I have an intial starting capital of £7.15. I am not sure whether it will be enough but it is all I have right now. I've looked through the markets I can trade with just £7 as margin. I have limited my searches to the lower priced issues on the FTSE 100 and have come up with a handful of shares. So my first foray is into BT this morning at 162 where I took out a line at £1. I've put my stop at 156.4.
With market failing to make much headway about 164, I decided to scratch and wait for a better opportunity to get on board. I put £1 on again at 161.5. Stop loss is at 158.2.
BT looked like it was finding support and the FTSE was rallying into the close so I decided to hold this as an overnight and see what tomorrow brings.
What is the conversion to the dollar? Most (but certainly not all) readers are US based, so if we could understand what you're doing in US dollars, it would be easier to follow along. Good Luck.
Assuming a Pound/Dollar conversion rate of 1.7700 (as of time of writing) then I am trading with $12.65. I appreciate it's not very much. Over here in the UK we can spreadbet (betting a stake e.g. $1 per tick moved) and the margin is low. I am betting that shares in BT (British Telecom) will move up. My stake size is $1.77.
LOL £7.15 You wana see someone turn £40 into £1650+ in 3weeks though mate: http://www.trade2win.com/boards/trading-journals/38130-tds-journal.html
FTSE gapped sharply lower but it was up all the way for BT. I took profit at 165.4. Interest overnight on this long position was £0.03. Profit was £3.90 / $6.89. Starting capital: £7.15 / $12.65 Current balance: £11.02 / $19.48
Just took a £2 / $3.52 per tick position in Kingfisher. Looks like some weight is coming into the FTSE though. Long from 139. Stop is at 135.
FTSE looked it was about to come off so I closed Kingfisher at 139.5 for a small profit of £1 / $1.76. Bought it again at 138 with a stop at 133.9.