InstaForex trading conditions are universal tools for funds management at Forex market. Opening an account you get an access to Forex trading operations, CFD for NYSE shares and also to futures deals of Forex and commodity markets.
Seeing a lot of newbie investors - specifically those that aren’t financially literate - being attracted to sites such as plus500 and trading212 perhaps due to their aggressive marketing all over the internet. They don’t seem very transparent to me - it seems to me that some people genuinely believe they’re buying stocks and they don’t understand what CFDs are. It borderline seems like a scam...I feel sorry for people who have lost a lot of money on these sites...I believe it’s your responsibility to understand what it is you’re investing but I can’t help but think there is some culpability on the trading platforms also. What are your thoughts on CFDs, and the newcomers they seem to attract?
16 and trying to learn trading. Why am i only allowed to buy 0.8 shares at 43.94 when I have a £100 in my practice account? Also is the buy price is at $1438.38 is that per share? If so how can I have quantity 0.8 for £43.94? Real nooby question but appreciate the help.
I'm trading for 11 months with pretty good success. I never traded metals and forex before, just stocks. Today when gold started to consolidate at the last hour, I decided to scalp short it with a large amount, so I opened 100 lots. I haven't realised, in forex 100 (lots) doesn't mean "100 pcs", because I used to stocks and I went full retard without knowledge. Seconds later, I realised it means 10 million dollars (1 lot = 100.000, and I had 500x leverage). It moved up a bit and immediately I was down £4000. I scared as fuck and rather than closing the position quickly I hoped maybe I could close break even. The market closed, and I waited for the Asian session. The gold popped like never before, and I lost all my life savings (£55000) in less than two hours. (including the 1-hour break between sessions). If I count that I lost all my earnings as well, I lost around £85000. Here is the margin call https://imgur.com/a/XY5m4ZA https://imgur.com/a/VSgmCSs https://imgur.com/pRWl5g9 IC Markets closed my position partially in every 1-2 minutes until I shut it myself at £35. You know the rest of the story. I'm depressed, crying and shouting with myself. Yes, I know I was stupid, thanks. I just wanted to share this with you. Edit: WOW THANK YOU, GUYS! I haven't expected this, but you help me. Many of you asked the same questions, I answer it here: - I live in Europe, and we usually trade CFD's, not futures. - Currency in GBP. - As you can see, this account made on IC Markets. They not just allowing you a 500x leverage, it's the default. - You can ask me why I went against the market. Because gold is way oversold? Because I expected institutions would sell their shares before gold is hitting £2000, leaving retails hanging there. Also, as I said, I wanted to scalp, not riding the gold all the way down. If I had a loss of £100, I would close the position immediately. But when I saw the £4000, my heart is stopped, and my brain just freezes. - I went for a revenge trade with my last £2k, and I don't have to say what happened. I uninstalled the app, and I give up trading for a while. - Again, in the past months, I was cautious, I lost a significant sum in March, but I managed to recover. Made consistent gains, always with SL. This is just an example of how easy is to fuck up everything you did. - I didn't come here for some shiny digital medals. I can't tell about my losses to anyone who I know in real life. I would make a fool of myself. - Anyone who attacking me that it is a scam. Well, think what you want. I feel terrible and the last thing is to answer all the messages saying "You fucking karma whore". I don't give a shit about karma.
Best platforms for long term (5-10+ years) low value trades trades (£100)
Pretty much the title. I have an account with H&L which I invest in funds with. I'm looking to invest in some British companies which I think have good long term prospects, similar values etc etc. Anyhow £11 commission on a £100 or possibly lower trade seems quite steep. So I'm looking for another share dealing platform which I can hold shares with for a long time. Trading 212 does seem very attractive BUT I thought it was almost purely for day trading, so please correct me if you think I'm wrong & think it's a good platform to go long term on. In total I'll probably make about 5 trades, all British although there is a Scandinavian company I'm looking at. If anyone has any recommendations, they would be greatly appreciated. Cheers all, hope you are staying safe.
Do I need a Stocks & Shares ISA for H&L fund investing? How have I managed to start investing without one, and should I get one?
