Finding a stock broker..

[StocksBrah]

This last month i have been interested in learning how to trade stocks.



Yesterday i decided to finally give it a go and was going to deposit a 100 pounds to play around with, then i go attempt to download "robinhood" broker which chargers zero commission and find out its just for Americans, so now im in limbo..

Looked for alternatives to robinhood and there are none.


So anyone here from the UK that trades in stocks can recommend me a stock broker i would much appreciate it, must be able to trade in USA stocks also..

Thank you.


** just come across "Tradezero.co" zero commission and can use in the UK. anyone here use this?

 

[StocksBrah]

UK stock traders huge disadvantage..

Ok im trying to find a stock broker and im finding out simply by living in the UK we are at a huge disadvantage compared to the americans.

they have cheaper brokers (some even free)
i havent even found 1 broker that i can trade stocks buy and sell shares quickly.. thought UK is one of the financial capitals of the world? cant even get decent brokers :\

 

[Trader333]

Try Interactive Brokers

 

[StocksBrah]

Try Interactive Brokers

You need at least 10 thousand to even start..
http://prntscr.com/cjq8vh

 

[timsk]

Ok im trying to find a stock broker and im finding out simply by living in the UK we are at a huge disadvantage compared to the americans.

they have cheaper brokers (some even free)
i havent even found 1 broker that i can trade stocks buy and sell shares quickly.. thought UK is one of the financial capitals of the world? cant even get decent brokers :\

Hi StocksBrah,
A bit more detail about what you're wanting to do may enable those who reply to tailor their responses to your requirements. Answers to these questions will help in that regard:

1. Are you wanting to trade U.K. equities specifically and, if so which ones? (E.g. FTSE 100 companies through to penny stocks?)

2. On average, how long are you expecting to keep positions open for? In other words, would you describe yourself as a day, swing or position trader? (I assume you're not an investor wanting to hold for the medium to long term.)

3. In round figures, what sort of sum are you thinking of opening an account with?
Tim.

 

[StocksBrah]

Hi StocksBrah,
A bit more detail about what you're wanting to do may enable those who reply to tailor their responses to your requirements. Answers to these questions will help in that regard:

1. Are you wanting to trade U.K. equities specifically and, if so which ones? (E.g. FTSE 100 companies through to penny stocks?)

2. On average, how long are you expecting to keep positions open for? In other words, would you describe yourself as a day, swing or position trader? (I assume you're not an investor wanting to hold for the medium to long term.)

3. In round figures, what sort of sum are you thinking of opening an account with?
Tim.

i want to trade penny stocks.

i want to do the same trading as timothy Sykes buy low sell high for quick profits.. day trader.

well since i am newbie i was going to open a account with around 100 pounds to get the hang of it and see how i go from there..

 

[StocksBrah]

someone on another stock market site "stocktwits" just suggested this broker

cmcmarkets.com

you know anything about that?

 

[timsk]

i want to trade penny stocks.

i want to do the same trading as timothy Sykes buy low sell high for quick profits.. day trader.

well since i am newbie i was going to open a account with around 100 pounds to get the hang of it and see how i go from there..

Hi StocksBrah,
Aha, that makes everything much clearer. Timothy Skyes got lucky by catching the tail end of the internet bubble and used his success to market himself as the latest hot shot guru. These days, by all accounts he's more of an internet entrepreneur thasn he is a trader.

The probability of you repeating his early success and turning your £100 into £200 is extremely low, and probability of turning it into a substantial sum is next to zero. Trading penny stocks is gambling through 'n through. If that's what you want to do, then I recommend you take your £100 to a casino and try your luck there - as it'll probably last longer and you'll have waaaaay more fun!

To answer your question though, I don't know of any broker that will enable you to open an account that small and day trade penny stocks. Sorry!

Best of luck to you with your endeavour.
Tim.

 

[timsk]

someone on another stock market site "stocktwits" just suggested this broker

cmcmarkets.com

you know anything about that?

