Thanks AbbotAle. If I find the right trading platform can't I change the ticks from say 1 to whatever I want?
Yes, Lemarre, it's all to do with the size of the trade. So if you buy 1 lot, the tick size is $0.07 (or equiv. in your currency). If 2 lots then the tick size is then $0.14 and so on. As for brokers, you'll find loads offering the US30 (they can't call it Dow because of legal reasons). FXCM, Oanda, maybe even your Aussie brokers like IC markets etc. All will accept small accounts. And as others have said start to paper trade to get a hang of things, including the software used etc. Iron out all the stupid mistakes you'll be making at the beginning like clicking buy when you meant sell etc, we all do it
I do not. If you’re looking for education I highly recommend Theotrade. They have an offer for 3 months free if you find a $2k account at Tastyworks, and tastyworks is available for Australia. I have no affiliation with either except being a customer of Theotrade.
So true. I'm talking to a guy who's impatient with his results on his first year day trading index futures, but is actually mostly a small winner and have very small losses and low drawdown. I'm trying to tell him how well he's actually doing. lemarre, I'm sure you're starting to understand that this is far, far more difficult than you may have imagined. Don't expect to be making any money until after you've studied and practice for 3 years. That's a bare minimum. Still interested? To be honest, I think there's easier ways to make money, so consider it well before getting into it.
Thanks for your input Laissez. Problem is I'm based in Melbourne and the state premier is on a serious power trip. I have a company and the revenue has plummeted due to his polices. We can barely go to the shop for a carton of milk without running the risk of being dragged out of our cars and beaten into a coma by the cops. I know it's going to be difficult but I'm going to work hard and see if I can save my company from bankruptcy.
I'm sad to hear that, man, but trust me - day trading ES is not going to help you here. This is not meant to be cynical or mean, it's just simply the truth. I would consider other alternatives. Good luck!
Make sure you're not trading with 'scared money.' Desperation to earn more could put you into emotional turmoil manifesting itself into losses and more emotional turmoil. As for IG in Australia -yes -they have a good reputation globally ( Branches in several countries including a bank in Swissy.) But you trade CFD's not Futures. Are you clear about the differences? CFD's are banned in the USA for example - not sure if that means anything since CFD's are common in Europe and elsewhere. But some CFD providers are better than others. That's for you to check out. FUTURES -the likes of AMP brokers and others allow you to trade Micro Indices -look that up. Good luck.
The other idiots like me told him that he can’t make $200 per day on $2K investment due to basic math, while you pretend you’re not an idiot and then told him the same thing. He has no interest in making $20 per day either, and even that (1% per day) is not mathematically possible. People lose their life’s savings because of non-idiots like you promising them 1% a day. There are plenty of articles every month about various investment scams from people promising others 1%/day. Gullible investors get scammed every day only because they cannot do basic math and do not ask difficult questions before investing or trading. Some people kill themselves because they lose all their money due to false promises made by others. And if 1% per day sounds so reasonable to you then why aren’t you a billionaire yet?