Hi all, I've created a H&L account as thanks to covid-19 I have some gap year money that I want to invest and go long with. I chose H&L because it had the best reviews, huge range of funds & easy to use interface. 0.45% doesn't seem too much to me either! Anyhow, I managed to create an account and deposit £1, however at no point did it give me the option to, or promted me to open an S&S ISA. This is a bit concerning to me becauause from what I understand there are tax benefits and I don't want to get stung when I do withdraw in the future. Has anyone had the same thing happen to them and if so what did you do? I joined using this link. Any help would be greatly appreciated! I'm only 18 so sorry if these are obvious questions, but I'm not a Trading212 type and have already had a crypto phase, so I'm determined to get this right and get my savings working for me. If anyone is interested, I'm currently considering Asia Pacific, gold mining and high dividend funds. I'm probably looking at around 10+ years, so am not too concerned with buying the high/low. If you disagree with my picks or thinking, please tell me! I'd really appreciate any general advice you have for fund investing. My personal circumstances are that I have a small pot of savings from various jobs, which I want to put to work and prevent being eroded by inflation which is no doubt a few months round the corner. This pot will probably rise as relatives pass away. And yes, I do have some money saved away to keep me afloat through uni...as well as the bank of M&D.
i have seen here that scalping is forbidden ( open a position for less than 5 minute ) I had like 3 positions that you can consider scalping ( -5min ), but i have seen is ok if is not regular ( what is considered regular ) and what can happend to your account if you still do this often is a warning or maybe you have to pay ? But day trading is ok ? I want to know if this is forbidden too I tried to find an answer on other posts but nothing clear for me. If i open like 5-10 positions a day on different currency or idex and let them open for 5+ minutes is ok ? I have maybe to pay a fee if i have more than 5-10 position a month or a day ? ( to my knowledge i don’t have to pay even if i have 100 but i could be wrong ) I still don’t know what can i do and what i can’t do so if someone knows i will be grateful
If one CFD stock hits 0 on my account, so I lose all equity.
I've a plus 500 account. I've about 5000e in it. If I put 1000e into 5 different stocks, and overnight one stock goes bust and hits 0, could I lose all the money in my account. Example. I've an airline, a hotel, and a shipping company. I put 1000 into each, and buy 1000 stocks. Over 3 weeks, my equity goes from 3000 to 6000 as all double in price. Then one night one of them drops to 0. Do I wake up to an empty account the next day. Sorry if this question doesn't make sense, I don't know much about this. I'm looking to invest a couple thousand into 4-5 shares over a few months, and I'm wondering if they all cost about the same, could one bad one cost me everything even if all the other doubled in price?
First day trading on CFD with real money - How my day went
Hey guys, So I wanted to share my experience on CFD since it was something that was kinda scary to me. I finally put in 1000$ on my CFD account this morning. Before that I was training on demo mode and my strategy was working pretty well. MY STRATEGY: So I'm not familiar with leverage yet so I started asking myself what would be the way that I'm the most comfortable trading with leverage. I started looking for a stock that consistently grew since even a 1% a day rise could be good with leverage. That's when I realized that trading with an ETF could work. So I started looking at the S&P 500 and running the numbers. In the last year, on average, there is a a 2,47$ gap between the low and the close of SPY. So I though that if I could figure out the low each day, buy in and sell at the end of the day, I would consistently make money. After 1 week in the demo account, with a 10k practice amount, it worked 4/5 times giving me +300$. MY FIRST DAY: Today was Powell's speech. Basically he didn't say anything new. So the bull trend had no reason to stop today. 9h30: I monitor the opening of the S&P 500. It starts with a slight dip. Unusual since most the time, there is a buy-in at open. But since there wasn't a sell-off at the previous close, I'm thinking it's nothing too alarming. 