New to SB - Should I use selftrade demo?

[silverpuma]

Hi, I'm learning/reading about SB and need some advice.

Some background first, I have a Selftrade account and trade infrequently, mainly due to being ill for over 2 years, so I'm reasonabley experienced with normal equity trading. I also traded covered warrents with selftrade with limited sucess/failure. I've lost enought to be a lot more carful than I used to be, I'm in no rush and want to guard my capital but still see if I can make a small/moderate profit.

I have a spare £250 that I want to invest using SB as a learning fund. I know I could open a SB demo account with a range of brokers but I perferr to learn with a small stake 10p/50p for a few months as I find the reality of losing, even a small amount is better for me and helps me focus than using imaginary money in the demo accounts. Saying that, I would open a demo account to practice the functionality of the online SB service and use it for a week just to get used to clicking the right buttons etc. Then go "live" but with very small trades for a few months and see how I get on. What do you think?

Which SB brokers offer small bets and have a good demo platform?

Is the selftrade online SB platform a good place to learn? If you check the link and scroll down to "Pratice Trading". Its just I want tp practice and learn with SB broker that I will then use for real and not chop and change.

I have just noticed that Selftrade say:

your CFD/Spread Betting account is maintained by our partners, City Index and is separate from your other Selftrade accounts.

Selftrade have Index spread bets from 50p a point or should I look for a lesser amount?

Thanks in advance for any help and advice.........its all needed

 

[gle101]

Hi, I'm learning/reading about SB and need some advice.

Some background first, I have a Selftrade account and trade infrequently, mainly due to being ill for over 2 years, so I'm reasonabley experienced with normal equity trading. I also traded covered warrents with selftrade with limited sucess/failure. I've lost enought to be a lot more carful than I used to be, I'm in no rush and want to guard my capital but still see if I can make a small/moderate profit.

I have a spare £250 that I want to invest using SB as a learning fund. I know I could open a SB demo account with a range of brokers but I perferr to learn with a small stake 10p/50p for a few months as I find the reality of losing, even a small amount is better for me and helps me focus than using imaginary money in the demo accounts. Saying that, I would open a demo account to practice the functionality of the online SB service and use it for a week just to get used to clicking the right buttons etc. Then go "live" but with very small trades for a few months and see how I get on. What do you think?

Which SB brokers offer small bets and have a good demo platform?

Is the selftrade online SB platform a good place to learn? If you check the link and scroll down to "Pratice Trading". Its just I want tp practice and learn with SB broker that I will then use for real and not chop and change.

I have just noticed that Selftrade say:


Selftrade have Index spread bets from 50p a point or should I look for a lesser amount?

Thanks in advance for any help and advice.........its all needed

I would go for a SB account in another currency, like Dealingdesk, DVM markets or find a CFDs broker that offers micro lots. Also have a look at these threads.
http://www.trade2win.com/boards/spread-betting/57022-1-stake.html
http://www.trade2win.com/boards/spread-betting/58354-help-advise-before-i-blow-2k.html

Do not stay on the demo account to long, it might hurt your trading on an emotional level when real money is at stake.

Good Luck!

 

[silverpuma]

I would go for a SB account in another currency, like Dealingdesk, DVM markets or find a CFDs broker that offers micro lots. Also have a look at these threads.
http://www.trade2win.com/boards/spread-betting/57022-1-stake.html
http://www.trade2win.com/boards/spread-betting/58354-help-advise-before-i-blow-2k.html

Do not stay on the demo account to long, it might hurt your trading on an emotional level when real money is at stake.

Good Luck!

Excuse my lack of know-how but why is a SB with "another currency" better or more approbiate for me than UK sterling?.....thanks for your patience

 

[gle101]

Excuse my lack of know-how but why is a SB with "another currency" better or more approbiate for me than UK sterling?.....thanks for your patience

If the stake is one unit you can get a lower entry level with let say one Swedish crown.

 

[silverpuma]

If the stake is one unit you can get a lower entry level with let say one Swedish crown.

Ahhhh, thanks for this, though its so dripping with common sense, how did I miss this!! I'm nearly sorry I asked and now cringe a litle with embarrassment..........but........its good for my lack of humility

 

[gle101]

Ahhhh, thanks for this, though its so dripping with common sense, how did I miss this!! I'm nearly sorry I asked and now cringe a litle with embarrassment..........but........its good for my lack of humility

No problem, when it comes to trading it's better to ask one question too many.

 

[sharkingtrader]

Selftrade is not a reliable online stockbroker. Imagine trying to exiting or buying a trade on equities, CFDs or Spreadbettting. Twice in April 2009 I tried to sell or buy shares and their online system crashed.

Like today selftrade commented on a response:"

10am update. 30 April 2009.

We are currently experiencing system issues resulting in slow response times. Please call our Customer Service Team on 0845 0700 720 and we will capture your orders.

We apologise for this service failure and we are working with our IT partner to resolve this as quickly as possible.

"

 

[Phil Mibbutz]

If the stake is one unit you can get a lower entry level with let say one Swedish crown.

It doesn't seem to work like that with some SB accounts.

 

[silverpuma]

It doesn't seem to work like that with some SB accounts.

I ended up with the igindex platform and very slick it is!! I can trade for just 0.10p for 2 weeks and then rising to 0.50p for a futher 4 weeks I think. So it lets me try trades out at a very low cost. Some of the instruments I can deal in US or Aus dollors so this will reduce my costs even further.

So far the help has been excellent and I have my own account manager would holds my hand in these learning stages. Overall I'm very pleased with IG though I realise its just a couple of weeks so far.

 

[gle101]

It doesn't seem to work like that with some SB accounts.

Yes you are right, but I think it is possible at VDM and Dealingdesk. If this is not the case, please inform me.

 

[tar]

Yes you are right, but I think it is possible at VDM and Dealingdesk. If this is not the case, please inform me.

CS and DD yes but i think VDM not ...

 

[gle101]

CS and DD yes but i think VDM not ...

If not directly at VDM try signing up at the Swedish outfit, iflexmarkets.

 

[tar]

If not directly at VDM try signing up at the Swedish outfit, iflexmarkets.

also doesnt work , at sek account the minimum stake for uk100 is 4.38 and 0.5 at $ account

 

[gle101]

also doesnt work , at sek account the minimum stake for uk100 is 4.38 and 0.5 at $ account

Thanks, left is CS and DD I guess, or CFDs with a MT4 broker who offers micro lots.