Help: about Opening an Account with deal4free

clylbw

Well-known member
454 4
Hi,

I would like to take the plunge and open a CFD account with deal4free to begin trading, but they require me to have some previous trading experience, which I do not. So what can I do? Turn to some other brokers which will open accounts for beginners? Or do all brokers require previous experience for such an account?

Thanks a lot. :)
 

FTSE Beater

Experienced member
1,518 4
Hi clylbw

I agree with Skim.
If however your too honest for your own good, then you should be able to open a spreadbetting account with them and move onto CFD's later - as far as I remember there isn't much difference between CFD's and Spreadbetting

HTH :)
 

clylbw

Well-known member
454 4
Thank you so much for your advice.

The problem is, they would want to know further if I said I had the experience, i.e. with which broker I had traded to get such experience and other details about my fictiitous previous accounts. Could I also lie through all these?

I do wonder how beginners could get experience if they were not allowed to open accounts to trade until they had experience.

Thank you.
 

Skimbleshanks

1
2,325 16
clylbw - there are a lot of very silly people around. They open trading accounts, blow £25,000 and then try and blame the broker. D4F, and all the others, are just protecting their own backsides, and that is why they insist that you have experience of trading.

Did you get some of Sid's share offerings for BT (or was it British Gas)? If so, you've got around 20 years experience. :D

I doubt they are going to ask you any questions because it is not in their interests to do so. They just want to say when you lose the lot and try to blame them (there are people who do that incidentally) that you stated on your application form that you had 2 years, or whatever, trading experience.

And don't go and blow it by asking them questions - ask here, and there are hundreds of able traders and newbies like yourself who will willingly tell you the answers and help you along.

Take FTSEBeater's advice and open a spreadbetting account - you can with £250 or so at Finspreads, and get your experience that way. Don't whatever you do open a margin (credit) account. Open a cash account, which means that it is very difficult indeed to lose more than the original cash you have in the account, ie £250. Then bet with 1p a point for your first 8 weeks - you will learn all about emotion, fear and greed in those 8 weeks, together with discipline. I bet you will not be able to stick to betting 1p a point after 2 weeks - that is because in trading you need lots of discipline, and most newbies don't have that. Once you have completed your 8 weeks (Finspreads' minimum stake goes up to 50p after your first 8 weeks), then go to 50p a point, assuming you still have funds in your account!

If you can still win consistently, THEN open a D4F CFD account and trade. Please don't underestimate the fact that the vast majority lose, so just keep your initial account very small so that you are only losing a small amount. Don't succumb to your ego telling you that you're a big boy, and therefore you can trade big. You can't, and it's the fastest way to crash and burn.

You may think I'm being harsh; I'm just giving you a taste of what is likely to happen so that you are forewarned.

Go for it! And feel free to ask as many questions as you need to - we all started as newbies once upon a time.
 

clylbw

Well-known member
454 4
Hi Skimbleshanks:

Thanks so much.

No, you are not being harsh; it has been very helpful to me. Thanks a lot indeed.
 
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