10h: first dip. I'm hesitant. The last few days the first dip was followed by a deeper one around 11h. 11h: Still no dip. It even hits new highs. I'm starting to rethink my plan. Just the day before, the S&P 500 ran up all day with practically no dips. Then I notice a trend: the price seems to "hug" the EMA 20. I wait for the price to drop under the EMA 20 and decide to jump in with 14 shares. https://preview.redd.it/9qp5q476flj51.png?width=939&format=png&auto=webp&s=5e96a03713169869cf1a18badac5246e7af26102 Well that didn't go as planned. The price kept running down, further and further from the EMA. At that point I made a minor mistake by not jumping out when my plan didn't go as expected. I was lucky enough to hit a break-even price and jumped out of the trade at 0. Scary. I decide to take a little break to clear my mind and come back 30 minutes later. SECOND TRADE: At this point I realize the price is breaking a resistance that I had noticed earlier (the day's high). I think it's a good signal for a significant break out towards higher highs. https://preview.redd.it/6v6j5obxflj51.png?width=1312&format=png&auto=webp&s=8bef020f8689c862478e1bb2d50e0ef5e8e66cb8 Well I was wrong again. The price goes down, and down, and down. Luckily, I had taken a rather small position of 2 shares since I was kinda shook by my first unsuccessful trade. At this point I didn't really know what to do other than watch the price run down. I decide to buy positions on the way down. 2 shares each time during the downward trend (circled in black): https://preview.redd.it/lebrwuk2hlj51.png?width=1312&format=png&auto=webp&s=50dee1eca7c2fc543453daa2ff29722ee34c6caf The SPY keeps going down, and I nearly have no more money. My live result is -20$ and I'm starting to think that I will keep the positions open over night and that tomorrow I might get lucky. At this point I'm starting to get a better idea of the support and resistances of the day. I figure if the price goes bellow the day's low, then I would have to accept the loss and sell. But then 1pm come along and we finally get a nice bounce. I'm up +4$. I sell all my positions and call it a day. The day is not over yet when I'm writing this but I obviously could have sold later. In hindsight, if I had just followed my initial plan (buy at open, or at day's low, sell at close) I would have done much better (maybe 10$ profit?). https://preview.redd.it/6yqr1boijlj51.png?width=1280&format=png&auto=webp&s=a025e9d56fafdc16616bfc489fcd1fec34cadf70 WHAT I LEARNED: -However well you performed with fake money, I will be completely different with real money. -Any plan/strategy you had before hand will disappear once the market opens. -You will make many mistakes. You can't just watch YT videos on trading signals and apply them. No matter what the YT gurus tell you, It's not easy to day trade. -Spreads kill your profits. When I bough in, there was a 0.25$ difference with the actual price and when I sold it was 0.10$! Maybe the spread decreases with low volatility? I hope somebody will find some useful info here! I will answer questions if you have any. If people want to give me advice, be welcome! I'm a beginner!
Beating the UK brokerage via true arbitrage - £8k -> £98k ($128k) since 21st April
Alright you American autists, here's a gains post from the UK across the pond - listen up because it's pretty incredible, managed to screw over our broker to turn ~£8k into £98k / $128k USD by reading the small print, true u/fuzzyblankeet style. https://preview.redd.it/9mlup18v0q951.png?width=343&format=png&auto=webp&s=aea1393d304d16063d62d54d30cc5be9b23d937a Unfortunately, we don't have options trading, commission free robinhood which crashes, or any other US based degeneracy, but instead we British chaps can trade "CFDs" ie. 'contracts-for-difference', which are essentially naked long / short positions with a 10-20% margin (5-10x leveraged), a 'holding cost' and you could theoretically lose more than your initial margin - sounds like true wallstreetbets autism, right? Well grab a lite beer (or whatever you lite alcoholic chaps drink over there) and strap in for this stuff: So, CMC Markets, a UK based CFD brokerage, wanted to create a West Texas Intermediate Crude Oil 'Spot' product, despite WTI contracts trading in specific monthly expirations which can thus have severe contango effects (as all of you $USO call holders who got screwed know) - this was just a product called "Crude Oil West Texas - Cash", and was pegged to the nearest front-month, but had no expiry date, only a specific holding cost -> already a degenerate idea from their part. So in early April, just before when the WTI May-20 expiry contract 'rolled' at **negative** $-37, the "WTI Cash" was trading at $15 at the time, but the *next* month June-20 expiry was still $30+ we (I am co-running an account with an ex-Goldman colleague of