with it is excellent. Each is different with their own characteristics.
For me, KISS, is the best advice I could have received. Helps to eliminate all the millions of options and keep from second guessing yourself.
Tom

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