Ok I'm looking to get into the markets with around $500 and seeing as tho I'm interested in day trading and swing trading, per position I want to risk $20 max... See rather than going broke, like before I want to follow strict money management rules - but I need to find a broker we would accept $20 trades, any recommendations or advice?
Minimum limit for an AUS broker
- Thread starter BMW
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Maybe just me but imho, wait till your treasure chest is a bit bigger, you will be decimated by brokerage trading with these amounts.if you can find someone allowing to.
By default i think minimum trade size is in the 300AUD with most brokers..but to be confirmed
What about crypto trading (not investing) where fees are in % .
Not that i support cryptos but that could allow you to develop trading patterns
By default i think minimum trade size is in the 300AUD with most brokers..but to be confirmed
What about crypto trading (not investing) where fees are in % .
Not that i support cryptos but that could allow you to develop trading patterns
Hi BMW,
Agree with qldfrog.
According to Commsec:
www2.commsec.com.au
Maybe start out following some stocks to your liking and see how you go, then throw some money at it.
Anyways all the best with things and have a very nice day today.
Kind regards
rcw1
Agree with qldfrog.
According to Commsec:
What is the minimum amount of shares I am able to purchase?
Your initial purchase of any particular shareholding must be at least $500 worth of shares, known as a 'minimum marketable parcel of shares'. CommSec may then allow you to purchase smaller amounts of shares to top up existing shareholdings. For example, if you hold $500 worth of shares in XYZ you may be able to purchase a smaller amount of XYZ to increase your existing holding.CommSec
Login to your CommSec account to buy Australian shares listed on the ASX, trade online or on your mobile and learn about the stock market.
www2.commsec.com.au
Maybe start out following some stocks to your liking and see how you go, then throw some money at it.
Anyways all the best with things and have a very nice day today.
Kind regards
rcw1
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i was going to point you to Commsec Pocket ( which i am totally unfamiliar with ) but after looking at the advertising it doesn't look like doing what you require ( apart from letting you buy in parcels less than $500 )
please be careful over the last decade , i have heard a few tragic tales from short-term traders trying to operate with a small cash reserve ( when the market takes a nasty swing )
one thing you DO need is a reliable internet connection so you can get those trades in the market QUICKLY ( every time )
please be careful over the last decade , i have heard a few tragic tales from short-term traders trying to operate with a small cash reserve ( when the market takes a nasty swing )
one thing you DO need is a reliable internet connection so you can get those trades in the market QUICKLY ( every time )
wayneL
VIVA LA LIBERTAD, CARAJO!
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CFD's?
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i assumed BMW was a relative beginner , so avoided suggesting that
ALTHOUGH if the platform gave some tuition/help in that area , the 'introductory period' might improve the skills in trading in general
ALTHOUGH if the platform gave some tuition/help in that area , the 'introductory period' might improve the skills in trading in general
wayneL
VIVA LA LIBERTAD, CARAJO!
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Yes, all the ordinary cautions apply of course.
At a $500 account, CFDs maybe cheap education however.
FWIW
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i never fully investigated CFDs , i initially intended to be strictly ' buy and hold ' style investor ( and and tweaked that approach through the first year )
and i could never get ( exchange traded ) options to do what i wanted to achieve so resisted playing there as well
however BMW has trading aspirations , so i can only wish the best of luck
but we do have some capable chartists here , and that could be a big help ( getting a solid grasp of charts )
and i could never get ( exchange traded ) options to do what i wanted to achieve so resisted playing there as well
however BMW has trading aspirations , so i can only wish the best of luck
but we do have some capable chartists here , and that could be a big help ( getting a solid grasp of charts )
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IMHO you don't have enough capital to start trading. Start a second job or save like crazy for a little while longer. While you're earning/saving more capital don't waste your time. Create a trading plan. Practice using it. Record all results in a spreadsheet. Note all your mistakes and minimise them while trading.
How did you do in the recent ASX trading competitions? If you didn't enter then you're not really serious. Find out when the next one starts.
You've got plenty of time, so don't rush it.
How did you do in the recent ASX trading competitions? If you didn't enter then you're not really serious. Find out when the next one starts.
You've got plenty of time, so don't rush it.
Craton
Mostly passive, contrarian.
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G'day BMW.
If I read your statement in bold correctly, you went broke before and now want to use "strict" money management.
I'd suggest that no amount of money management can stop one from losing money if, a stock goes to the receivers like Onesteel/Arrium or Dick Smith etc. Another scenario is that a stock could be taken over at a lower price than purchased by the humble punter.
Perhaps the correct terminolgy would be trading strategy or trading system.
I'm also assuming you refer to day and swing trading in ASX listed stocks.
With a $500 pursue and that $20 limit I'll assume that penny stocks are the targets.
