Advice For A New Trader

[svelychko]

Hello everyone,

I am new to trading and was going to ask what website I can use to practice trading.

Which websites are also good for trading.

Thank you.

 

[tomorton]

Hi - Answer might sort of depend on what style of trading you're thinking of initially - daytrading, scalping, swing trading, equities, Forex etc. Even then, the best practice is obtained through doing it, the key is to trade so small initially that you get experience without getting wiped out by a loser.

 

[forker]

its a tough market for a newby, be careful out there not using real money

 

[svelychko]

Hi - Answer might sort of depend on what style of trading you're thinking of initially - daytrading, scalping, swing trading, equities, Forex etc. Even then, the best practice is obtained through doing it, the key is to trade so small initially that you get experience without getting wiped out by a loser.

Hi,

Thanks a lot for reply. As you probably already noticed, eventhough I have degree in finance, I am new to trading.

I forgot to mention that I live in London, UK and I want to do equities trading.

What online trading website is good to do equities trading in US and UK????

Can I also use US website to buy shares in london stock exchange or I have to buy US shares only.

Thanks for your help.

 

[tomorton]

Lots of info on this site re various brokerages etc. based in UK, many of them also handle US equities and will allow you to deal in CFDs so that you can go short on them (though not while this prohibited by US and FSA on various shares and sectors). Don't foget if you are dealing in US shares in $ there can be currency exchange costs to consider while you're based here.

If you're resident in UK you may even be able to use financial spreadbetting - illegal for US residents - but check your UK residency status.

Overall, the mechanics are simple and overheads low. The real test is in devising a strategy and then running it.

 

[palacekid]

Dear New Traders,

If you have alternatives for charts, you can use Interactivebrokers as your trading platform.
They have cheap fees for stocks and options.

Otherwise, I like the following platforms (with good charting tools):
1) Options Express
2) Think or Swim

Good Luck for your Trading.

Regards,
PalaceKid