Day Trading - Recommendations Please

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dps247

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This is my first post so be gentle.

I am in UK and would like to trade FTSE shares from home (day trading). What trading system or brokerage can you recommend that I can use over the Internet? It should be able to sort the day's biggest risers or fallers, and do the fast trade at reasonable cost. Thanks.
 
Interactive Brokers and Lightspeed are the only brokers I'd recommend for retail traders.
 
dps247 said:
This is my first post so be gentle.

I am in UK and would like to trade FTSE shares from home (day trading). What trading system or brokerage can you recommend that I can use over the Internet? It should be able to sort the day's biggest risers or fallers, and do the fast trade at reasonable cost. Thanks.
Click to expand...

don't look at Interactive brokers, thay have become extremely expensive to trade Uk stocks, and Lightspeed doesn't provide it at all

check out Iweb at £5,
IG (now providing a shares service!) at £6 if you trade over 20 I believe.
Hargreaves Lansdown does it for 5.95 for more than 20 as does Barclays stockbrokers
If you are daytrading shares I'd imagine you would classify for the lower commission charges but if you don't in any quarter, you will then start having to pay the full whack which goes up to £12 for these except IWeb
Also bear in mind some of these brokers have inavtivity fees or fixed management charges. Iweb and IG don't by the way.
Also remember that stamp duty applies at 0.5%
As for sorting the risers and fallers, I think most could do this, but this is something you might need to look into yourself
Hope this helps
 
There's also derivatives of the stocks you can trade also if you are FULLY COMFORTABLE with using leverage and also L2/Order book. Two good direct market access brokers are:
IG - CFD's (high commissions, good for highly capitalised traders)
ProSpreads - Spreadbetting (commissions added to market spread, and so cheap for small lots, and no tax implications)
 
malaguti said:
don't look at Interactive brokers, thay have become extremely expensive to trade Uk stocks, and Lightspeed doesn't provide it at all

check out Iweb at £5,
IG (now providing a shares service!) at £6 if you trade over 20 I believe.
Hargreaves Lansdown does it for 5.95 for more than 20 as does Barclays stockbrokers
If you are daytrading shares I'd imagine you would classify for the lower commission charges but if you don't in any quarter, you will then start having to pay the full whack which goes up to £12 for these except IWeb
Also bear in mind some of these brokers have inavtivity fees or fixed management charges. Iweb and IG don't by the way.
Also remember that stamp duty applies at 0.5%
As for sorting the risers and fallers, I think most could do this, but this is something you might need to look into yourself
Hope this helps
Click to expand...

Thank you Malaguti... really appreciate your reply.

Is there a way to circumvent the 0.5% stamp duty rule? I believe it applies for trades over £12,000. If I were to trade £20,000, is there a system that would split it into 2 trades of £10,000 each?

  1. Would that circumvent the stamp duty rule? Is that allowed?
  2. Is there a system that would do this automatically?

Thanks again.
 
Stargunner said:
There's also derivatives of the stocks you can trade also if you are FULLY COMFORTABLE with using leverage and also L2/Order book. Two good direct market access brokers are:
IG - CFD's (high commissions, good for highly capitalised traders)
ProSpreads - Spreadbetting (commissions added to market spread, and so cheap for small lots, and no tax implications)
Click to expand...

Thanks for your reply Stargunner. I am looking for a simple and straight forward stock buy sell platform. Nothing fancy at this moment.
 
robster970 said:
Why have you selected UK FTSE listed shares to trade?
Click to expand...

No particular reason for choosing FTSE, Robster. I am very new to day trading so just getting my feet wet. Do you recommend I should try non-FTSE? Which one? Thanks.
 
dps247 said:
No particular reason for choosing FTSE, Robster. I am very new to day trading so just getting my feet wet. Do you recommend I should try non-FTSE? Which one? Thanks.
Click to expand...

I think you should have an open mind and try other securities outside of FTSE shares. Markets have 'personalities' and you may find that doing UK shares is not your bag but doing Crude Oil might be.
 
robster970 said:
I think you should have an open mind and try other securities outside of FTSE shares. Markets have 'personalities' and you may find that doing UK shares is not your bag but doing Crude Oil might be.
Click to expand...

Cool, thanks for the pointer. I will certainly keep that in mind.
 
dps247 said:
Thank you Malaguti... really appreciate your reply.

Is there a way to circumvent the 0.5% stamp duty rule? I believe it applies for trades over £12,000. If I were to trade £20,000, is there a system that would split it into 2 trades of £10,000 each?

  1. Would that circumvent the stamp duty rule? Is that allowed?
  2. Is there a system that would do this automatically?

Thanks again.
Click to expand...

The only way you can circumvent the stamp duty is simply to buy less, I certainly know of no way to do this automatically.
Also, stamp duty if I'm not mistaken is anything over £1,000 not £12,000 I could be wrong, but I don't think I am.

Take a look at Stargunner's suggestion though. A derivative of stock is spreadbetting, or CFDs or of course options. Spreadbetting would be the better alternative as its tax free, the platform will likely be better than the brokers I've listed.
IG as has been mentioned by Stargunner and myself, do a share dealing service, as well as these derivative products, all using the same platform. Its worth looking into, but each have their own pros and cons.
If you are day trading, I wouldn't be doing it with shares. If I was holding for anything from a few weeks to a few months, then would I consider shares.

look at Timsk's thread for beginners for the differences between these products. If you're still not sure just PM me and I'll try and explain in more detail for you
all the best
 
dps247 said:
This is my first post so be gentle.

I am in UK and would like to trade FTSE shares from home (day trading). What trading system or brokerage can you recommend that I can use over the Internet? It should be able to sort the day's biggest risers or fallers, and do the fast trade at reasonable cost. Thanks.
Click to expand...

I use Accendo Markets who helped me from day one. I was a complete beginner and they set me up with a platform as well as providing me with lots of educational information.
 
[*]Would that circumvent the stamp duty rule? Is that allowed?
[*]Is there a system that would do this automatically?

Possible more in detail!!!!:smart:
 
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