mine) simultaneously entered into a long position on the "WTI - Cash" product, and went short on the "WTI Jun-20 expiry", a pure convergence play. Sure enough, the June-20 tanked the following week, and we made over £35k, realised profits. But meanwhile the May-20 also tanked, and we were down £28k. But rather than realise this loss, we figured we could just hold it until Oil prices recover, and profit on both legs of the trade. However, CMC Markets suddenly realised they are going to lose a lot of money with negative oil prices (Interactive Brokers lost $104m, also retards), so they screwed everyone holding the "WTI - Cash" product trading at $8 at the time, and pegged it to the December 2020 expiry trading at $30, with a 'discount factor' to catch up between the two. https://preview.redd.it/zjjzyahx0q951.png?width=517&format=png&auto=webp&s=9523bab878f06702133631f12c1109081f299f65 Now fellow autists, read the above email and try to figure out what the pure arbitrage is. CMC markets will charge us a 0.61% **per day** holding cost (calculated as the 10x levered value of whatever original margin you put up, so in our case £8k*10x=£80k*0.61% = £500 per day, £1.5k on weekends for extra fun) on our open positions, but also "increase" the position value by 0.61% per day vs. the **previous day's** WTI - Cash value. Got it yet? No? Still retarded? Here's where maths really helps you make tendies:-> If your 'cost' is fixed at 0.61% of your original levered position, but your 'gains' are 0.61% of the previous day's position, then your gains will be ever increasing, whereas your costs are fixed. So we added some extra £££ (as much as we could justifiably put into a degenerate 10x levered CFD account) and tried to see if it works. Long story short, it does. At this point in July we were making **over £1k per day on a £8k initial position*\* regardless where the WTI Dec-20 fwd moved. Unfortunately, eventually CMC markets realised what utter retards they were, and closed down the arbitrage loophole, applying the holding costs to the previous day's value. But not before we turned £8k into £98k, less holding costs. https://preview.redd.it/uh0f8knz0q951.png?width=553&format=png&auto=webp&s=c7e629f72de5aeb4e837ccef44ecae708f058bee Long story short, puts on $CMCX they're total retards, and given what a startup robinhood / other brokerages are, never assume that only they are the ones taking your tendies away, sometimes you can turn the tables on them!
LONG TIME lurker, first time posting. Profitable trader here wondering how I’d give something back to this community without saying, “buy x company at $1 and sell at $1.2”, or giving up the secrets of my strategy. I’m from a banking/arbitrage trading/risk analysis family...would anyone be interested in information around those areas in regard to day-trading? EDIT: I’ll have a bit of a write up tomorrow and stick it up here. Thinking I’ll post something on the arbitrage topic first as that’s probably the most interesting/provocative. EDIT2: Alright, here goes. Instead of an arbitrage specific write up I want to talk about something else first—inspired by TheLoneComic’s comment. This is just what came out when I sat down to write. If it’s well received I’ll keep writing. This will probably be most beneficial to beginner traders with small capital and individuals struggling with stop losses...I can also go into more detail on this post, I’m typing this up within the time frame I have. Arbitrage traders (also my background) don’t think the world of day traders as individuals—or at least ALL the traders I know don’t. Saying that, the trading world as a whole LOVE day-traders. The brokers do as they get commissions and everyone else does as 80-90% of you lose your money to the swirling pool of money in the market. This dislike or “looking down the nose” isn’t all warranted, I’ll admit, but the trading world has to be filled with many losers—many of whom, unfortunately, are just average Joes or Janes trying to free themselves from the wage-cage. This is a noble pursuit but most people shouldn’t, or don’t, require leverage to be profitable and are in fact endangering their capital by doing so—not to mention cutting their career short. This probably the most mind-boggling aspect of the typical day-trader. The term, “trade within your means” springs to mind. The main point of contention within my arbitrage world is those hung up in the world of technical analysis and how reliable it actually is. Keep in mind these are firms with super-computers that execute and exit trades in the blink of an eye, searching all day across entire sectors for price disparity. There’s little room for human