ONLINE TRADING (INCLUDING SPREAD) ACCOUNTS - All Queries Here Please

Cyrus

Having dabbled on and off with spread trading over the past few years i now intend on taking it up more seriously. i am an accountant and work in finance and presumed, wrongly, that trading would be relatively easy for me. i quikcly understood that i wasnt and could see the mistakes i was making, so before i lost any money i couldnt afford to lose i took a step back with a view to educating myself.

i have an ig index account and understand the basics of how it works.

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Has anyone got any good tips on where i should start?

i have started to read Trading in the Zone (Douglas) and Trend following (Covey), what other books are highly recommended

how much time a day should one give to trading, is it possible to do in a smaller way alongside a conventional 9-5 job

What kind of profit % should a good strategy give on your capital

What is the best way to start off? use 100 euro as a test bank and see what % gains you make off of it?

any other advice gratefully received.

Chrysostomos

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Never do those terrible courses, ask yourself if these guys are so good then why are they not trading and are teaching instead. Nobody will sell the goose that lays the golden eggs, they might sell you the eggs alright but never the goose.

Has anyone got any good tips on where i should start?

Read everything even remotely related to trading and the markets, develop a voracious appetite for reading the stuff.

how much time a day should one give to trading, is it possible to do in a smaller way alongside a conventional 9-5 job

I will actively trade from 6am this morning to 12 tonight and do that five days a week. Yes it's possible to do on a smaller timescale along with a nine to five job, trading the higher timescales at the end of the day.

What kind of profit % should a good strategy give on your capital

Depends, 3% a month, 12% a week, 5% a day. It's really bad to look in terms of %gain a month. Expectancy and drawdown are more important figures to be looking at.

What is the best way to start off? use 100 euro as a test bank and see what % gains you make off of it?

Educate yourself about the markets, then develop a system, backtest that system if you can but forward test it with a small amount of real money, then after four or five months you can make a decision as to whether invest serious money in it.

Chryso
,

Cyrus

Chrysostomos wrote: »

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Never do those terrible courses, ask yourself if these guys are so good then why are they not trading and are teaching instead. Nobody will sell the goose that lays the golden eggs, they might sell you the eggs alright but never the goose.

,[/B]

ive searched boards and that seems to be the general consensus, but has anyone actually attended the course? surely there are benefits for beginners to get an understanding into what areas they should be focusing on?

Tugboats

Cyrus wrote: »

Having dabbled on and off with spread trading over the past few years i now intend on taking it up more seriously. i am an accountant and work in finance and presumed, wrongly, that trading would be relatively easy for me. i quikcly understood that i wasnt and could see the mistakes i was making, so before i lost any money i couldnt afford to lose i took a step back with a view to educating myself.

i have an ig index account and understand the basics of how it works.

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Has anyone got any good tips on where i should start?

i have started to read Trading in the Zone (Douglas) and Trend following (Covey), what other books are highly recommended

how much time a day should one give to trading, is it possible to do in a smaller way alongside a conventional 9-5 job

What kind of profit % should a good strategy give on your capital

What is the best way to start off? use 100 euro as a test bank and see what % gains you make off of it?

any other advice gratefully received.

Instead of giving wolfgang 1 or 2k educate yourself and then put that 1 or 2k into an account. Id also avoid day trading, shorter time frames and stick to eod especially starting off

mickman

Cyrus wrote: »

Having dabbled on and off with spread trading over the past few years i now intend on taking it up more seriously. i am an accountant and work in finance and presumed, wrongly, that trading would be relatively easy for me. i quikcly understood that i wasnt and could see the mistakes i was making, so before i lost any money i couldnt afford to lose i took a step back with a view to educating myself.

i have an ig index account and understand the basics of how it works.

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Has anyone got any good tips on where i should start?

i have started to read Trading in the Zone (Douglas) and Trend following (Covey), what other books are highly recommended

how much time a day should one give to trading, is it possible to do in a smaller way alongside a conventional 9-5 job

What kind of profit % should a good strategy give on your capital

What is the best way to start off? use 100 euro as a test bank and see what % gains you make off of it?

any other advice gratefully received.

