I just looked at their website. They are similar to SB company but do CFD instead of SB, which profits are taxable on in the UK. Their spreads are not that good. Multicharts is OK. If I were you I would go with SB company. If you make money you will not have to pay any capital gains tax, providing you have another main source of income like a real job, or your own business or company. SB is more suited to long term trading than short term, as frequent trading with SB might be an issue with revenue authorities down the road, if you start to make some nice money. I would not worry bout that for now. You want the best charts, best spreads, and access to market quotes if possible. IG, and other SB companies tend to freeze their systems when extreme volatility appears. This is not what you want, as if you are on wrong side it could cost you big money, unless you have another broker account that you can hedge positions with. With SB you do not need 20k. Take out 10 and keep it in a fire proof box at home. Count it now and again to get the feel of profits. When you make 1k take it out, bring the wife out or treat the kids. Forget about making a fortune. Concentrate on generating income.
I think 11K is the tax free threshold right now so would need to make 50% a year before I need to worry about paying tax = ). OANDA may not be the best but they will do for now, I actually like the simplicity and no frills of their platform. I have an account with IG, I have experience with them.
You are spot on, and know the threshold for cgt. It appears all you need to do now, is trade, the easy bit
Your actually better off buying the break out above the neck on your charts. I don't clearly see the premis for entry, are you calling a bottom based on fib? Or some other level based system. And you can dial into daily to get a higher frenquency, although given your probability the larger the N set the more likely you get leveled to down on the account. And what the MScalper said on risk management...
It's not based on any level, I don't believe it fibs. There is a premise behind the entries and how the trend is defined but I don't want to go into that right now. The method is from some book by some guy that I read so long ago I can't remember who or what it was. If that doesn't give you confidence nothing will. Thanks for the comment.
Keep in mind, no matter what timeframe you trade, you will always have to give a trade some wiggle room. On the lower timeframes, like the 1 min, if you are not good at reading market internals (for stocks and index futures), then your chances of getting many stop outs are high. Example..after 12:00 EST, your chances of buying breakouts are not as good as from the first 2 hours. If you watch the market internals you will see what is happening. From 12:00 to 14:30 the best trades can be range trades, and again, watching market internals give the clues if anything out of the ordinary is manifesting. There is a lot more to trading than most think, and it is not as simple as trading with the trend, as, the trend can reverse at any time, and in any timeframe, as they are all the same at this moment in time. One of the keys is understanding market internals, and being able to identify when something is happening that is out of the ordinary. Different markets will have different market internals, so it is not possible to use the same way of thinking to trade different markets. Hence why so many fail with common TA.