Can You Recommend a Data Feed, Charting Software & Broker?

This is a discussion on Can You Recommend a Data Feed, Charting Software & Broker? within the New to Trade2Win forums, part of the Reception category; Hi, so Ive been trading for a few months and after reading soooo much stuff on here I decided to ...

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Old Sep 6, 2014, 1:10pm   #33
 
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Hi, so Ive been trading for a few months and after reading soooo much stuff on here I decided to start off small with just £200 into 2 different trades so £100 roughly each trade. But after seeing so much around money management and the small percentage of your capital you should use per trade, but how can i invest such a small amount but then have commission on top plus a quarterly fee to use the services?

What I'm now learning is that for investing to pay off, to outweigh the commission and fees I must invest much much larger amounts? Am I missing something when people say to use around 1% of your capital per investment?
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Old Sep 6, 2014, 4:56pm   #34
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Originally Posted by jimbob1904 View Post
Hi, so Ive been trading for a few months and after reading soooo much stuff on here I decided to start off small with just £200 into 2 different trades so £100 roughly each trade. But after seeing so much around money management and the small percentage of your capital you should use per trade, but how can i invest such a small amount but then have commission on top plus a quarterly fee to use the services?

What I'm now learning is that for investing to pay off, to outweigh the commission and fees I must invest much much larger amounts? Am I missing something when people say to use around 1% of your capital per investment?
You talking investing, the 2% refares to trading.
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Old Sep 6, 2014, 5:25pm   #35
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Originally Posted by jimbob1904 View Post
Hi, so Ive been trading for a few months and after reading soooo much stuff on here I decided to start off small with just £200 into 2 different trades so £100 roughly each trade. But after seeing so much around money management and the small percentage of your capital you should use per trade, but how can i invest such a small amount but then have commission on top plus a quarterly fee to use the services?

What I'm now learning is that for investing to pay off, to outweigh the commission and fees I must invest much much larger amounts? Am I missing something when people say to use around 1% of your capital per investment?
You should find another broker. I pay no quarterly fees, and my commissions are less than $0.01 per share. I only need to make 2-3 cents to make up commissions, ECN, SEC fee, etc. The mistake a lot of people make from my experience is not doing any research and just opening an account with ____trade paying $5-10/trade.
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Old Sep 6, 2014, 6:00pm   #36
 
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Originally Posted by drtro View Post
The mistake a lot of people make
...is assuming all things are equal, and what works in one country is therefore the same for others.
In Jimbob's case, it isn't.
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Old Sep 6, 2014, 11:19pm   #37
 
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Well with this being in the 'new to trade to win' section can anyone give any input regarding a uk version of drtro's answer? Am I being ripped off? Or am I missin something?
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Old Sep 7, 2014, 9:49am   #38
 
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Originally Posted by jimbob1904 View Post
Well with this being in the 'new to trade to win' section can anyone give any input regarding a uk version of drtro's answer? Am I being ripped off? Or am I missin something?
when you say being ripped off, you haven't given any indication of the costs you are paying or to which broker. Also you have mentioned two trades, but haven't given any indication of how..I'd love to help mate but give us something to go on
who is your broker and how much is this commission and management charges?
Did you physically buy the shares? ie what is the "trade" exactly, the term can apply to CFDs, spreadbetting, shares, options
What is the risk on these investments? The term 1% of your capital is based on your risk, the cost is going to be different. I'll then try and give you an informed answer. To say change broker is meaningless without any context
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Old Sep 7, 2014, 10:32am   #39
 
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ok thanks Malaguti. I dont think I'm actually being 'ripped off', I just mean is there a cheaper option for what I'm doing? Maybe i have the wrong account for what I'm doing? Im not sure.

Ok so I'm with interactive investor, which before i joined many people on here had said their ok and not much difference between the ones i was looking at. It was obviously hard at the time to say exactly what i wanted from an account as i didn't know myself.

My account is a 'share and funds' account. I pay £10 per trade and then a quarterly fee of £20.

I decided to go from paper trading to a small investment so i started with £200 to see how it went. The difficulty was that for every trade at this amount was 10% commission, I've been lucky enough to make the majority of this back. Then obviously when the quarterly fee comes out ill be down again.

Any advice would be great?
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Old Sep 7, 2014, 11:14am   #40
 
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Originally Posted by jimbob1904 View Post
ok thanks Malaguti. I dont think I'm actually being 'ripped off', I just mean is there a cheaper option for what I'm doing? Maybe i have the wrong account for what I'm doing? Im not sure.

Ok so I'm with interactive investor, which before i joined many people on here had said their ok and not much difference between the ones i was looking at. It was obviously hard at the time to say exactly what i wanted from an account as i didn't know myself.

My account is a 'share and funds' account. I pay £10 per trade and then a quarterly fee of £20.

I decided to go from paper trading to a small investment so i started with £200 to see how it went. The difficulty was that for every trade at this amount was 10% commission, I've been lucky enough to make the majority of this back. Then obviously when the quarterly fee comes out ill be down again.

Any advice would be great?
That helps, thanks Jim.
No you're not being ripped off, but there are cheaper for sure. For trade charges £10 is an average, you can go for Iweb at £5 per trade, Best Invest for £7.50 per trade and then there is higher, self trade is £12.50, First Direct £11 Halifax £12.50 so you see, £10 is average but certainly not the best.
When you first start off as you say, you just pick a broker but now you have the choice to move. So I would start shopping around if I were you. When you have more in your account, have 2 or 3 brokers that don't charge an inactivity/management charge..

Management charges vary
Iweb will charge £25 to open an account, but from then on, there is no management fee. However I doubt this will last, as almost all brokers are charging this. First direct, although there trade charges are higher, there is no management fee. Best invest also have no inactivity fee.
So for a small account, you can definitely do better with Iweb or Best Invest being your better options for share dealing costs.

Now, do you have the wrong account for what you are doing. Yes, I would say so.
£200 will be eaten away very very quickly with any sort of trade charges let alone management charges. If you are still afloat, that should give you great hope that you are doing something right

You haven't mentioned (I didn't ask) how long you hold your investments for.
You will have heard of spreadbetting, so for shorter term trades, this would be a much better alternative. For longer term, there are overnight charges so that could work out more expensive (than the equivalent of share trading £5 or £7.50). Generally you will be charged a penny per day depending on how much.
Another alternative again is Ayondo will allow you to make a spread bet without any leverage (exactly the same as holding shares) and will not charge you anything, just the spread. I'm sure there are others, but this one could be a good alternative for you. I wouldn't hold large amounts with them as they are just a spreadbetting provider all the same. But certainly one to consider.

A long answer I know, but hopefully this helps
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