100 euro? dont waste your time

i have been learning / spread trading for about 4 yrs now. i have tried every strategy (using stops, not using stops, breakouts, day trading, the whole lot)

the only one i find works for me is longer term trading based on a strict set of very simple rules. dont listen to cnbc, bloomberg, advice from anyone, use your rules and always follow them. i only have one rule on when to enter the market and one to exit (followed up by some simple sub rules on when / if to take profits)

read reminisces of a stock operator, and both of the market wizards book and above all keep it SIMPLE

Bullish

+1 for Mickman
Dont listen to News CNBC or any other.
Dont listen to analysts ( well if you do just do the opposite of what they recomend)

Dubh Geannain

+2 for Mickman.

I intend opening a spread trading account myself too and his philosophy is quite close to what I'd be planning on following.

ixus

Lets keep it to this sticky.

wclarke20

Hi,
does anybody have any opinions on what the best stock analysis is out there?
i had a few recomendations for Sharescope but was just wondering what others thought?

thanks

Berti Vogts

Has anyone any experience of transferring an existing portfolio from Davy to TD Waterhouse? Just wondering whether they charge fees to do so?

Fremen

Does anyone have experience dealing with interactive brokers?
It's really not clear from their website what their fee structure is.

Any idea how you go about paying tax on your profits or what happens to your dividends?

Is it designed solely for day traders, or it it suitable for someone like me who would invest a lump sum followed by regular small payments (probably buying and holding on a few different ETFs).

Cheers for the help.

turbobaby

You sound like you could do with TDWaterhouse.ie

Simple to set up (except for a quick visit to your bank for them to stamp some docs), easy to transfer money in (a bank transfer to their Ulster Bank account) and 20euro per trade. No quarterly fees if you keep you balance above a certain figure (€10k I think!)

strmin

I've been with Interactive Brokers for two years. Not a single problem so far.
Seems like you can trade anything but ISEQ . It is very cheap.
Not sure what you mean by "designed solely for day traders". IB suits any investor.

Taxes is your responsibility and it has nothing to do with a broker.

Dinarius

Hi Guys,

I'm coming back to this after an asbence of about 6 years.

Back then, spread betting firms didn't exist (I think I'm right in saying) so I used to trade over the phone with Fexco.

Now I'd like to trade online and in both directions (long and short) but not with a regular broker.

Who are the recommended Irish spread betting firms? marketspeads? deltaindex? paddypower? igindex? cmcmarkets?

Technical analysis is my main interest, so a firm offering good charting facilites would be a bonus - though I'll be using Metastock anyway.

Thanks.

D.

D-Generate

IG Index and CMC Markets would be in my opinion the best. The interface with Paddy Power looks too amateurish for my liking.

Definitely do the reading yourself rather than paying money for others to teach you. The books I would consider reading are;

Reminisces of a Stock Operator
Market Wizards
The New Market Wizards
Random Walk Down Wall St.

The last book heavily argues against frequent trading and theorises that buy and hold leads to greater investments. None the less it has good ideas in it and can at least point out some of the pitfalls other investors have.

To summarise key points from the 3 books.
"Sit tight and be right" - Reminisces of a Stock Operator
- If you have a winner and it is indeed still going your way then don't be content with just taking your winnings, stay with it. It is all too easy for emotions to get the better of you and for you to just take your quick profit.

"Losers Average Losers" - Market Wizards
- You will often come across people who if they are long of a position and it goes against them will increase their position even more, thus averaging out their loss or they might still see it as a bargain. In a lot of instances (majority in my opinion) its just throughing good money after bad. What you will see less of is when their position is in their favour people increasing their position. As such I agree with their statement that losers average losers and winners average winners. Also despite what some people say, there is no such thing as a paper loss.

