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SelfWealth Trading

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Sorry about being off topic, I have been preparing my tax and saw HelloU's post about IB so thought I would ask the question, thanks for your input.

But now to get back on topic. I used SelfWealth for about 18 Months to day trade (90% of my trades are Intraday sometimes only holding shares for a few minutes), I have recently stopped using them, my main reasons for stopping are

1.) The platform is too slow and unreliable (occasional outages) for effective day trading
2.) The platform doesn't have real time data (pricing, depth, charting)
3.) The platform only supports basic orders i.e. no stop losses, buy gain etc
4.) No interest earned on cash balances
5.) I have a concern about SelfWealth's financial stability, (have a read of their financial reports on ASX)

If you are new to trading/investing and don't intend to day trade, the premium membership side of SelfWealth may prove useful, as you can see (in an anonymous way) how other members are performing, look at the stocks they are holding and effectively follow them, hopefully making money (the lazy way). They are doing a lot of development work on the platform, so it is improving. I suggest you open a trial account and have a look/play for yourself, they may be just the thing for you.
 
they are chess (?yes) and individual trust bank arrangements from memory so even if they went t1ts up would suggest only ST worries there (no LT worries) about getting your assets back. But always good to check and get proper advice. I usually use real time data from another broker account to set up trades on any delayed site I may use to do the actual trade...but yes, u cannot DT without real data. Likewise the stops.....IG has the same conditional order badness for stapled.

My head went to (cannot think of the broker) for you as you can do multiple intraday trades for a single end of day brokerage. Anyone help with this broker name..... cheers
 
HelloU said:
My head went to (cannot think of the broker) for you as you can do multiple intraday trades for a single end of day brokerage. Anyone help with this broker name..... cheers
Click to expand...

They call it order bulking, I use Amscot. They have a TraderRate - $33 or 0.044% (whichever is the greater), with the trader rate you can buy/sell the same stock many times ot different order levels and the orders will be collated at the end of the day and be treated as one order with one brokerage being charged for the day.
 
cheers, u r ahead of me.......please do not take 1 unit from my buy/sell and lock me in. Leave that to the bots eh. See ya.
 
OT SW - any unexpected badness or goodness at Amscot?
 
HelloU said:
they are chess (?yes) and individual trust bank arrangements from memory so even if they went t1ts up would suggest only ST worries there (no LT worries) about getting your assets back.
Click to expand...
Yes they are CHESS sponsored, my fear is based on another broker my family used many years ago going belly up owing a lot of people money including my family (not a trivial amount at the time). They went belly up because of fraud (from memory one did jail time) the trust accounts were drained. With SelfWealth your money is in an ANZ bank account but you don't have direct access to that account. I prefer to have direct access to my funds, to see the balance and all transactions at any time and of course to withdraw my funds.
 
HelloU said:
OT SW - any unexpected badness or goodness at Amscot?
Click to expand...

Amscot setup a Macquarie bank account that you have full access to, CHESS sponsored. The trading platform is IRESS (well what can I say). They also have a client portal with reporting etc, its pretty good. They are OK to deal with, occasional errors but they usually fix them when prompted. Overall I'm happy with them, my only gripe is that they don't tell you about changes such as rate changes and their help-desk is a bit slack (but who's isn't). To my knowledge they are the only broker left that do order bulking, Trader Dealer used to have bulking but it stopped when they were taken over by Sequoia
 
Habakkuk said:
And why not when you consider that the markets are mostly random most of the time. In theory it should be just as easy to make money as to lose money.
Click to expand...

I can help but get involved in this little QSO (radio Q-code for thread) albeit a bit dated by now.

I say the markets are not "random" at all. its an understandable generalisation and I'm not criticising the choice of word. Simply put, the markets are better described as "chaotic" or "unstable" systems.

Chaos theory is the science of reverse engineering "strange attractors" that accurately model the movement of reliable indicators. Prior to CT, muti-varaite instability models typically based on neural networks aided decision makers.

CT is a much better approach because its basis is analog (real) rather than digital (discrete) and holistic rather than statistical. Rather than looking for predictive indicators, one analyses why recurring price patterns occur in terms of cause and effect. This is quantified by building a state machine using live causes as triggers to predict effects. Using the AI technique of Self Organising Maps, a state machine can be build up to self learn how given stock will react to variations in the market conditions (causes) observed to alter price, volume, sentiment, volatility, yield, etc).

CT requires access to and quantisation of somewhat intangible information but merely building up your library of how the markets respond to cause and effect will go a long way to helping you stay out of trouble. The way to find this out is not by investing big sums, but by making many many exploratory best guesses.

But once you've found your strategy (or 'edge' as noted above), its probably the only one you will ever need.
 
Just thought I'd report on how my trading technique (so criticised) has gone through the highs and lows of the past year or so. It has worked exactly as I intended - the worst drop was when Trump was at his worst against China and North Korea.

I was invested in my stock when it took a couple of rollercoaster rides, the worst of which was a dive of up to 6% (I think it was), all starting about May 2017. I had to hold on for quite a few months until it came back up earlier this year (again, I think that's right). So I still had a few dividends to live on and coincidentally was at my worst dealing with my illness, so I wasn't TOO bothered.
 
tech/a said:
IB $6 a trade
Free charts 1min to Monthly.
Every market you can think of
Great phone app.
Click to expand...
Ib or IG markerts, trying to find their website also re the mobile platform is it for Android or iOS, Android user here myself. When you say IB you don't mean Interactive Brokers. Thanks.
 
Yes Interactive Brokers.

Im sure you can use either Im iOS
 
tech/a said:
Yes Interactive Brokers.

Im sure you can use either Im iOS
Click to expand...
Ok just checked on my Galaxy Note 9 and comes up IBKR Interactive Broker Group, so not sure if that's the correct one. Also is this a US site or Aust. Thanks.
 
Albinoni said:
Ok just checked on my Galaxy Note 9 and comes up IBKR Interactive Broker Group, so not sure if that's the correct one. Also is this a US site or Aust. Thanks.
Click to expand...

Are you accessing from a browser or have you downloaded the app?
 
Premium is $20 per month.
 
Please can someone help. I have been trading with SelfWealth for about 15 months. Now I need to withdraw cash and am unable to do so. I have been on their live chat, sent a photo of my page, all to no avail. There is no button to withdraw cash coming up on my computer screen.
I have followed the directions to the letter.
Log on, cl settings, cl,trading a/c. then cash account, but it just keeps bring up deposit money. It is driving me absolutely bonkers.
 
If you go onto your cash account tab, you should see three columns - the third which says "Withdraw from AUD" should allow you to withdraw. hope that helps.
 
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