On this general subject. Does anyone here use GNI to day-trade UK/European/US stocks via CFDs? Their initial commissions: 0.25% per side GBP UK or 0.08 per share USD per side US seem way to high for this...anybody getting lots lower?
stevet: I would definitely be interested in the latter part of the year when I start trading. Currently doing research. Have you made any investigations into costs? Regards, Splat
the costs are not an issue - but one thing i would say to you - is that you can research all you want - but its more important to start trading on a minimum level and stick to that level - and then you will learn - research is just a waste of time
i should have said - research is a waste of time unless you plan to write books about trading of give seminars - if you want to make money at trading - the only way you will learn is if you do it
I totally agree with the above statement as I have learnt much more from my two grand in IB than 4 months of reading books. The trading section of this board is mostly about psychology as this is what separates the winners from the losers. The theory is quite simple but having your plan and sticking to it and dealing with all the fear and greed factors is not covered when paper trading or researching. Just out of interest do you know the approx setup/monthly fees for the setup you describe? UKS
How you guys spend your money or do your research/training is completely up to you. When I said research I didnt mean solely reading or paper trading. I am in the process of creating a winnable strategy. I dont plan on entering the market and start losing money. I am sure you know that studies have shown that 95% of daytraders lose their money - trust me I'll be in the other 5% when I start trading. Please dont take me in the wrong way, I am not boasting and this is not my intention at all. I personally believe that practical training is the best way to learn but you need theory under your belt too. But anyway, at the moment I am doing a full time job so this approach suits me fine. However I would still be interested to know about rates... Regards, Splat
The fees would depend on whether there was a number of people from day one and they would them become founders, or whether it had to be started and then wait for people. But the point of this sort of place is that everyone gets to share services including high speed connections, which cost the same for one as for more people, and also of course bulk brokerage fees.
steve mate, As I said I am *definitely* interested. However my timeframe is towards the end of the year. This may or may not not suit you or any other persons you have lined up. However, lets assume from day one! I have no probs about sharing costs of services. What is your time plan? Regards, Splat
I am in the same boat as you with a (almost) full-time job so I spend my time learning from boards and books too. However you devise your winning strategy is fine and do some backtesting but don't rely on whats happened in the past as to whats going to happen now. This last few years have been a total roller coaster ride! But fair play to you do whatever to give yourself an edge but once you have that edge it my be another matter whether you can trade it and stick religiously to it. Once you have some $'s on the line you may find theres a Jeckel and Hyde situation going on!!! Greed and fear may screw up your plan so its best to be tackling this the same time as you're learning as ultimately its the hardest thing to learn, and I'm not even close to being there yet. happy tradin' UKS
i dont have a time span - i would put it together - but i would need to know i already had a base of people for sure in order to start persuing it now i think their is a wealth of opportunity for a central london base with the number of people in the UK who are now learning about leverage with CFDs and Futures, and the number of people also learning about illiquidity and the spread with spreadbetting companies. i would be happy to instigate starting something, but i am not a martyr! - i want to know there are some others for sure.