Aussie Newbie, which platforms good for us Aussies?

[Slimshady83]

Hey first time here guys bare with me.

Not sure if this is a forum for this sort of thing though and anyone who can help me out whether it's copying a link or knowing the best answer A++ in my books

I'm currently learning too trade through "trading view" with paper $$$ not real $$$

I'm quite broke atm, but in the new year want to get into trading and try to start off with a small account of $500-1000

I'm looking at starting off with stocks under $10 mostly cause i don't want to do to high

I'm just wondering which platform is best for us Aussies to use that is easy to deposit real $$$ and take out $$$ and all the other good stuff too

sorry for making it long.

Is trading view good for Aussies (I'm Syd) and which broker to use in tradingview etc

 

[Warr87]

Hey Slim

I'll preempt others who will come in and assure you that $500-1000 is no where near enough. Minimum parcels on the ASX are $500, so opening one or maybe two positions in total wont really be effective in using a trading system. Not to mention that the cost of trading will chew through your capital alone.

With that kind of capital you may want to look at FX trading. You can use leverage, but always be careful. It wont be your ticket to turn $1000 into $1,000,000, but you should be able to make 5-15% if you are disciplined enough.

An even better thing to do might be to buy into a passive ETF and add more and more of your money into it as you save.

For a little perspective. I have designed a trading system and started paper trading it with $20,000 to emulate what I want to do. Many told me this is still too low. They aren't wrong. This would be an absolute minimum. I should have more than this now when I eventually start trading. But for perspective, $20,000 to $30,000 is considered a small (and possibly under capitalized) trading account.

Don't let this discourage you. I'm actually reading a book right now that is specifically on leveraged trading for those with very minimal capital. The book is "Leveraged Trading" by Robert Carver. He goes over sharpe ratio's, how trading costs affect your trading, and a number of instruments that can be traded for someone with little money and minimizing risk. The returns in the system he gives you are only 5%. It's not much, but it can be improved (he goes through this too). More importantly, it can be expanded and scaled up as you add more and more capital.

hope that helps.

Warr

 

[cb3d]

to give Slim a bit of a bump, I also am keen to know people's thoughts. Are there any exchanges to avoid? Are some better than others? Really tricky to decide when there are so many ways to pay to trade! For me my trading style tends to hold trades for on average a couple of days. Not decided on particular markets but forex and commodities piques my interest.
Thanks
(yeah I posted here about a week ago asking the same but no one got back to me!!)

 

[Warr87]

to give Slim a bit of a bump, I also am keen to know people's thoughts. Are there any exchanges to avoid? Are some better than others? Really tricky to decide when there are so many ways to pay to trade! For me my trading style tends to hold trades for on average a couple of days. Not decided on particular markets but forex and commodities piques my interest.
Thanks
(yeah I posted here about a week ago asking the same but no one got back to me!!)

What do you mean by exchanges? The exchange is the ASX. If you mean broker, most people on here appear to go CommSec. I'm looking at CMC. But different brokers will have different prices or spreads depending on the instrument. While I'm going to use CMC for stocks, I may use someone else if I trade futures or FX.

Warr

 

[cb3d]

Cheers Warr,

yeah I guess I mean broker. Never been one to call things by their proper names!

I'm with CMC right now for shares. Pretty expensive at $11 a trade with a $500 minimum spend. I haven't checked out their CFD platform just yet. Was looking at IG, pepperstone and eToro too. Perhaps it'll just come down to what's provided by each broker.

 

[Warr87]

Cheers Warr,

yeah I guess I mean broker. Never been one to call things by their proper names!

I'm with CMC right now for shares. Pretty expensive at $11 a trade with a $500 minimum spend. I haven't checked out their CFD platform just yet. Was looking at IG, pepperstone and eToro too. Perhaps it'll just come down to what's provided by each broker.

That is one of the cheapest you will get per trade. Other brokers are more expensive. The only way you will get it lower is to spend more capital trading. Even in backtesting it is best to assume $20 per trade.

I haven't had a look at CFD trading costs just yet. That will be another instrument where the more capital you have to trade the lower cost. That's why people stress under capitalisation as being an account killer.

But don't let it discourage you.

 

[Austwide]

Depending on what you want from your broker, Selfwealth is a fixed $9.50 per trade buy or sell

 

[cb3d]

ah cheers, seems a little crazy expensive. I'm making the shift from the crypto world where fees are generally a straight percentage of the transaction. Large fees make it a little hard to cut your teeth in the market without over exposing yourself. I'm no good with paper trading, just not something I'm interested in doing unfortunately. I'll check out selfwealth too.

Anyone know if there are limitations to using brokers in foreign countries?

