best online provider for online trades?

mrt

Newbie
Messages
8
Likes
0
Can anyone help. About 12 years ago I used to trade over the phone . Now I'm looking to get back into it. Could anyone suggest a good site to register with which will enable me to start trading next week on the FTSE 100. I am based in the UK and if succesful will look into S&P and other markets too.

Thanks

MRT
 
Hi

No point in using a broker - use a spreadbetting firm such as IG Index or Cantor Index. Much cheaper, faster execution and your profits are tax free! CMC Markets are good if you rely on Stops and Limits to close your trades, otherwise, they are very slow. IG and Cantor are instant on manual closes. IG's new Pur Deal Platform is good and you have decent, professional charts available too.
 
Thanks, I've been looking at these sites. Is it possible to actually pruchase shares, or are these only for betting?
 
Thanks, I've been looking at these sites. Is it possible to actually pruchase shares, or are these only for betting?

Why would you want to purchase them? Why tie up your money on something that also has a commission charge and you can only make money if the price goes up, not down. Spreadbetting firms are refulated by the FSA and are just as good (usually better) than an old fashioned broker and you need only pay a fractional deposit to effectively own the same quantity of shares.

If you're wanting to just buy shares and hold them for years, you shouldn't be thinking about trading!
 
Ah, OK I'm a little new to this, and after looking at the betting sites the thought of losing a lot of money has put me off.
Let's assume that I think that Tesco shares will rise in the next few months, how do I hedge my bet so that I can reduce a possible loss?

Besides, should I be not be sceptical about accepting advice from someone by the name of 10k loser?
 
You will win or lose no more or less from a spread bet firm than a normal broker. You cannot hedge Tesco shares to reduce your losses (unless you buy Asda shares!). To reduce your losses with a spread bet firm you simply adjust your pounds per point value of the share and put a stop loss at a suitable level below the price.

The concept of 'hedging' is much misunderstood. If you had a perect hedge counter trade, you might make absolutely nothing whatever happened to the price. You would also lose nothing. If you hedge a bet, you will also reduce your profits unless you make a mistake and they both rise - in which case it wasn't really a hedge at all!

The £10k loss refers to my largest single day's loss (on gold). But maybe I've made a great deal more than that in profit...
 
Top