Just remember though, I think it is only 1 in 5 of people involved with Spread Betting actually make a profit. From talking to my friend that works in IG Index it seems even less. As far as I understand, the reason its not taxed is because so many people lose they could use their losses as tax deductables and there would be lost revenue to the exchequer.

mickman

D-Generate wrote: »

IG Index and CMC Markets would be in my opinion the best. The interface with Paddy Power looks too amateurish for my liking.

Definitely do the reading yourself rather than paying money for others to teach you. The books I would consider reading are;

Reminisces of a Stock Operator
Market Wizards
The New Market Wizards
Random Walk Down Wall St.

The last book heavily argues against frequent trading and theorises that buy and hold leads to greater investments. None the less it has good ideas in it and can at least point out some of the pitfalls other investors have.

To summarise key points from the 3 books.
"Sit tight and be right" - Reminisces of a Stock Operator
- If you have a winner and it is indeed still going your way then don't be content with just taking your winnings, stay with it. It is all too easy for emotions to get the better of you and for you to just take your quick profit.

"Losers Average Losers" - Market Wizards
- You will often come across people who if they are long of a position and it goes against them will increase their position even more, thus averaging out their loss or they might still see it as a bargain. In a lot of instances (majority in my opinion) its just throughing good money after bad. What you will see less of is when their position is in their favour people increasing their position. As such I agree with their statement that losers average losers and winners average winners. Also despite what some people say, there is no such thing as a paper loss.

Just remember though, I think it is only 1 in 5 of people involved with Spread Betting actually make a profit. From talking to my friend that works in IG Index it seems even less. As far as I understand, the reason its not taxed is because so many people lose they could use their losses as tax deductables and there would be lost revenue to the exchequer.

the reason most people lose is the same reason most people lose at gambling. no discipline. when you give your money to a fund mgr to manage it you cant personally close the positions, you can when you spread bet so emotions take over and you make the wrong decisions.

Fremen

turbobaby wrote: »

You sound like you could do with TDWaterhouse.ie

Simple to set up (except for a quick visit to your bank for them to stamp some docs), easy to transfer money in (a bank transfer to their Ulster Bank account) and 20euro per trade. No quarterly fees if you keep you balance above a certain figure (€10k I think!)

Twenty euro's a little steep, isn't it?

turbobaby

It's all relative I suppose. If you're buying thousands of euros worth of shares in once of transactions then no, but if you're only buying small amounts on a regular basis, yes the 20 euros would add up!

Dinarius

Alexander Elder's "Trading for a Living" is also worth a read, particularly if you trade using technical analysis.

Thanks for the feedback on the online trading sites.

D.

robmchl

Hi Cyrus,

In my oppinion:

Stick with the trend as much as humanly possible. It can always go higher or lower and rarely has it gone "too far". (Great start with trend following book)

If you do play reversals, make sure your target is lower than that of a with trend entry and always make sure these are taken at major support or resistance areas or suppport becoming resistance/ resistance becoming support areas.

Have a definite set-up that marks your entry into the market be it technical or otherwise.

Check for any major news announcement before entering your trade - taking a position on gbpusd 1 minute before mervyn king makes an announcement wouldn't be favourable.

100 euro wouldn't be enough to start but a thousand would if you can trade a very small size which IG will allow you do for 6 weeks +.

If you get up around 6:00 you could have 1 hour support/resistance prep etc. done before the frankfurt & london opens and trade them. Don't stay too long at the screen, maybe 3 hours maximum but make sure that time is fully focussed on trading and nothing else.

I'll post a quick chart as to what I believe has been the biggest factor in my trading success and it is the technical phenomenon of resistance becoming Support & Support becoming resistance.I wish someone told me about it at the very start.

If you are trading stocks on fundamentals or otherwise, i apologise as a lot of that may not be relevant or helpful.

Best of luck with it. I hope it goes well for you.

Dinarius

robmchl,

Interesting post. Thanks. Look forward to seeing the chart.

My version of Metastock is 6.52. I see from their website that they're now up to version 11.0! Hopefully, end-of-day data will be compatible with my older version.