 

[Warr87]

ah cheers, seems a little crazy expensive. I'm making the shift from the crypto world where fees are generally a straight percentage of the transaction. Large fees make it a little hard to cut your teeth in the market without over exposing yourself. I'm no good with paper trading, just not something I'm interested in doing unfortunately. I'll check out selfwealth too.

Anyone know if there are limitations to using brokers in foreign countries?

I've looked into crypto too. But like FX it is highly liquid and you can work in very small amounts. And paper trading should be part of your incubation/forward testing to make sure your system works. If you don't have a system though, start looking at some resources for that.

As for foreign brokers. I haven't looked myself, but it's something I will look into later. (I want to use this as diversification.) There will be the usual tax implications and forms you will have to fill out. There are tax treaties between most countries. I remember a thread recently about trading in the US.

 

[cb3d]

I've got a system, but it's only been tested on BTC, and naturally it's a process of continual improvement. But that being said, I'm cautious to see if the system works in other markets. I don't paper trade as it's just not the same for me. If the money isn't on the table I may as well be playing snakes and ladders. So far my BTC trading has mostly been done overseas so I assume it'll be similar to that? I was thinking that there may be some differences due to the nascent nature of crypto but by what you're saying it seems that they are basically treated the same. It's just a matter of adequately reporting on the profits once the trade is closed out. I'll check for that trading in the US feed now

 

[Slimshady83]

What do you mean by exchanges? The exchange is the ASX. If you mean broker, most people on here appear to go CommSec. I'm looking at CMC. But different brokers will have different prices or spreads depending on the instrument. While I'm going to use CMC for stocks, I may use someone else if I trade futures or FX.

Warr

I go on finviz.com to see the stocks I want to look ie under $10 ... I had a couple good stocks I liked and had a look at Commsec but didn't seem to have the stocks I wanted

It's why I'm using tradingview atm. Paper $$$

Just wanted to see if any Aussies are using the same and don't have problems with tradingview as it seems to be a good platform - just not sure for Aussies?

I'm not looking to put in real $$$ until the new year after I get everything sorted - probably on my B-day around April ish, so just making sure I have everything down with right platforms/brokers and I'm still learning so taking my time.

I also know I'm not going to get rich quick or anything like that, so happy to take my time learning this . I'll probably start off like 1 trade a week or something see how I go

 

[Warr87]

The reason why is probably because finviz showed you US stocks. I think the ASX is possible, but only for paying members.

Tradingview is fine. There are free chart programs out there, and Yahoo finance offer free quotes. There are also some free stock screens for aussie stocks too. A lot of people on here, however, use Amibroker, TradingStation, and other platforms. Those will be outside your budget though.

I would look into whether you want to be discretionary trader, or systematic, long term or short term, trend following, etc. I would also look at those who have posted their trading plan. There are a number of threads where people post their trading for education. Check them out.

 

[Warr87]

I've got a system, but it's only been tested on BTC, and naturally it's a process of continual improvement. But that being said, I'm cautious to see if the system works in other markets. I don't paper trade as it's just not the same for me. If the money isn't on the table I may as well be playing snakes and ladders. So far my BTC trading has mostly been done overseas so I assume it'll be similar to that? I was thinking that there may be some differences due to the nascent nature of crypto but by what you're saying it seems that they are basically treated the same. It's just a matter of adequately reporting on the profits once the trade is closed out. I'll check for that trading in the US feed now

I've tried to use modification of my systems to crypto but it hasn't transferred over. It requires different approach, though still through technical analysis so there is some cross over. Don't expect your system to cross over, but the skills should be transferable. There is no one system that fits all, just as there are multiple approaches to trading. Many people on here use variations of the same system, however they get very different buy signals sometimes.

And while it's important to remember that paper trading is different to real money, don't rush in and blow up your account. Paper trading is a good way to discipline yourself as well so you don't wildly throw your money away.

 

[Slimshady83]

The reason why is probably because finviz showed you US stocks. I think the ASX is possible, but only for paying members.

Tradingview is fine. There are free chart programs out there, and Yahoo finance offer free quotes. There are also some free stock screens for aussie stocks too. A lot of people on here, however, use Amibroker, TradingStation, and other platforms. Those will be outside your budget though.

I would look into whether you want to be discretionary trader, or systematic, long term or short term, trend following, etc. I would also look at those who have posted their trading plan. There are a number of threads where people post their trading for education. Check them out.

Yeh for now only keen on trading in us stocks etc

more of a swing trader as well, as most of the time I won't be by the computer as I have to sleep as i'm still working during the day too lol

 

[Warr87]

Yeh for now only keen on trading in us stocks etc

more of a swing trader as well, as most of the time I won't be by the computer as I have to sleep as i'm still working during the day too lol

I recommend weekly but you can also do monthly systems. Not as exciting but keeps costs down and is very manageable with a job.

