Stock market dealing

Justin Passing

Justin Passing

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Anyone doing it?
I'm doing a bit of day/swing trading on a free platform.
I've had good times and boring ones!
Anyone using Trading212/cfd, eToro?
 
What wealth check documents did you have to give them? I am getting kicked out by IG. They hate it I take a few £'s from them.

What you have is not stock market dealing, but bookies dealing.
 
ID check - Front and back(!) of driving license. One wanted a picture of me holding it up.
One wanted my NI number. I swapped a couple of digits in case it gets out. I guess they're obliged to forward details to HMRC.
Wealth check, none.

IG is a bit heavy on fees, isn't it?
EToro gets a lot of promotion. They do have some strange fees and a wide spread though.


I posted this elsewhere - instrument (posh word for a thing you invest in) QQQ5.
View attachment 308541

That's 270.78% in 4 months.

That's ermm... ~ the same as 17 years in the building society at 6%. In 4 months. Long may it continue. Next week maybe...
 
Like anyone else, IG is commissioned on the spread. The overnight interest on stock CFD is OK for long term holding. They don't like what I am doing and kicking me out, demanding wealth checks and all kinds of stuff. I'd expect the same from other bookies.

High return means high risk. Imagine if it goes wrong, it would wipe out your account. Consistent wins are what scare the bookies. A large win at the beginning should be seen as an introductory offer. It goes, plus more if you are not careful.
 
Is that what they are? Choolips.?

Well I'll have to get used to the stink. Do they stink? I don't do flowers.
Because 50k choolips in this on 10th July has turned into 65,000 of the bloody things
1689731860871.png

Just as well they grow by themselves. I mean watering them would be work..
That was the nicest one, at 43%. The rest only got half that.:confused:
 
DiyNutJob said:
Like anyone else, IG is commissioned on the spread. The overnight interest on stock CFD is OK for long term holding. They don't like what I am doing and kicking me out, demanding wealth checks and all kinds of stuff. I'd expect the same from other bookies.

High return means high risk. Imagine if it goes wrong, it would wipe out your account. Consistent wins are what scare the bookies. A large win at the beginning should be seen as an introductory offer. It goes, plus more if you are not careful.
Click to expand...
open a couple of ordinary boring positions, then?
There's no shortage of platforms... Many of them are "free". I'm fed up with hearing about eToro and how they're "free" but they omit to mention their wide spread - buy/sell price difference (for our passing reader).
Avatrade's is 20 pips. (0.002%) Some are less.
There are some really dumb people out there. I read on a chat forum - someone said they had a thousand quid and if they put it on Tesla could it lose and if it did what could they do about it, please?!

I've learned the standard techniques for analysing balance sheets and reading candles sticks on the charts, all very interesting but all that's not necessary, other people do it for you, free.
I've done periods of trading all day and had surprising gains but it's much easier to leave dosh in a few well chosen funds, all covered in stop-losses and alarms and whatnot.

How people think it's possible to "lose all your money" I don't know, unless you include being remarkably stupid, or the world's financial systems collapse. I'm not using CFD trades - the easy-to-x**x-up ones. That's borrowing money to gamble with.

This is one of my current faves, 5qqq, based on a bunch of 100 nasdaq companies
1689806696729.png

That's today. 7.32 . better than average, but a few % is usual. Here they include some after hours trading so it's a different number (9.83%).

A flukey number - at that 7.32% rate you double your money in 10 days.

In 100 working days, that daft person's grand would be £1m.

Start now, you only need a tenner. Couple of hundred would be a bit more fun though.
 
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I think it’s a case of, if it was that easy everyone would be doing it.

Most people need to be spoon fed instructions on how to do simple things, and trading just blows their minds.

Maybe you could do a YouTube tutorial showing me how it’s done
 
You lose all your money when you can't close your bet. This happens when there is no market. For example, the price of oil went negative. In that situation, you are still liable for the continued loss even though you cannot not close the bet. As soon as the market is available again, the bookies closes it and leaving you a negative balance that you have to pay off.
 