And speaking of EOD, can anyone point me to a free source of it? A quick Google pointed me to Yahoo Finance....

http://finance.yahoo.com/

....where data back to 1970 is available, apparently. But, while I can see data on any individual stock/index, I can't see any link to a zip download of the lot. i.e. complete FTSE, Dow etc, including all stocks, for say the last 20 years. Does one exist? If not, any recommendations on EOD that I can access, preferably for free!

Thanks.

D.

robmchl

Hi Dinarius,

The chart should be attached at the bottom of my post (.png) If not I can post again.

Dinarius

Silly me! So it is.

Thanks.

D.

delux

Does anyone have experience dealing with interactive brokers?
It's really not clear from their website what their fee structure is.

Any idea how you go about paying tax on your profits or what happens to your dividends?

Is it designed solely for day traders, or it it suitable for someone like me who would invest a lump sum followed by regular small payments (probably buying and holding on a few different ETFs).

IB is designed for frequent traders. This is how they have low commissions - it's the simple high volume, low price business model. (whereas the Irish brokers are high price, low volume) And to keep customers to this model they put in some measures namely you need >$10,000 to open the account and they charge $10 a month even if you do nothing. That's pretty much it. To buy a few shares and hold them go to some other broker i'd say.

delux

Any idea how you go about paying tax on your profits or what happens to your dividends?

For capital gains tax it's up to you to declare this yourself. For dividends, i haven't got any in my IB account cos i only use it for daytrading, but in my Etrade account(and i presume it's the same in IB) they put the dividends in your brokerage account and take the 15% withholding tax. Then you declare this as income over here, but you should only have to pay the balance i.e. [your income tax rate]-15%.
And bear in mind i am no tax expert, I just declare what I think i owe and let them decide what the bill is... it's worked so far for me in so far as I've never had a problem with the revenue.

D.W

Looking for peoples recommendations/experiences for Forex brokers that have a Meta4 platform and are reliable, liquid and honest (if theres such a trait). Ideally want an ECN so no market makers. Currently looking at a few but they all seem to have a vested interest in taking you out by any means. Any recommendations from personal experience appreciated.

rugbyman

I have read ,but largely ignored threads abouts spread betting over the last few years.
I am fully aware that you can lose heavily.

for the last few weeks i have been gahering interest and though I have read world preads and IG ( i think) sites ,i am not entirely certain of how things work.

This weekend I want to place a bet on AIB rising on monday morning.

If anyone could answer these simple questions( their simplicity may mm well suggest i should not be here, )

A. can i open a real(not demo ) account over the weekend.?

B. how do i put money in? ,via my credit card?

C. I believe each company has an IMR, some sort of ratio , strong companies have high IMR? I think this means that I have to have a multiple of what I intend to gain, so as to cover potential losses?

D. If this were to work and i would gain , where would my gain come from, from a losing wager ? hardly likely to be many backing AIB to fall this week. Does the agent e.g world spreads have to match me with a contra gambler?

E is there a charge to let the bet run overnight, I have read that there are longer periods without fees.

F. one day last week the Bof I fell seven percent or so in the USA, next morning it did the same here but recovered by lunch time.

G the news re AIB is fairly big re the sale in poland and I know that many will say that this has already been factored in to the share price. However I feel that there will be a rise on Monday and i want to gamble with around 500/1000 of my dosh.




right folks , any info would be appreciated

Regards ,Rugbyman

mickman

rugbyman

to be honest your questions are that of a person who isnt ready to trade the markets.

a. yes but you cant open positions for obvious reasons. you can create an order that will only be filled monday morning at the opening price

b . laser card etc

c. dont understand question

d. if you go long then someone else will go short. there is always someone

e. yes if you take on positions on ones that roll over daily, not in ones that expire later

f. whats the question here?

g. no question here?

mickman

you seem to think that you can open a position before the markets open on monday and take advantage of any price rise :-0

if that was allowed wouldnt we all be doing it!

rugbyman

Hello Mickman

Thank you for taking the trouble to answer my query in detail.

re my comment /question on IMR //ratio, I will read up a little and come back to you.

you mentioned to someone earlier that 100 euro is no use to start with.
what I want to know is how much of a stake/tank/float I need to fund this proposed bet on AIB so that I might make a few hundred euro profit if the rise that I anticipate on monday is to be of the order of say, six cents,from the closing price of 74 pence on friday.

