So I'm FINALLY beginning to hoard some form of capital I need to start trading and I'm wondering where would be a good place to start? I would be starting off with only £500 so I doubt I'd be able to go for the high priced futures. Would you lot who have experience in trading have any advice?
I'd save more money will you have around $20,000 and in the meantime read, study, watch, read, study, watch, read, study, watch and so on and so on. or trade mini ags and be sucked dry by commissions.
Caroy has it right, but on a smaller account look into spread trading. A guy named "Bone" on here runs a site and he's legit. Or you can do it the way most do and just slog it out and see what works. But seriously look into spread trading, there are many wonderful spread opps in the ags.
with such low capital, I'd bet against you lasting long in futures. There really is no great answer when you have no money.
Personally I don't have much experience in Ag's but I hear they respond to TA like a dream and have low tick sizes, so yes, probably a good place to start. Try bean oil $500 isn't enough and spread betting (bucket shops) is a fools paradise except for longer term positions (weeks). ST
in all reality...with 500 british pounds, probably want to try regulated and licensed Forex trading from the UK
An unequivocal NO. Agriculture futures are a horrible place for new traders to start. I know from experience. I recommend trading something far less volatile until you become consistent and then expand to other products.
Disagree about Bone - he charges $6,500 or so, has an abusive attitude (has threatened to sue several people here who had the nerve to disagree with his statements), and is very recent. Don't subscribe to ANYTHING that does not have serious independent auditing of their track record, and /or VERIFIABLE broker statements. frankly, the amount you are starting with, £500, is way too little. You need to sim/paper trade for awhile and figure out 1+ serious outpeformance edges and excellent money management.
Wow! Useful responses for once! I have a question in regards to volatility though, isn't that actually a better choice than going for the low risk one when you have less capital? How else am I going to be able to make enough to get started on some real trading if the prices of other commodities don't change enough? I'll keep looking into it, I haven't gotten the money yet but I'm taking the paranoid cautious steps into the whole idea.