Non-availability of market also happened when the swiss franc exited the euro peg. The price gapped, and nobody could close, and most people got wiped out. I was facing in the right direction on that occasion, and my % gains were passable but nothing to write home about. I was talking about it before and after the event on a forum and the authority pretended to be journalists messaging me to interview me. The money was literally chicken feed, but they were very interested on how I was facing the right direction. I did not respond to them. It was obvious who they were.
 
smashpotato said:
I think it’s a case of, if it was that easy everyone would be doing it.

Most people need to be spoon fed instructions on how to do simple things, and trading just blows their minds.

Maybe you could do a YouTube tutorial showing me how it’s done
Click to expand...
There are ALREADY loads of youtube tutorials telling you how it's done. It used to be only for people who would play with money in big lumps. Hargreaves Lansdowne still charge you £12 a deal. Now it's all automated, once set up the "platforms" just place themselves in the market to be attractive to beginners, or those with some knowledge or whatever niche, , and they're all undercutting each other.
I started doing a bit decades ago, very different.
I suppose I knew a a fair bit before the recent dabbling, that's easy to forget. My wife asks "but what if", and I didn't realise she wouldn't know.
It's free and easy now,, because you can practice with a demo account, and see how you do. You will lose a lot when you start on one of those, but you can hit the reset button and start with a fresh 5k of fake money.
 
DiyNutJob said:
You lose all your money when you can't close your bet. This happens when there is no market. For example, the price of oil went negative. In that situation, you are still liable for the continued loss even though you cannot not close the bet. As soon as the market is available again, the bookies closes it and leaving you a negative balance that you have to pay off.
Click to expand...
That would come under "being daft"! If you didn't use a cfd account, you'd just hang on to your oil shares. True it could take a while. Not that I'm sure - commodities don't usually go negative!

Dear reader - Contracts For Difference are where you only put up say £100, but at 20:1, then you profit from the price difference on your 2000, £1 shares, over time. If they do 2.2x in price, you win the (2000 x 2.2-1) = £1400.
If they go down to half though, tough, you lose 2000 x (1-0.5) = a grand. Plus fees. You're wiped out. So don't do it!

And well yes, if you dabble in a currency which is about to go obsolete then.... I dunno, I wouldn't try!

There ARE other things which can go wrong, like a "position" becoming illiquid or the broker going bust.
The FSCS does enforce rules and (untested afaik) offer a guarantee up to 85k.

Also, it's illegal for a trader to have a claim on you other than the deposit you make.
So you could, in theory, open a new account, dabble a bit to get respect, so they offer you bigger ratios (30:1 is easy, 500:1 possible), then make a big punt on one position.
If you win then great you multiplied your money. If you lose, you lose your pot, and they can't chase you to pay the extra 29/30th or whatever loss.
So you do it again until you win. There are loads of platforms, if they kick you out. If you win more than once in 14 or whatever, you're winning.


Yeah I checked wheat. It went up 60% or so? Definitely scope, but hardly a secret!


By the way, Tesla dropped 10% or so today. "Everyone " knew it was likely last night, so many like me dumped it. What odds would you give that it'll bounce back, though? Buy the dip!!
 
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Justin Passing said:
That would come under "being daft"! If you didn't use a cfd account, you'd just hang on to your oil shares. True it could take a while. Not that I'm sure - commodities don't usually go negative!
Click to expand...
So leverage on CFD is bad, but "LEVERAGE SHARES PUBLIC LIMITED CO, QQQ5" is good? How do people work out which leverage is good and which bad?

Negative price when there a need for it, such as taking your money: https://www.nytimes.com/2020/04/20/business/oil-prices.html


Justin Passing said:
Also, it's illegal for a trader to have a claim on you other than the deposit you make.
Click to expand...
The warning usually says you may lose more than deposited. This happens when there is no market and stops are rendered useless. The price then opens at a significant distance from the stop and the bookies would be justified to close at that price.

You seem to be saying don't use CFD's. But the bookies you mentioned are not stock brokers, and don't do real shares. So, what are you trading?
 
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