A little research a day, keeps the losses away!

EG_Wanna_Be

Newbie
1 0
Hey guys!

I am incredibly new to trading, though it has always peaked my interest. I have spent the last week or so learning things through whatever mediums I can find, and have gotten to a pretty decent point about general information, and am looking forward to hopefully learning some more from here, though I am wondering about a few things specifically, and hope that someone could help.

- I have been looking at Forex, and Stock Trading primarily, and have found both eToro (Forex) and Interactive Brokers to be the primary traders in terms of ease of use, quality, and reputation. That being said, I have a large interest in Stocks, and IB is not quite something I qualify for at the moment. Are there any similarly scoped online brokers who compare that allow UK residents to join without the relatively high initial deposit? Also, any first-hand feedback regarding eToro for Forex trading? I am looking at an initial deposit of £100-£200, building it up each month.

- As a UK investor, I have come across information suggesting that I would need to pay a stamp duty on each trade? Is there a common strategy for approaching this? Does this apply to trades made with an international broker (eg. Interactive Brokers)?

- Stupid question, but how does taxation apply to trading? For example, if I make trades with a US brokerage from a UK address, do I pay some sort of tax on both? Are investors taxed on gains, if so, how?

I realise these are rather boring investment questions, though I want to be prepared, rather than be dazzled by the opportunities to become a multi-millionaire over-night.

My main goal is to get my feet wet with relatively small stock deals, some of them long term, but I would also like to experiment with day-trading on both long and short positions. This would be a great starter for ten to put me into a position whereby I could potentially build a balanced portfolio, have some fun, and potentially end up with higher gains than the common savings account.

I would also be interested in any decent book recommendations for the first time investor.

Thanks a ton for casting your eyes over this, and I look forward to the responses! Apologies for terminology mis-use if there is any, as I said I am pretty damned green.

Thanks!
 
 
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