Brand new novice trader - any advice?

[rnsmith94]

Hi all,

My name is Robb Smith and I am the latest addition to the trading community.

I have been day trading on demo accounts alongside my full time job for about 12 months now, and have finally decided to take the plunge and start doing it for real.

I have a few questions, that I would really like some help with. It is all to do with set up...

1. What brokers are everyone using for trading? (I tend to trade Forex & Commodities, I have an interest in Shares, so a broker that does all 3 would be great) I currently use Plus500, but it is not as advanced as I would like.

2. Can anyone recommend chart software?

Thanks in advance

 

[Dowser]

Hi Robb, welcome aboard. I spread bet using IG index and CMC markets. Prorealtime charting is available through IG and, for what it's worth, I'd recommend it. When you say that Plus500 isn't as advanced as you'd like, what features are missing that you need?

All the best

Chris

 

[timsk]

Hi Robb,
Welcome to T2W. I think you'll do well. The evidence for this is that a fair few of the better traders here on T2W are called Rob(b)!

1. What brokers are everyone using for trading? (I tend to trade Forex & Commodities, I have an interest in Shares, so a broker that does all 3 would be great) I currently use Plus500, but it is not as advanced as I would like.

Check out this FAQ: Can You Recommend a Data Feed, Charting Software & Broker?

2. Can anyone recommend chart software?

You tend to get what you pay for. If you're trading intra-day, and you want free charting, it's worth having a gander at MetaTrader4 (MT4) as it's so ubiquitous that pretty well every broker you're likely to use will offer it. It has it's good points, but it also has some major flaws. For example, top of the list IMO is that it's hopeless for traders who want non-time based charts: Point & Figure, Renko and 3 Line break etc.

I agree with what Chris has said in his post above. The IG / ProRealTime (PRT) combo is a tough one to beat. Certainly, PRT knocks spots off MT4 any day of the week. Cue a load of MT4 devotees to shout me down in flames! It depends on what features you want and which one 'fits' with your style of trading. Horses for courses with few stock answers that apply to all traders I'm afraid.
Tim.

 

[rnsmith94]

Hi Robb, welcome aboard. I spread bet using IG index and CMC markets. Prorealtime charting is available through IG and, for what it's worth, I'd recommend it. When you say that Plus500 isn't as advanced as you'd like, what features are missing that you need?

All the best

Chris

Thank you for the feedback Chris!

Plus 500, doesnt allow you to have multi screens or have more than one graph open at a time. So when I have multiple positions open, I have to constantly flick between them all to watch the tickers. Also in terms of in platform research, it just isn't there...

 

[rnsmith94]

Hi Robb,
Welcome to T2W. I think you'll do well. The evidence for this is that a fair few of the better traders here on T2W are called Rob(b)!

Check out this FAQ: Can You Recommend a Data Feed, Charting Software & Broker?


You tend to get what you pay for. If you're trading intra-day, and you want free charting, it's worth having a gander at MetaTrader4 (MT4) as it's so ubiquitous that pretty well every broker you're likely to use will offer it. It has it's good points, but it also has some major flaws. For example, top of the list IMO is that it's hopeless for traders who want non-time based charts: Point & Figure, Renko and 3 Line break etc.

I agree with what Chris has said in his post above. The IG / ProRealTime (PRT) combo is a tough one to beat. Certainly, PRT knocks spots off MT4 any day of the week. Cue a load of MT4 devotees to shout me down in flames! It depends on what features you want and which one 'fits' with your style of trading. Horses for courses with few stock answers that apply to all traders I'm afraid.
Tim.

Thanks alot for your advice! Hopefully I can use my name as an advantage to make some money ha.

I have heard that IG seems to be one to use. Will give it a go on one of their demos.

 

[Dowser]

Plus 500, doesnt allow you to have multi screens or have more than one graph open at a time. So when I have multiple positions open, I have to constantly flick between them all to watch the tickers. Also in terms of in platform research, it just isn't there...

Yeah that does sound pretty basic. Every platform I've tried allows multiple charts.