KillPhil08
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There are plenty of companies which offer £100 free with 10p min stakes, if you want to try something.
Newbie need help
- Thread starter Melissa Finch
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Melissa Finch
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i have an account with ig as i heard these were best. did try city index but they werent as good with the quick fills, they own finspreads i think. i like ig for ransquark as well altho 30 seconds delay is still good to know whats going on. i spoes i could try some others if there good and offer money to try but need to make sure they are reliable...tradings hard enough for me with out being boned by bad fills ect..being boned aint bad as long as it dont cost me money
Skill Leverage
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being boned aint bad as long as it dont cost me money
shotgun
KillPhil08
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ransquawk is free via their links, you dont have to be on ig to use it...
try iii.co.uk shortsandlongs.com etc etc. they all give free money...
try iii.co.uk shortsandlongs.com etc etc. they all give free money...
Melissa Finch
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thx, i thought ransquark was just frre with ig. have looked at shorts and longs.com and also the forum here but seems people are having problems with them. i see on the site that they are mainly internet based and there phone number is premium rate so would cost me about a quid a minute to ring them up if i have a problem. im only starting small so several minutes on the phone could cost me any potential profit. i think shorts and longs ./com are too new to judge just yet so will wait and see others experience over time. so far it doesnt look good though
metals_trader
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Real-time Analysis & News Ltd heres the delayed ransquawk
arabianights
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bear in mind RAN will be going to 5 minute delay soon... will teach all you cheap buggers a lesson
KillPhil08
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I'll just use you as a relay then dave.
Melissa Finch
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5 minutes is way too long. i get a live feed of news from reuters and have bloomberg running as well, if its 5minutes then its either worth paying for or not listening to at all. how much is it per month arabianbear in mind RAN will be going to 5 minute delay soon... will teach all you cheap buggers a lesson
KillPhil08
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its like £100 registration £300-400 a month
Melissa Finch
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wow. thats way too much for me. i maybe wrong here but i dont think its worth the money for it. i listen to what they say, altho delayed but even still. its not personalised for my trades or nothing and i could even buy help or a signal service for that amount. i'll stick to the free one unti the delay becomes totally uselss. at least now i know whats just happened 30 seconds ago
foredog
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No no no no !!!!!!
Thats a Spanish way of looking at it.
IF you buy it and it starts trading down....cut it, then either sell it or wait for a rally then buy when going up.
If you got on the circle line to go one stop but got on the train going in the wrong direction would you
a get off at the nexgt stop and get o n the right train
b sit there for an hour as it goes round 25 other stations before finally getting to the one you wanted?
Melissa Finch
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hiya, i see your point but this is the problem i have understanding, we all use stops for an amount of error room as such and my entries arnt that good, if the markets oversold then as most would hold for a while like months or so, spose there called investors, to sell back later. what if i done the same thing. the thing is, what is a big stop ect. on ftse if it was potentially oversold at say 3900 and the bottom in nov was 3700 then a 150pt stop with a target of say 200 would stand a good chance of bouncing off the bottom or at least giving me some profit before it goes straight down. i see the markets have done that lately but is only once evry recession so the next time should be at least a decade away
foredog
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I get what you mean, but....
If it's going down...SELL
It's a lot easier to try and short a market that's edging down than to try and pick the bottom for a bounce.
Chances are if you sell into a falling market you could hit your 200 pts with a stop of mabe 30...6.5 x Reward to risk. rahter than 150 pts stop 200 pt target...r:r of 1.33.
OK if you do get in near the bottom you might get a BIG profit, but how many losses will you take as well with that strategy?
If it's going down...SELL
It's a lot easier to try and short a market that's edging down than to try and pick the bottom for a bounce.
Chances are if you sell into a falling market you could hit your 200 pts with a stop of mabe 30...6.5 x Reward to risk. rahter than 150 pts stop 200 pt target...r:r of 1.33.
OK if you do get in near the bottom you might get a BIG profit, but how many losses will you take as well with that strategy?