error and emotion...Arbitrage companies are incredibly profitable for this reason. I don’t really want to get in a debate over TA as I know how emotionally invested people are in it. I do want to get beginners to rethink how they buy and sell. I will say this, broadly speaking, TA subscribers tend to mistake their success on patterns when the real winner is discipline and strategy—that’s why I like to read this sub. if you don’t have these you will lose...the same is true for all areas of business. We could easily transplant these people into any industry and I’m sure they’d thrive. I believe there’s a missing link in the arsenal of the day-trader. Particularly for the beginner. And this missing link is combining Share Trading and CFD trading. This is a powerful stepping stone for those who want to wade into the rough ocean of CFD. Especially because it will help you better understand risk management and price movement. I’d like to propose a strategy to the 80-90% of strugglers and losers—not the disciplined with sound strategy as they don’t need much help. I believe this is a far better way to enter into the world of trading and will give you a better understanding of leverage and when/how to better utilise it. First, we’re going to start trading within our means, as protecting our capital is vital. We’re going to do this by combining Share trading and CFD trading. Specifically, we need to look for markets wherein there’s no restrictions on trading both CFD and buying shares outright. This means you’ll also need a broker that allows you to do both. Next step is your strategy, PLEASE NOTE, you’re still going to develop your own strategy and work on your discipline so spend plenty of time on this...the only thing that is going to change is how you BUY/SELL. Don’t mean to do this to you all but I’ll have to leave this one as a to be continued...I’ve run out of time and will continue later today should there still be interest. EDIT 3: I’ve got another short period here to continue on. I would like to share what I believe is the true value in leveraging for a day-trader and I’ll tie it in to where I left off. My algorithm will spit out roughly 20 strong trades a day across many different markets. Some of these trades will require being open for several days, weeks, or even a month (I know, this takes them outside the realm of a “day trade”). Herein lies a risk of capital being tied up in multiple long term holds and open positions. Two things here on why I like to actually use buying stocks as a DT strategy: brokers usually charge you a fee to leave a position open over multiple days...this cost adds up—especially if like me you set a price target and don’t exit a trade until it is hit. And secondly, clear stop loss positions are not always clear. So my solution was to just BUY shares of the stock, commodity, or ETFs if I’d projected the trade to be longer than a day or if I couldn’t find a solid stop-loss point (please note my average position size is $15,000-$20,000 per trade so I don’t need the leverage to make money). I could write a whole essay on hedging, as it can be very powerful when combined with this method correctly. It’s roll to play is so important that I will have to divulge more at some point...maybe in a future post. I use leverage mostly to hedge and play some short game while I’ve got my longer term, bigger plays in the ground. Leverage is not a method I use for playing large positions for quick money. I think this is a far better attitude for beginners as the emphasis is always going to be on price targets and exit points, risk management, and money management/allocation. More to come. EDIT 4: To summarise my viewpoint, those seeking to enter the world of trading should first learn to share trade and hedge. Learn to walk before you run. Not only will you gain better experience, be more controlled and methodical, be less frustrated and have a lower chance of bottoming your account, you’ll also have another weapon in your arsenal for when you decide to use leverage. Learning this skill will also allow you to understand when you can increase your stake/risk. Some parts of this have been left a bit vague due to either time constraints or they require a thread/discussion of their own for further explanation. If there is anything I need to dive into a bit deeper please let me know. I’d like to post another thread on hedging and a “turning $1000 into $2000” play-by-play if such things are allowed? Also thinking about posting some of my algorithm’s picks, price entry, and price target. I like discussing such things but don’t have a very wide circle outside of work to share with at the moment.
