I couldn’t see a thread that matched this (@AlanDoe feel free to merge if there is!) but wanted to see if anyone here has dabbled their hand in intraday trading (Stocks/shares/forex) in the wider context. It’s something I’m looking to get started in.
I’ve looked at a few different options capital and ig being two of those. A few things I’m thinking of:
Clearly the gurus on the internet are just selling a false fortune. It’s not viable to expect to make £1000s but with interest rates as they are you have to try something right?
Seems to be mainly guesswork as to what will happen, despite “models” and “strategies”
Looks like something to try on the side mainly for fun, if I can make some money out of it then great.
Anyone else doing this?
phildawson
(Sorry, I will have to escalate this.)
2
When you say intraday do you really mean that?
Thats a significant jump in the deepend and dedication. It means studying all the news outside of the trading hours to target a few and then spend the first hour placing a few trades taking long and short positions and closing the positions.
Lots of skill and stress involved. If you have a current 9-5 job or family then good luck.
If you haven’t done stocks before i would suggest just going long and focusing on swing trades when there’s a clear bullish confirmation of continuation. Picking companies that you dont mind holding the bag on if it turns sour.
Start with spot trading before going in with using leverage. Get familiar with the basics and learning candles and how to read EMAs/MACD/RSI on charts
When you use leverage remember to start of with a small size, dont go in and get margin called straight away.
I would suggest T212 and opening up the CFD as it has a test account to play with £50,000 before using real money.
It is, but I’m keeping it very, very simple. Watching, playing with demo accounts for a good while and getting used to the concept of spot trading to make small profits/cutting it so the losses don’t catapult.
I have long term stocks invested, but I wanted to go into it a bit more, and let those pan out over the longer period.
Good advice, and anecdotally I now know why the great film Margin Call is called that!
Yes, I’ve started with IG who also offer this. I would really suggest anyone does this because you can’t really go wrong, even if you do. It also get’s you used to what you need to do and start to look for. And, most importantly, there’s no skin off you back if you get it wrong.
I would note that I’m not unrealistic here. There is, as you rightly allude to, significant risk and it’s a long term game for sure. I’m starting with spot trading and learning from doing, using fake money. When I feel I’m ready I’ll go in with real cash.
Another bit of advice for anyone reading this, the one rule I’m going off is any money I use I can live without and it won’t affect me financially. So if I put in £100 and I lose all of it the least worst thing is I buy less pints next month!
That and a cool head, you really need it.
phildawson
(Sorry, I will have to escalate this.)
4
Best resources btw I would say is starting with Cred
I’ve had a few plays at day trading (via T212) with mixed results.
I’ve never started with more than £100 (an amount like you I’m prepared to lose)
It involved sitting in front of the computer for the whole day, which can get tedious.
Obviously, unless you’re extremely lucky, you’re not going to make mega amounts from that sort of stake, but from experience, if you don’t set your sights too high, don’t go chasing losses and know when to call it a day, it can be fun and occasionally rewarding.