If I sign up with ,say,IG toay and place a bet for execution on Monday morning , will it go through promptly at 8 am, having been processed by a machine or does it need to be monitored by a human being in IG.

Thanks again, Rugbyman

wclarke20

rugbyman wrote: »

Hello Mickman

Thank you for taking the trouble to answer my query in detail.

re my comment /question on IMR //ratio, I will read up a little and come back to you.

you mentioned to someone earlier that 100 euro is no use to start with.
what I want to know is how much of a stake/tank/float I need to fund this proposed bet on AIB so that I might make a few hundred euro profit if the rise that I anticipate on monday is to be of the order of say, six cents,from the closing price of 74 pence on friday.

If I sign up with ,say,IG toay and place a bet for execution on Monday morning , will it go through promptly at 8 am, having been processed by a machine or does it need to be monitored by a human being in IG.

Thanks again, Rugbyman

To open a live account, you will need to send them ID and some documents such as utility bills. I doubt you will have it set up for 8am Monday morning unless they are open Sunday.

mickman

rugbyman wrote: »

Hello Mickman

Thank you for taking the trouble to answer my query in detail.

re my comment /question on IMR //ratio, I will read up a little and come back to you.

you mentioned to someone earlier that 100 euro is no use to start with.
what I want to know is how much of a stake/tank/float I need to fund this proposed bet on AIB so that I might make a few hundred euro profit if the rise that I anticipate on monday is to be of the order of say, six cents,from the closing price of 74 pence on friday.

If I sign up with ,say,IG toay and place a bet for execution on Monday morning , will it go through promptly at 8 am, having been processed by a machine or does it need to be monitored by a human being in IG.

Thanks again, Rugbyman

that depends on how much per point you trade. IG let you trade .24 of 1 GBP per point move. if you open an account and put the order in the order will be filled at the first available price to the market. all other buy orders will be in as well so you will buy the stock AFTER the jump has occured (if it jumps at all which it prob wont). what your trying to do is impossible, you cant wait until after the news is announced and then put a trade in to make easy money on the open. it dosent work like that.

rugbyman

Thanks again Mickman.

in the past when I have bought shares,as opposed to spread betting, my NIB computer link does not quote me prices until 8.20. By this time the price has often risen or fallen considerably.

a few years ago ,on boards, i asked how do those who get their orders in in the 20 mins do so.
i got answers on the lines of "get a bloomberg or some such terminal for 1500 or 15000 a year for instant access"
various posters at the time said it was impossible for a "retail" buyer like me to get an on the spot price.
if you have any knowledge on this subject could you let me know the low down.

I appreciate you and Wclarke 20 taking the time to answer my questions.

Regards ,Rugbyman

drunkmonkey

What am I missing here?

I've been using the Simulator on the CMC websitte.

Been putting 100 euro trade with 10% Margin, what ever way I do it I can't seem to make under 100,000 on my 100 bet in under 5 minutes buying a selling.

To me it looks like i'm only betting 100 and coming away with huge profit, what am I missing, where's the huge risk to balance the huge profit.

This is the simulator i'm using http://www.cmcmarkets.ie/spread-betting/explained

My Last Trade
Profit/Loss
Index FTSE 100
Profit 0.07%
Profit in Points 3,200
Profit in £320,000:eek:

I was betting 100 per point and 10% Margin.

What am i not seeing?

mickman

drunkmonkey wrote: »

What am I missing here?

I've been using the Simulator on the CMC websitte.

Been putting 100 euro trade with 10% Margin, what ever way I do it I can't seem to make under 100,000 on my 100 bet in under 5 minutes buying a selling.

To me it looks like i'm only betting 100 and coming away with huge profit, what am I missing, where's the huge risk to balance the huge profit.

