Jack o'Clubs
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It depends where the account is, and your options for where else to put it. I'd rather have £500k in a trading account with HSBC than on deposit at a Spanish bank.
Depth Trade
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With leverage available, one does not need to have all their money in a trade account. You just keep say 15% of your trading capital in your trade account, then if you need more, you wire transfer more capital into your account.
open account with 1 pound and request 1:500,000 leverage. Alpari might give it to you.
NVP
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you mean £500,000 right ?...yep its an issue
you really need to be minimising risk through multiple dispersement of the cash ....especially in this market as its more important to see it come back than the returns it is providing
problematical
HSBC is a strong bank and I confess I have significant UK assets sitting there at present............otherwise I would recommend safer shores like Switzerland ...although they are an ATM cash machine for the Euro at present so beware potential Exchange rate exposure
or pay for serious advice from a creditable Financial house
N
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NVP
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Paddy86
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I have a Live account with alpari uk. Are they not good?
Jack o'Clubs
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I dunno, but would suggest you do your homework (and that doesn't mean asking on an Internet forum). I have three accounts where if something happened i would feel significant pain, so for all three i have their or their parent company tickers on a news alert, religiously read all company filings, especially the balance sheet, etc. Either do that, or spread it around but you need to do one, the other or both.
Jack o'Clubs
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Ha, ha. I think you're in the wrong forum.
Jack o'Clubs
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No, doesn't matter. You're new round these parts after all.
To be fair I did answer your question a couple of posts ago. Do some serious due diligence and spread your money across a few accounts, although ten would be overdoing it.
To be fair I did answer your question a couple of posts ago. Do some serious due diligence and spread your money across a few accounts, although ten would be overdoing it.
Sorry if I inadvertently gave you that impression. Alpari is one of the best outfits out there. God bless them and may they live a long life. They might even be one of the sponsors here. If so, heartily agree.
A good rule of thrumb is to keep your starting Capital as-is - withdrawal of profits from time to time is a good idea.
But in reality .......
Most have nothing left in the first 3 months. The capital is gone and so is most likely the wife and kids too.
Extreme caution for the new trader. Winning at trading is akin to a one-legged man in a butt-kicking contest.
Paddy86
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How come there is always so much negativity when it comes to being successful at trading?
Surely there is very successful traders on this board?
By successfull trader i mean making a better living than what they would at a normal job, example £60k a year. Surely traders from home can far surpass 5k a month?
I made the mistake of getting a live account and losing i think £300. I withdrew all my money and went back to demo.
I think that was the best thing i ever did because it taught me trading your own live money is totally different to trading demo as many people are emotionally attached to there money.
I will go live again in the next couple of months but with better understanding of risk and money management.
Jack o'Clubs
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Because, as your experience should suggest, it is actually pretty difficult. The old lags on this board get tired of being asked the same questions time and again by overconfident newbies, who then pour scorn on any suggestion that they won't be hugely successful. It is enough to make you a bit cynical and bored which is why the old hands either disappear or turn to lulz to keep them interested. Asking how you should manage a £500k account, when it turns out you're paper-trading after losing some small change is a case in point I'm afraid, but good luck anyway.
Paddy86
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Wow, I think maybe I am on the wrong forum.
Well i'm sorry to everyone i have obviously offended for asking the questions that I asked.
At no point did I say that "I" was managing or going to be managing a £500k account I was just interested in how people go about doing it. The £500k was a random number i picked as this would suggest they were successful had they built upto it......anyway like I said im sorry I asked and shall wind my neck in and return to being a lurker in the background.
Jack o'Clubs
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Oh, ffs grow a pair. You got your question answered didn't you?
Paddy86
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Whats with the attitude?
I wasnt rude to you mate.
I simply apologised for asking a newbie question.
No harm done.
Jack o'Clubs
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yes, ok, fair enough. Sorry.