Hi StocksBrah,
CMC are one of the largest and best known spread betting firms. Yes, you'll almost certainly be able to open an account with just £100 - but I doubt you'll be able to day trade penny stocks with them. Even if they list the companies you want to trade, the spread will almost certainly be horrendous and, often as not, the stock will have to double in price just to enable you to get back to break even. I've been on T2W since the early noughties and, in all that time, I've never once heard of anyone making money trading penny stocks. That's not to say it can't be done - it almost certainly can - but those that do are people with inside knowledge and/or are market veterans with years of experience.

Of all the ways you can lose money in the game, trading penny stocks is almost certainly the quickest and the most certain. The odds are so heavily stacked against you. That's not what you want to hear I'm sure, but I think you'll find most members will tell you something similar.
Tim.

 

[StocksBrah]

Hi StocksBrah,
Aha, that makes everything much clearer. Timothy Skyes got lucky by catching the tail end of the internet bubble and used his success to market himself as the latest hot shot guru. These days, by all accounts he's more of an internet entrepreneur thasn he is a trader.

The probability of you repeating his early success and turning your £100 into £200 is extremely low, and probability of turning it into a substantial sum is next to zero. Trading penny stocks is gambling through 'n through. If that's what you want to do, then I recommend you take your £100 to a casino and try your luck there - as it'll probably last longer and you'll have waaaaay more fun!

To answer your question though, I don't know of any broker that will enable you to open an account that small and day trade penny stocks. Sorry!

Best of luck to you with your endeavour.
Tim.

I follow him on social media and he consistently makes profit, small profits few hundreds maybe few thousand but it all adds up, theres hundreds of people the same as him on social media making small consistent profits from penny stocks.. so he isnt a fluke lol.

i was going to use £100 to test the water after that when i feel comfortable i would invest more.. im not going into this with mindset its going to make me rich, im just after the small consistent profit.


I come across this broker http://www.iii.co.uk/ no min deposit required but charges £10 per trade.. i guess i will have to put up more than £100.

 

[timsk]

Hi StocksBrah,

I follow him on social media and he consistently makes profit, small profits few hundreds maybe few thousand but it all adds up, theres hundreds of people the same as him on social media making small consistent profits from penny stocks.. so he isnt a fluke lol.

Here are a few suggestions for you . . .
1. If you've not seen the film 'Wolf of Wall Street' - watch it. Failing that, Google the term 'pump and dump'.
2. Don't accept everything at face value that you read on social media. Naturally, there will be people claiming to do well following his methods - that's what attracts newbies like you!
3. I've got nothing against Tim Sykes as such - and he may have something of value to offer - but he'll be the exception that proves the rule that 99.9% of internet marketeers make their money from selling their products and services - not from actual trading. I suspect you'll find that the vast majority of those who sign up for his services don't make any money at all. In fact, most will lose. It has to be that way, otherwise sites like T2W wouldn't exist as we'd all just sign up to Tim Sykes, copy him and make our money the easy way. If only!

i was going to use £100 to test the water after that when i feel comfortable i would invest more.. im not going into this with mindset its going to make me rich, im just after the small consistent profit.

Sure, everyone wants that - a small consistent profit. Of all the ways to achieve that goal, trading penny stocks has the lowest probability of success. You'd do much better to open a micro account with someone like FXCM and swing trade an equity index such as the FTSE. But, before you do that, you'll need to have a trading plan that you've tested and demo traded. And I'm afraid that will take time, study and effort. There's no get rich quick in this game.

I come across this broker http://www.iii.co.uk/ no min deposit required but charges £10 per trade.. i guess i will have to put up more than £100.

Depending upon how you define 'penny stocks', I doubt 3i will offer the types of instruments that someone like Tim Sykes trades. If you're determined to do this, I suggest you contact one of his Twitter followers (that claim to be doing well) and ask them to point you in the right direction. If you do that, keep in mind my comments above and be prepared to lose all your money. If you accept that that is the most likely outcome - and want to do it anyway - best of luck to you.
Tim.