This is the simulator i'm using http://www.cmcmarkets.ie/spread-betting/explained

My Last Trade
Profit/Loss
Index FTSE 100
Profit 0.07%
Profit in Points 3,200
Profit in £320,000:eek:

I was betting 100 per point and 10% Margin.

What am i not seeing?

100 per point is a 100 euro move every single 1 that the ftse changes. so if the ftse moves 3200 then its 3200 x 100 = 320000

drunkmonkey

mickman wrote: »

100 per point is a 100 euro move every single 1 that the ftse changes. so if the ftse moves 3200 then its 3200 x 100 = 320000

They said they would liquidate me if my equity went under 20% of my instrument.

To get up to the 3200 points I was buying and selling every couple of seconds and taking little ponits but the all added up in the end.

Is there a big risk i'm not seeing, it seems way to easy, looking at todays FTSE 100 I could have made big.

Am I wrong in thinking that i'm only betting 100 euro?

mickman

drunkmonkey wrote: »

They said they would liquidate me if my equity went under 20% of my instrument.

To get up to the 3200 points I was buying and selling every couple of seconds and taking little ponits but the all added up in the end.

Is there a big risk i'm not seeing, it seems way to easy, looking at todays FTSE 100 I could have made big.

Am I wrong in thinking that i'm only betting 100 euro?

i have no idea what your at to be honest

drunkmonkey

mickman wrote: »

i have no idea what your at to be honest

You not the only one, I've just being using this simulator http://www.cmcmarkets.ie/spread-betting/explained and i'm trying to figure out can I make 320,000 like I did earlier with a 100 euro bet. Or am I exposed to a serious loss if the market turns the wrong way. Or am I betting way more than 100 and don't know it.

Basically I want to put 1,000 into spreadbetting on points in the FTSE and see what I can win/loose with it but I don't want exposure to a 320,000 loss.

rugbyman

drunkmonkey wrote: »

What am I missing here?

I've been using the Simulator on the CMC websitte.

Been putting 100 euro trade with 10% Margin, what ever way I do it I can't seem to make under 100,000 on my 100 bet in under 5 minutes buying a selling.

To me it looks like i'm only betting 100 and coming away with huge profit, what am I missing, where's the huge risk to balance the huge profit.

This is the simulator i'm using http://www.cmcmarkets.ie/spread-betting/explained

My Last Trade
Profit/Loss
Index FTSE 100
Profit 0.07%
Profit in Points 3,200
Profit in £320,000:eek:

I was betting 100 per point and 10% Margin.

What am i not seeing?

Drunk monkey

you asked

"To me it looks like i'm only betting 100 and coming away with huge profit, what am I missing, where's the huge risk to balance the huge profit."


i am not quite sure about this but depending on what index you are betting on or what share you are betting on, there is a different "factor"/ "ratio" by which your stake must be multiplied. The down side to a bet may not be on this similator, again i am not sure.

Rugbyman

mickman

drunkmonkey wrote: »

You not the only one, I've just being using this simulator http://www.cmcmarkets.ie/spread-betting/explained and i'm trying to figure out can I make 320,000 like I did earlier with a 100 euro bet. Or am I exposed to a serious loss if the market turns the wrong way. Or am I betting way more than 100 and don't know it.

Basically I want to put 1,000 into spreadbetting on points in the FTSE and see what I can win/loose with it but I don't want exposure to a 320,000 loss.

there is no way you are exposed to a 320k bet. if you lodge 1000 in your account and the deposit required for the position is 200 then the instant your position decreases by 800 then you are contacted for a margin call. if you dont put in more cash then the position will be closed and they still need some money off you but not anything like 320k

do you honestly think that these guys will let someone use that kind of margin, if they did that then they would be out of business long ago

mickman

mickman wrote: »

there is no way you are exposed to a 320k bet. if you lodge 1000 in your account and the deposit required for the position is 200 then the instant your position decreases by 800 then you are contacted for a margin call. if you dont put in more cash then the position will be closed and they still need some money off you but not anything like 320k

do you honestly think that these guys will let someone use that kind of margin, if they did that then they would be out of business long ago

that simulator is a joke by the way.

drunkmonkey

mickman wrote: »

do you honestly think that these guys will let someone use that kind of margin, if they did that then they would be out of business long ago

mickman wrote: »

that simulator is a joke by the way.