Melissa Finch
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good point foredog. i spose the trades will be more as well. its just im very conscious of the spreads im paying. as far as commissions go there arnt any but the spreads are just the same. if i have a 200pt target and hit it. ig charge me 2pt spread which is 1% commission. if i havea target of 30pts then my commission goes over 6% which is quite a lot to pay. so basically the more trades i do the harder i make it for myself cos of the commission/spread. so the less trades but bigger stops/rewards then better the chance rather than death by a thousand cuts
Hoggums
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Melissa,
I think your main problem is that you are not yet ready to accept losses. So I would suggest you stay away from the market for the moment, How would you feel about losing the money you've saved. The problem is - there is not enough of it for you to trade without risking it all. So unless you can shrug your shoulders and say "Oh well" if you lost it, you should not trade it.
If you want to "hold on" and wait for the trade to come around then I suggest you look at buying quartely FTSE options (you can do this with IG), there's a limited risk and unlimited profit potential. And it doesn't matter how far the market goes against you - you can never lose more than the cost of the option. There is a time cost associated with an option - and they will not move as rapidly as the indices unless they are very far into the money, but if you wanted to take a long term view on the FTSE, let's say you think the market will dip below 3800 before then end of April - you just don't know when - then you could BUY a 3800 April Put option. IG are quoting 149 for that option - that means at £2 a point you could lose £298 maximum. The index could then go up to 6000 in the meantime. Once the index dips below 3800 you could sell the option.
Ig do a similar thing called bungees which are in effect options -just priced differently to make them more understandable to people unfamiliar with options.
If this interests you I suggest you do some research first - as options are currently quite expensive to trade due to the volatility. But if you time the entries reasonably well there is potential to make a profit. However they won't make you massive percentage gains.
I think your main problem is that you are not yet ready to accept losses. So I would suggest you stay away from the market for the moment, How would you feel about losing the money you've saved. The problem is - there is not enough of it for you to trade without risking it all. So unless you can shrug your shoulders and say "Oh well" if you lost it, you should not trade it.
If you want to "hold on" and wait for the trade to come around then I suggest you look at buying quartely FTSE options (you can do this with IG), there's a limited risk and unlimited profit potential. And it doesn't matter how far the market goes against you - you can never lose more than the cost of the option. There is a time cost associated with an option - and they will not move as rapidly as the indices unless they are very far into the money, but if you wanted to take a long term view on the FTSE, let's say you think the market will dip below 3800 before then end of April - you just don't know when - then you could BUY a 3800 April Put option. IG are quoting 149 for that option - that means at £2 a point you could lose £298 maximum. The index could then go up to 6000 in the meantime. Once the index dips below 3800 you could sell the option.
Ig do a similar thing called bungees which are in effect options -just priced differently to make them more understandable to people unfamiliar with options.
If this interests you I suggest you do some research first - as options are currently quite expensive to trade due to the volatility. But if you time the entries reasonably well there is potential to make a profit. However they won't make you massive percentage gains.
Melissa Finch
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hiya hoggums. if there expensive to trade then obviously i will give them a miss, also i know nothing about these so wouldnt be wise either. i know that its highly unlikely that the ftse will rocket over 5000 by april forgetting about 6000. i can place a bet on instead of it hitting certain areas and that would be my stop and limit. as for losses thing. i dont mind taking losess. i know most probabl;y say this but it doesnt worry me as i know its part of the job. ive lost loads already and still i continue, from my £800 balance next month i dont mind losing £200 of it, so thats my stop or limit to how much i am willing to lose, be it one trade or many. i know that the more trades i take the more spreads/commissons i pay so the least amount of trading is best for me i think. at £1 per point on ftse would leave me 200 points to play with before being stopped out, i would hope to make more by trading the range so if i get 50 odd poionts then take it and wait for it to come back down before buying back again. i would only feel comfortable going long in this marke. i think the selling or most of it has been done so lows from oct/nov last year seem set the loonger we go on
foredog
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Your RISK v REWARD will kill you...
you're willing to lose 200 but will take a 50 profit, so if you have a loser you need 4 winner to get you back to breakeven.
Don't worry so much about the spread if you can consistenly take profits.
Ok it cost you 2pts but if your average win on a trade is 50 it's only 4% and most bussinesses would love to only have to pay out 4% of their profits on costs.