 

[Slimshady83]

I recommend weekly but you can also do monthly systems. Not as exciting but keeps costs down and is very manageable with a job.

Yeh they say swing traders are more weekly then anything, but I use stops/limits so when ever the stock reaches it stops LOL. I need to use them as I'm not by the computer when it's on.

Also another Q) what time the stock market actually opens for us Aussies (us market?) People say 11:30pm, I've been on 11:30, 12:30 and it's still pre-market

 

[cb3d]

I've tried to use modification of my systems to crypto but it hasn't transferred over. It requires different approach, though still through technical analysis so there is some cross over. Don't expect your system to cross over, but the skills should be transferable. There is no one system that fits all, just as there are multiple approaches to trading. Many people on here use variations of the same system, however they get very different buy signals sometimes.

And while it's important to remember that paper trading is different to real money, don't rush in and blow up your account. Paper trading is a good way to discipline yourself as well so you don't wildly throw your money away.

Yeah mate, I hear you. Hence my concern with fees and trying to keep them down. I made a bit on crypto, but as is the nature have lost a fair portion too. Bit of dumb luck helped me through, but for better or for worse I have learned the necessity of risk management and account/position sizing.

My system is also technical, but I don't use indicators. I just trade levels. To me I think it'll be learning to understand the different interactions of price action with levels to decide what to play and when. I have been observing some charts and don't expect it to play like the incredibly volatile nature of BTC, and I hope in time will learn play it accordingly.

With any luck I'll be more successful! (*ahem* this is a joke, but not really, but really it is)

 

[Warr87]

Yeh they say swing traders are more weekly then anything, but I use stops/limits so when ever the stock reaches it stops LOL. I need to use them as I'm not by the computer when it's on.

Also another Q) what time the stock market actually opens for us Aussies (us market?) People say 11:30pm, I've been on 11:30, 12:30 and it's still pre-market

It's not usually recommended to leave stop losses in the market. You could easily be shaken out by others. Also, if you have a stop loss in the market then you will be caught by 'noise'. I work all my stops based on the close of a weekly candle. That way, if there is a sudden move in the week it wont effect me too much because I care about where the price closes at the end of the week. I think you'll find most others on here do the same.

As for the market, I'm not sure.

Yeah mate, I hear you. Hence my concern with fees and trying to keep them down. I made a bit on crypto, but as is the nature have lost a fair portion too. Bit of dumb luck helped me through, but for better or for worse I have learned the necessity of risk management and account/position sizing.

My system is also technical, but I don't use indicators. I just trade levels. To me I think it'll be learning to understand the different interactions of price action with levels to decide what to play and when. I have been observing some charts and don't expect it to play like the incredibly volatile nature of BTC, and I hope in time will learn play it accordingly.

With any luck I'll be more successful! (*ahem* this is a joke, but not really, but really it is)

Some system designers 'buy volatility' or risk when it comes to position sizing. They may use the Average True Range (ATR) to determine volatility levels and then use that as a reference based on risk they are willing to take on. They know that as volatility increases, so does the potential for profit (but so will potential for loss).

I find myself only using a few indicators. Don't get trapped into thinking that the more indicators you use the better your system will be. I suggest you use some, but find what works for you and what doesn't. I like a good on Moving Average, ATR is also good, and some kind of volume indicator. RSI is another common one that may be of use.

 

[aus_trader]

Since starting out, you guys can get free charting for US and Aussie stocks via www.tradingview.com. For ASX stocks use the following format to search:

ASX: Symbol Code

So for example to search for Commonwealth Bank of Australia (CBA), use:

ASX: CBA

in TradingView. Have to agree that you do need more trading capital to trade stocks, so continue to save those $$. Good luck.

 

[Slimshady83]

Since starting out, you guys can get free charting for US and Aussie stocks via www.tradingview.com. For ASX stocks use the following format to search:

ASX: Symbol Code

So for example to search for Commonwealth Bank of Australia (CBA), use:

ASX: CBA

in TradingView. Have to agree that you do need more trading capital to trade stocks, so continue to save those $$. Good luck.

Yeh I'm just not sure how much I need I can't and won't save $20,000 just for stocks, rather use that for a deposit on a house OR a new car

I see people on youtube (this will be my next post) and some talk about being able to start out with as little as $500-$1000 and It's what's got me into learning the stock market

Still only fresh like 2-3 month learning different strats, platforms etc etc so need to learn as much possible

Also wanted to see if anyone on here started for that much? Maybe I'll make another post