How y’all doing I have saved up like £1000 and I want to play with it to make somewhere around £50 daily (well, as long I’m not loosing money then every sum will be fine lol). I’ve made an invest and cfd account on Trading212. I can be responsible with my money, but I’m not anywhere near experienced trader, so I guess the CFD is not for me(?). I have some basics, and I’m open to learning new things. -Do you have any apps that could help me with trading/investing? -Any thoughts on forex? -Can I deposit my money into cfd account and not use the leverage? I don’t want to use anyone’s money😂 Sorry for any mistakes in grammar, English isn’t my first language but I’m doing my best haha Cheers 👏🏼
Very rookie question but wasn't sure where else to look. I hope I'm not breaking rule 2, but if so I apologise. I'm 19 and have some money to spare, about 500-600GBP. I've been keeping an eye on markets for a while now, discussing with friends, family, uni colleagues, doing research in my free time, paper trades etc and have decided that I want to get into the investing world. As you can see, I don't have much, but thought that there's no better way to learn more than to get involved myself without risking too much. I'm in the UK and have found looking for a broker rather difficult. I've found brokers that have wide range of assets available that I'm interested in but higher commission (especially relative to the amount I've got to invest) and then vice versa. Right now I've settled on opening an account on trading212 as it's "commission free" trading, has a broad base of stocks/ETFs and even CFDs on assets (thought I don't see myself using them much, if at all), UI that I find works for me, fractional shares and will soon have an autoinvest portfolio management feature. (Im still open to other feedback and suggestions from own experience). While I recognise that I'll be susceptible to a perhaps larger spread and nothing is truly free, this does seem my best option so far. This is where my issue arises however. The stocks and shares ISA will mean that capital gains will not be taxed. However right now I have no income as I'm currently a full time student that is very thankfully supported by my family. Therefore I won't be susceptible to capital gains tax as I will most definitely not be exceeding the capital gains tax free allowance of £12,300 in the UK. Either way I won't be taxed for gains on stock investment (more on that in a second). Additionally, trading212 has no fees on an ISA, another attractive quality. But, if I want to start investing and, taking a long term view, hope to continue to contribute up to this limit in the future amongst various ISAs, stocks and shares being one of them, is it good to start a stocks and shares ISA now so that I don't need to liquidate assets and purchase again in an ISA (as the broker I'm looking into using doesn't have switching between investment account and ISA). Is there any downside to me starting the stocks and shares ISA now? Is there any reason not to? I do not have any other ISAs open, only savings in a bank account, albeit not much. Also, although I'd have an account free from capital gains tax, would I still be subject to capital gains tax in the US on US stocks and ETFs? I'd assume so? I've read that investing through an ISA would reduce the rate but I haven't found much of a clear answer. Open to any and all feedback. Again, apologies for the rookie questions.
This is guide to US options trading from the UK, because I've seen countless requests of people browsing in /ukinvesting, /options, /wallstreetbets etc. about this. First thing's first - no part of this post is to be taken as financial advice. It is a guide on how to start options trading from the UK. Options/CFD trading is a high-risk activity and most retail traders lose money.
1. CFDs vs. Options
So getting started, options and contracts for difference (CFDs) are both financial derivatives - they derive their values from an underlying security e.g. stock, indices, currency, commodities. Long story short, CFDs do not have an expiration and options do; and at the option expiration date, options give the opportunity to buy/sell the underlying (e.g. stock) at the agreed strike price. CFDs are highly directional (delta) trades where positions require ongoing financing fees by a broker, whereas options strategies allow the trader to trade time decay (theta) as well as market volatility (vega). Options provide greater flexibility in trading strategies (time/volatility trading as well as direction); however, due to this, the more complex strategies can be difficult to understand. Spread betting allows a literal directional bet of an underlying by a certain date. It is most similar naked options - i.e. if your position moves against you enough, your broker may forcibly close your position unfavourably and/or margin call you for extra cash ("you can lose more than your initial deposit"). With options/CFDs, you can define risk by specifying a profitability range (spreads) instead to avoid this scenario. Due to spread betting being so close to gambling, it is treated as such in the UK in terms of taxation - gains are tax free. I will also add here that CFDs/options can also be used in this manner (gambling, with subsequent margin calls etc.), and that CFD brokers tend to understate the risks of these strategies, whilst almost all options brokers require elevated permissions to seek out this level of risk - this is because blowing through margin presents a risk to the broker and they would rather have commissions without the risks of the brokerage going bust. The lowest level of permissions still allows you to buy extremely highly leveraged OTM options without margin, as your max loss is limited to the amount you paid for those options.
Given that options effectively open up two additional aspects of trading (time/volatility) and require additional regulatory oversight compared to CFDs/spreadbetting, there is basically no options market in the UK - the only brokers at this time are IG/Saxo, and they only do vanilla options on Forex/Indices/Commodities. Everyone else only does CFDs and/or stock (T212, Freetrade, IG, Plus500 etc.). To engage in true stock options trading, the only choice is to open an international/US brokerage account. The two that are accessible to UK investors are Interactive Brokers (IB) and TastyWorks. Both are reputable brokers and have strong insurances for cash & securities held with them.