That's what I was thinking on both accounts! The Simulator was way to easy.

Can you buy and sell as quickly with a live account, i've been looking at the FTSE compared to the simulator today and it looks like there's points to be made.

Is there some way to read up on how all this works, thinking of using a CMC account and they require a 300 deposit to get started.

mickman

guys

to be honest this kind of day trading that you see yourselves doing is nigh on impossible to be profitable over time. you might get lucky a few times but thats about it.

Idu

mickman wrote: »

100 per point is a 100 euro move every single 1 that the ftse changes. so if the ftse moves 3200 then its 3200 x 100 = 320000

No expert but is 100 per point with a ten% margin not make it 1000 a point. Because there's no way the FTSE is moving 3200 points in 5 minutes

mickman

Idu wrote: »

No expert but is 100 per point with a ten% margin not make it 1000 a point. Because there's no way the FTSE is moving 3200 points in 5 minutes

the ftse dosent move by that many points of course so i dont know what the OP is on about

Day Trader

Cyrus wrote: »

Having dabbled on and off with spread trading over the past few years i now intend on taking it up more seriously. i am an accountant and work in finance and presumed, wrongly, that trading would be relatively easy for me. i quikcly understood that i wasnt and could see the mistakes i was making, so before i lost any money i couldnt afford to lose i took a step back with a view to educating myself.

i have an ig index account and understand the basics of how it works.

I had seen adverts for wolgang.ie and am contemplating trying their evening course in september, altho i am open to self teaching.

Has anyone got any good tips on where i should start?

i have started to read Trading in the Zone (Douglas) and Trend following (Covey), what other books are highly recommended

how much time a day should one give to trading, is it possible to do in a smaller way alongside a conventional 9-5 job

What kind of profit % should a good strategy give on your capital

What is the best way to start off? use 100 euro as a test bank and see what % gains you make off of it?

any other advice gratefully received.

Hi,

I have just come accross this thread and like Cyrus Iam also an accountant. I have started day trading and and currently being mentored by a trader three hours a day five day a week. The guy is increadible. You are live with him in a trading room and he advises or suggests certain trades. Iam currently trading on a live platform but on a dummy account, ie learning to day trade without risking my capital. Check out the web site www.mytradingclub.ie They hold free no obligation seminars that last about three hours. I believe it will be the best three hours anyone interested in trading for a living or second income will spend. Give it a try you it is well worth the three hours.http://www.mytradingclub.com

Mr_Roger_Bongos

Day Trader wrote: »

Hi,
Check out the web site www.mytradingclub.ie .http://www.mytradingclub.com

Too busy trading to pay their hosting fee's right?

rugbyman

Mr_Roger_Bongos wrote: »

Too busy trading to pay their hosting fee's right?

And the next seminar is in August!

Regards,rugbyman

Satts

I am looking to set up an account for online share dealing.

I will be buying and selling mostly Irish shares.

Trying to decide which company is most suited.


I have been looking at Davys, TD Waterhouse and Sharewatch.

Can anybody share any info on the above companies, e.g. reliability, time lags, errors, ease of use, costs ?

Any other companies I should be looking at ?

Day Trader

Sorry, my mistake web site is www.mytradingclub.net and seminars are held every Friday, as I said before well worth a few hours to take a look at the seminar.

forex2806

I have traded for over 4 years and have traded everything at one stage or another. I have tested many strategies and and tried most trading platforms.
More importantly I have failed more than most!!

I now only trade forex and am very successful. my style is technical and am a short term trader. From 1 hour to 12 hours usually.

A Strong opinion I have is if you are serious open a proper account and not a "betting" account.

On another note I trade from home. I am looking for people who are interested in trading from an office with me. I am looking for serious experience traders who trade there own account and have their own tools. We share the office costs and bounce trading ideas to gain an advantage on the market.

Anyone interested?