Which trading account?

[Medici]

Would appreciate advice on Australian trading account.
I understand that we have access to Westpac, E-trade, ANZ and some others, but which one would be suitable to start with ?

Is any of them are accessible by internet and provide live price data with mobile access support ?

Regards - Medici

 

[Aussiest]

Re: Trading Account

I think Commsec is a good way to start. Sure, the commissions are a little higher than most (you need to have a direct investment account to get the cheaper brokerage). I would stay away from E*trade and Westpac. IMO, their capabilities are not as specialised as Commsec and some of the less mainstream ones. Commsec has both live feeds and an iPhone platform.

When you get better, you can look at the less mainstream options. Two i know of are:

MQ Prime
Bell Direct

I can't speak for Bell Direct, but i know that MQ Prime has a live data feed. As far as i know, neither has a mobile phone platform.

It might be a good idea to read some introductory material before you jump in at the deep end!

 

[esolano]

Re: Trading Account

Try Commsec's Cash Management at $19.95 per trade.

 

[jono1887]

Re: Trading Account

Try Commsec's Cash Management at $19.95 per trade.

comsec is probably better for investing... for trading, perhaps something like Macquarie Prime would be better.

 

[lasty]

Would appreciate advice on Australian trading account.
I understand that we have access to Westpac, E-trade, ANZ and some others, but which one would be suitable to start with ?

Is any of them are accessible by internet and provide live price data with mobile access support ?

Regards - Medici

Depends on what you want to trade? Your experience? The level of assistance needed? Reserach?

 

[Family_Guy]

There is a comprehensive list of all online brokers and their ratings on value and what each one does in the latest Smart Investor magazine.

 

[Mr J]

There's also IB. Cheap and cover many markets. They provide mobile support, but I don't know whether it is decent.

 

[johenmo]

Medici - the commission difference on a small account can tip a profitable system to unprofitable. I have been calculating this between IB and CommSec based on 20 25 and 50K accounts - based on paper trades. Calcs for the trades done showed 20K with IB to return the same dollar as 50K with CommSec (1% risk).

If you want to trade then it needs to be as low as poss. So it depends on what you want to do. I also did the same in Amibroker - same trend. I am with CommSec atm.

 

[Medici]

Appreciate info and recommendations.

I also done my calculations and found out that some of the commission charges may eat my profit. Possibly the best way would be select stock for a long term trend in order to maintain sustainable profit

 

[Mr J]

What kind of timescale are you looking to trade?

 

[Medici]

At today's market i am looking at the blue chips.
So far i am keen on BHP. (around 250 shares at this time - at least today), but i am also shopping for a good software (read - the one which do not require home loan for purchase), with Guppy charting option.

(could be wrong for a newbe)

 

[Cink]

commsec is offering like some free *$600 brokerage (i think like 1st 9 trades or something actually) something which was enough to tempt me to open up an account with them.