IB is quite expensive (£20+ pcm minimum), but is the full bells and whistles international trading platform - you may access European options as well as worldwide markets on stocks/currency/anything you want really. Recommended for high value traders/investors.
TastyWorks is the opposite - free accounts, low fees (zero inactivity, free stock trades, low option trading fees), though they charge $45 for cash withdrawals. TastyWorks primarily offer trading on US options (inc. futures) and stocks, so anything listed on the American stock exchanges are game, including international companies listed via ADRs (e.g. global UK companies, especially on FTSE100).
3. Opening an account
I will walk through some of the aspects of funding and operating a TastyWorks account from the UK, as this is my recommendation if you're here looking for a cheap way to get started. Opening a free account on TastyWorks is easy as they are used to foreign traders (form filling within 20-60 mins - you will need a photo of proof of ID and address). It typically takes 1 day for cash accounts and 2-3 days for margin accounts to be ready for funding. My referral link if you feel this guide deserves the effort is: https://start.tastyworks.com/#/login?referralCode=GD9EGGNZYZ. (mods, happy to remove this is this guide is deemed low effort) The account types are:
Cash. Recommended to start because you can always open a margin account easily later. Able to buy long calls/puts and sell covered options. No short stock allowed.
Basic (margin). Able to sell naked puts, and trade defined-risk strategies i.e. anything with a known maximum loss before entering the trade. E.g. credit/debit spreads. Note that naked puts carry significant risk - this is equivalent to CFD trading on margin, and you can have your position forcibly closed at unfavourable market rates if you overleverage. You minimum $2k to access this account.
The Works (margin): everything above, and able to sell naked calls - also easily upgraded to trade futures. Note that naked calls carry HUGE risk - this is equivalent to CFD trading on margin, and you can have your position forcibly closed at unfavourable market rates if you overleverage. The difference in naked calls and naked puts: stock can only go to zero, limiting the (huge) loss on a naked put, whereas a naked call has theoretically unlimited loss since stocks can (theoretically) go to infinity. I won't go into futures - be warned that they carry additional risks to stock options. You need a minimum of $2k, self-declare extensive knowledge on financial products and self-declare min. income of $100k + $50k net liquidity to access this account.
4. Funding the Account
Since trading US options is done in USD, the account must be funded in USD. As international traders, deposits must be "By Wire", assuming you do not have a US bank account - full instructions for the "By Wire" method will show up when you are approved to fund your account. With TastyWorks, UK traders have 3 options at time of writing, going from highest to lowest fee: 1) Starling Bank: ~1% commission (+flat fee TBC?) 2) CurrencyFair: typical ~0.75% commission +$20 flat fee 3) TransferWise/Revolut + UK USD Account: ~0.5% commission +$20 flat fee TastyWorks does not accept third party transfers (accounts not in your name), so services such as Revolut and TransferWise (inc. borderless) do not work directly 4.1 Starling Bank With Starling Bank, you can do an international wire from a GBP account directly. Easy online bank setup and probably fastest way to get started, especially if you already bank with them. Note: Starling Bank is rejecting transfers to TastyWorks 'as it sits out of our international payment provider's risk appetite' (as of 11th May) - waiting for updates Note that other routes include a $20 flat fee charged by intermediate banks before the transfer reaches TastyWorks. Haven't got confirmation that this route is charged or if Starling includes it within their higher fee. 4.2 CurrencyFair TastyWorks have approved transfers via CurrencyFair with a guide at: https://support.tastyworks.com/support/solutions/articles/43000435321-can-i-use-currencyfair-to-fund-my-account- Easy to get started, but a couple hoops to jump through to confirm your transaction to TastyWorks via email. Note that the $20 flat fee is for an intermediary bank to take their cut between CF and TastyWorks, but that is not mentioned on the CurrencyFair website. 4.3 USD account + TransferWise/Revolut The cheapest option is to set up a USD currency account and transfer through that. The account of choice is the Barclays USD Foreign Currency account - you need a current account with them to be able to open the USD account. HSBC also have an offering, but not had this route confirmed. Once the USD account is open, you can transfer into it using Revolut/TransferWise (cheap) and then international (wire) transfer from Barclays account to TastyWorks (free!). Note that the Barclays USD account is still a UK bank account, so you'll need to use a SWIFT transfer from Revolut/TransferWise to turn your GBP into USD. Note that the $20 flat fee is for an intermediary bank to take their cut between Barclays and TastyWorks, but that is not mentioned on the Barclays website. 4.4 Withdrawals To withdraw funds, do the opposite for a deposit, noting that $45 will be charged by TastyWorks per withdrawal.