However, you may need to reassess your plan, as mentioned there are the ASX requirements for the min initial stock purchase (MMP) which the ASX has set at $500, then the min trade in that stock can be $20.
That being said, CMC Markets may be of interest.
Good luck with your investment journey!
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Run run for your life
For me, yes I've made money in the market short term but I've proved to be unable to make money in the market long term - so I don't chase on my losses and exit trades too early, I gotta apply those money management (stop loss and take profit levels etc etc..) rules this time.
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Garpal Gumnut
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Mate,
Way back in the day I had a crush on Princess Caroline of Monaco.
I didn't however have enough money to get close enough to exercise my self perceived charm and magnetism as a young buck on her.
You don't have near enough money to be able to withstand an unexpected drawdown on your investment portfolio due to unforeseen circumstances. Build your capital up in some other way.
Also work out what your most successful timescale for investing is e.g hold for a few hours, days, weeks, or months so that by paper trading you know what's your best way to go.
gg
ps. I no longer have a crush on Princess Caroline. I was a daytrader then.
gg
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it is very hard to make money in any long-term investment ( risk-taking adventure ) , whether a series of quick dabbles or a ( say ) 20 year buy and hold , you need to factor in costs incurred on the way , taxes paid and real inflation
applying money management rules can be good , but there will be moments when ignoring them will be better ,
even brokers can change management ( and terms and conditions ) and these are unusual times
now a simple method is to take some money out of the war-chest , when well in front , BUT where do you put those profits ??
so many places so little certainty ( even stashed under the bed leaves you vulnerable to inflation )
do you have other hobbies/interests you know well enough to invest in ( collectibles , hobby-farming , etc etc , for instance another forum i was a member of had several wine collectors and watch collectors , just try not to be a forced seller when down-sizing the hobby )
I've got 7k spare (in the bank) but was wanting to start small rather than blow a big account -- I heard from certain people online how you can get into the markets with a small account and thought it sounded interesting .... obviously with different leverage in the USA, a $100 move with an Australian broker would only cost you $10 with American broker. Big difference. I'm guessing that's why starting small (with 3 figures...) isn't really an option, from what everybody said - but, when I'm ready the money is available - that said, in the meantime just work on a trading strategy and implementing it consistently - using paper trading? Once off made consistent profits for 6 months, make that deposit and get in the markets?
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You should consider starting a thread here at ASF outlining your journey. If you intend to trade in a discretionary manner then you'll need a solid trading plan. We can help you create one if we know more about your trading style. We can recommend appropriate reference material if you need more information.
Documenting your trades in a public forum places a little more emotional pressure than paper trading to yourself. Readers here won't be concerned if your trades win or lose if they know that you're using the thread to find your trading style. I'd be looking for a consistent pattern. If you buy a break-out one day then a falling knife the next, I'll tell you you'll get into trouble doing that. We can review your money management and indicate whether it's safe or folly.
It's impossible to know the trading style that suits your personality until you try different things. Discretionary trading is the hardest style to master. You may be more suited to a systematic style, either fully or partially automated. What's your preferred trading time frame, short, medium or long term? You won't know until you try. What size drawdowns can you tolerate without your emotions sabotaging your trading?
There's a lot to learn, understand and distill into a trading style that suited to you. Good luck on your journey.
Documenting your trades in a public forum places a little more emotional pressure than paper trading to yourself. Readers here won't be concerned if your trades win or lose if they know that you're using the thread to find your trading style. I'd be looking for a consistent pattern. If you buy a break-out one day then a falling knife the next, I'll tell you you'll get into trouble doing that. We can review your money management and indicate whether it's safe or folly.
It's impossible to know the trading style that suits your personality until you try different things. Discretionary trading is the hardest style to master. You may be more suited to a systematic style, either fully or partially automated. What's your preferred trading time frame, short, medium or long term? You won't know until you try. What size drawdowns can you tolerate without your emotions sabotaging your trading?
There's a lot to learn, understand and distill into a trading style that suited to you. Good luck on your journey.
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Hi @BMW ,
peter2 has made some good suggestions here, if you post your paper trades here then you will get some feedback from people with more experience which hopefully will speed your journey to success. You can also learn a lot online, as you have done already. I recommend Dr Barry Burns, he knows what he's doing and maybe even more important is that he has good teaching stills. It's a long road, longer than you think, but don't rush it. Go deep with what your learning, skimming this stuff is a recipe for failure. That's my two cents worth, good luck mate.
peter2 has made some good suggestions here, if you post your paper trades here then you will get some feedback from people with more experience which hopefully will speed your journey to success. You can also learn a lot online, as you have done already. I recommend Dr Barry Burns, he knows what he's doing and maybe even more important is that he has good teaching stills. It's a long road, longer than you think, but don't rush it. Go deep with what your learning, skimming this stuff is a recipe for failure. That's my two cents worth, good luck mate.
