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So what am I getting myself into?

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Rock84

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Hi guys, my first post here, though have been lurking/reading up for a little over a week now.

I'm very keen to get into stock trading but have found the setting up and a tonne of WTF!? moments have really slowed things down a lot more than I'd hoped so I'm after a bit of guidance on a few things.

I'm in need of a good online broker. By good I mean cheap (of course), low minimum deposit (like $1k if that is even possible?) and easy, i.e. good for a beginner.

It's also taken me a little while to define what my actual goals are with trading and I've concluded that I'm not too interested in day trading yet. I see that as a bit more of a lifestyle shift, something tat you need to be into 110% to do properly and I'm not really there yet, I want to trade in shallower waters, on lower volatility, but at the same time I'm not self managing my super...yet. So more the medium term trading, stuff that wont go up in a straight line but wont take years to see any real value.

I would like to dabble a bit in Forex, but mostly commodities like coal, oil, lithuim etc. (as that is what I understand mostly) and those 'hot tips' you hear in back alley bars. I also don't want to be limited to ASX, I want world markets.

So is there one broker with the lot or do you need to use several different ones depending on what I'm wanting to trade?

Cheers,

Rob
 
Why do i get the feeling this thread is about you telling us about this amazing broker you have found that meets all your needs.
 
So_Cynical said:
Why do i get the feeling this thread is about you telling us about this amazing broker you have found that meets all your needs.
Click to expand...

Umm I'm not sure why you are getting that feeling actually, why don't you tell me cos I'm really interested.

Maybe while you are doing that others could kindly make positive contributions to this thread...
 
All with a Grand!!

My advice.
Find $20-50K then start your search.
In the mean time learn a little more and youll be able to answer your own questions without attracting the wrath of some of us who are Cynical.
 
tech/a said:
All with a Grand!!

Find $20-50K then start your search.
In the mean time learn a little more .
Click to expand...

I second that motion,

If you are in the position of not having much money, Investing or trading is not going to be the cure to that problem.

First fix your cash flow problem, ie, earn more or spend less, and start generating savings.

and in the mean time learn about your chosen field ie, investing or trading.
 
You don't need 20-50K starting money.

Just make sure that the money you do throw down will not be retrieved so it can ride the lightning.

I have had my fair share of missed targets, but my first trading experience a few years ago was with 1K flat, trading with Westpac brokers. That 1K, if it had been left for at least a period of 1 year, would have actually earnt me up to 30K.

Now, this is a dream result - I wouldn't expect that result to occur on a regular basis. But it does happen, and with a decent fundamental style analysis, buy and hold strategy, you may just be able to catch a tsunami before it happens, and ride it with a 1K board.

Is this ideal? No. Expecting such large returns from the market regularley is a little silly. Of-course, 10K would be personally ideal, but I only had 1K, and a determination.

Don't worry about finding funds right now. Go and open a demo account - paper trade, read about the markets, learn charts, have your eyes on news tickers and go from there.

I am not a day trader - I am more of a buy/hold, and I don't trade CFD's or go short (not experienced enough).
 
That 1K, if it had been left for at least a period of 1 year, would have actually earnt me up to 30K.

I can look at the market every year and say that.
Now go do it!

Woulda coulda shoulda
 
tech/a said:
That 1K, if it had been left for at least a period of 1 year, would have actually earnt me up to 30K.

I can look at the market every year and say that.
Now go do it!

Woulda coulda shoulda
Click to expand...

Mate - no need for the arrogance. Regardless of whether or not I left the money in there the fact remains that the price movements do happen so pushing him to find 50K is not a necessity....
 
LostMyShirt said:
Mate - no need for the arrogance. Regardless of whether or not I left the money in there the fact remains that the price movements do happen so pushing him to find 50K is not a necessity....
Click to expand...

It is also an indisputable fact that people win the lotto. But looking back at the winning numbers last week is hardly going to improve your chance of winning it this week, is it?
 
skc said:
It is also an indisputable fact that people win the lotto. But looking back at the winning numbers last week is hardly going to improve your chance of winning it this week, is it?
Click to expand...

Are you honestly comparing the financial markets to a lottery?

Fact: you don't need 25-50K to start
Fact: Companies grow over time (DYOR, strong fundamentals)

You may not recieve 30:1, you may only get 3:1 (which is still through the bloody roof).

The fact of the matter is, it can happen, it does happen, and it is not exclusive to a few traders.

Besides, would it not be optimal to test the waters lightly, then to jump in with all your assets tied to your legs?
 
Mate - no need for the arrogance
Click to expand...

Thats not arrogance

THIS is arrogance

" Unlike you I didnt sit and watch $s flash past my eyes I actually traded my money
with positive expectancy and STILL have my shirt"

The difference is about as subtle as a brick
a bit like trading/investing $1000 or $ 50000
 

Sorry - but whether it was real money or a paper trade, the stock made its rise, and so did all my other picks, though no in the same sky rocketing nature as the lucky strike.

I appreciate your experienced comments, but I am going to have to disagree to some extent, knowing full well the advantages of a larger invstment. You must be a full time trader, so I see where you are coming from.

I hope the OP finds comfort in the former opinions by everyone.

" Unlike you I didnt sit and watch $s flash past my eyes I actually traded my money
with positive expectancy and STILL have my shirt"

I do apologize that we all cannot be as financialy comfortable as you are, Sir money bags.... I on the other hand needed to pull out my investments for personal reasons - yet had I held, I'd be one happy camper.
 
Besides, would it not be optimal to test the waters lightly, then to jump in with all your assets tied to your legs?
Click to expand...

There is no more RISK in trading $1000 as there is trading $50000
provided you understand risk management.
 
I use cmcmarkets for 9.90 a trade could start day trading with around 5k with that fee. Sometimes I do a few small trades of 1 - 2k when things get boring and doesn't eat much margin
 
Hi Rock, I suggest you set your sights lower, taking on forex, world markets etc, etc, etc, when you have no experience and little money sounds like a bad idea. You may become overwhelmed and broke very quickly. Why not just have a dabble at normal long trading until you understand what it's about & can control your emotions and have a well developed risk management plan, and PROVEN you can stick to it (wish i could do it!) The stock market can be brutal to your finances and emotions and there is a LOT to learn so take your time. As far as a broker goes, i just use Westpac as I have a linked savings account with them anyway, so they may charge a few bucks more but hey, if i squabble about a few bucks on the brokerage then i shouldn't be trading anyway, oh, and have fun, it's only money
 

Oh god, I dont know whether to laugh or cringe. To answer your question IG markets do it all, but its a bucket shop. But its going to be the same result as going to a casino. You need to research for a few months, and then test strategies without putting any money down. If you hop in and try to trade commodities off a short or even medium time frame you are going to get skinned alive.

It will be fun though but don't expect to make any money until you know what you are really ahead of the game. Remember for you to make money trading anything you have to take money off other traders, and for you to do that you have to be better than them which is not likely after ONE WEEK of "research".

Perhaps you are confusing trading with investing. That's going to require allot of research also, but at least you stand a chance if you buy long term value.

AND FOR CHRIST SAKE DO NOT LISTEN TO ANY "HOT TIPS"
 
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