5. Getting Started
I highly, highly recommend TastyWork's education centre and their TastyTrade videos, especially if you are new to this. Otherwise, once funded, it's as simple as downloading the app on mobile, using the browser trading screen, or downloading their full desktop platform. That's it for the guide - happy trading, and if there are any questions, feel free to get in touch and I'll edit the answers in here. I want this to be a resource because I've helped many people get started, and it would be good to have it all in one place!
Hey guys. So I have 10k savings and I've been looking into buying something that can keep up with inflation over time. I'm planning to add to this amount any chance I'll get. I wanted to open a Plus500 account but then I realised it only offers CFD trading. Isn't that basically gambling? You don't know if your money is going up or just entirely vanish. You don't own anything but are just relying on the volatility of the market. So I'm just wondering why people get into it. Is it good? Is it better than buying shares through brokers? What are your experiences/thoughts? (sorry if this isn't the right place to ask the question. I'm not pro in Reddit.) Just letting you know I live in Australia. Over here they’re not banned 👀
EURUSD TRADES FLAT, EYES ON US FEDERAL RESERVE CHAIRMAN JEROME POWELL’S SPEECH
EURUSD ekes out mild gains while heading towards the London open as investors await the speech of US FED Chairman Jerome Powell at the Jackson Hole Symposium for further cues. He is anticipated to outline a policy framework regarding interest rates and inflation. As of now, the currency pair is trading flat to positive at 1.1832, up by 0.03%. Coming onto the previous session, the single currency dipped to the level of 1.1772 following the release of upbeat data from the American Economy which showed that Durable goods data came at 11.2%, surpassing its market expectation of 4.4%. Although, the pair quickly recovered afterward as the dollar was unable to withhold gains on hopes of coronavirus vaccine. Moderna announced that its small trials on elderly patients showed positive results and the vaccine was successful in producing neutralizing antibodies. Consequently, the pair settled the day at 1.1829, slightly down by 0.04%. For the day ahead, investors will keep a close eye on the Eurozone M3 Money Supply data, US Prelim GDP, Unemployment Claims reports, and await the speech of US FED Chairman Jerome Powell at the Jackson Hole Symposium for further trading impetus. Risk Disclaimer: The vast majority of retail client accounts lose money when trading in CFDs.
With Bitcoin Suddenly Surging, Canaan Stock Is Also Going Up Today
Hey all. I've been using trading 212 for over a year now to buy and sell (only invest acc never done CFD's/shorting). I really like the platform but I want to be able to buy a stock and sell it straight away (scalp) which obviously you can't do on T212. I see these youtube channels who will scalp all day and make much more reliable profits even from a few thousand pound/dollar buys. What platform would you recommend me to move onto next? The shoring side of T212 is pretty awful imo, the spreads are crazy, I've shorted lots on the practice accounts and the stock have to nosedive so badly to even get tiny profits when shorting on here. I'm just looking for a more professional scalpable platform and one that you don't need to have like something dumb like 50 grand in for the account to stay open!. Any advice greatly appreciated - Thanks.
Hello i’m a 21 year old italian, I have some capital sitting around for 2 years and i opened a trading account (real stocks no CFD/no leverage) with trading212 i would like to know what you think, i’m more prone to value big growth companies with dividends Also tell me what you think of trading212 Capital: 1000€ Value:1004,5 € ETF: ishares core s&p 500 usd 19.97% ishares core msci world usd 19.93% STOCKS: Advanced micro devices(AMD) 7.83% Nvidia 7.55% Apple 7.49% Walt Disney 7.49% Sony 7.46% Microsoft 7.45% Coca-Cola 7.43% Waste Management 7.42%
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Guides to Opening Phillip Stock & CFD Trading Account online
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