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

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?

turbobaby

TD Waterhouse - no complaints at all. Cheap, easy and efficient!

€20 per trade, and no service charge if your balance is above €5k (I think).

Mr_Roger_Bongos

forex2806 wrote: »

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?

Can i ask how long you've been doing this full time?

I've only recently started in fx, doing well out of the EUR/GBP movements, but i think what your proposing is a great idea, pity i don't have more experience!

D.W

Guys,
any ideas on whether you need to be bonded (or whats required) if you were to operate a Managed Account on behalf of clients?

DC09

I have about €1500-2000 to invest, probably in Irish/UK/US stocks, though I would consider Forex and Asian Markets also.

Im looking for one with the lowest possible charges and a relatively basic buy/sell service. (Although a reliable one)

AIB wont let me get an online trading account as I have a student account (I am over 18, however.)

Whats my best option?

EDIT: Anyone have an account with TD Waterhouse? I understand the US ones are cheap but it seems like hassle..

Tyrant^

DC09 wrote: »

EDIT: Anyone have an account with TD Waterhouse? I understand the US ones are cheap but it seems like hassle..

I made a US trading account recently Zecco I was originally put off by making the account as I went through a bit of hassle getting my Internaxx account up ( had to get gardai signature and stamp )
Surprised how much easier zecco was able to set up. Everything can be done online no need to post anything. You can take a digital photo or scan of your documents and attach them online. And no need for gardai stamp.
Now all I need to do is find some money to put in it :rolleyes:
€5 for international wire transfers with BOI. btw

Dinarius

I've just ordered the Metastock v.11 upgrade from Paritech in the UK.

Looking forward to getting back into this.

I intend to start with some simulated trading - I won't open an account at first, so I'll have no choice but to!

My intention is EOD trading in extremely liquid assets - no more penny shares for me! If I can beat deposit interest, that would be an achievement.

I'm also looking forward to reacquainting myself with Elder's book.

Will be back to you lot about the best EOD data updates.

D.

betonit

forex2806 wrote: »

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?

can you give a few examples of a serious account and what do you use?


Has anyone heard of these guys tradersnow.com based indublin. They done a few webinars. They look ok but id like to get an idependant recommendation.
€500 ish for membership and this currency compass software.

Whats the best way to learn..tuition, books, dive in etc.

I've dabbled with a spreadbetting account and did ok... but pure luck.

Noel 006

forex2806 wrote: »

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?

Where are you based and where are you looking to take office space? I trade Futures at the moment, looking to get into options next year but need to do more work on it!

In response to the OP, I took a course in the UK and I couldn't recommend it highly enough, it also involves online classes 3/4 days per week and live trading classes too. The way I see it is you are going to get an education either way, I would prefer to pay somebody to teach me than be educated by another trader taking my money! Reading books is fine but they can't talk back if you don't understand something. In response to the post about why they teach if they are that good at trading? All I can say is I trade from home and by the end of the day I'm talking to the walls for want of some company, trading can be very isolating, the instructors I have had have all said that it's the social aspect more than anything that get's them teaching. That and the fact it keeps them on their toe's, definitely not the money! You wouldn't enter into any other form of job without training or education so why do it with trading where you stand to loose a lot! If it's proper education it will pay for itself in very little time!

Mr_Roger_Bongos

Noel 006 wrote: »

In response to the OP, I took a course in the UK and I couldn't recommend it highly enough, it also involves online classes 3/4 days per week and live trading classes too.

Can i ask which course you took?

Pity you haven't been registered here longer, the boards.ie cynic in me will think your selling these courses and hunting for customers!

Noel 006

Mr_Roger_Bongos wrote: »

Can i ask which course you took?

Pity you haven't been registered here longer, the boards.ie cynic in me will think your selling these courses and hunting for customers!

I can PM you the crowd I took it with if I can figure out how to do it!!

I understand the cynicism and that's why I didn't name the company, I'd be the very same but I'm not trying to sell anything, I don't stand to gain anything! I'm hoping karma will sort that one out for me if this helps any budding traders!

Going to try and pm you now, if you don't get it you might let me know how to do it properly!