I want to start trading

lixxus

lixxus

lixxus

Soldato
Joined
20 Oct 2006
Posts
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London
i want to buy some shares and starting trading to make some extra money longterm. I am a noob to this can someone recommend a broker or bank that has good account i can start with

I have had a quick glimpse and halifax seem to have a share dealing account. im sure there is something better ?

thanks
 
jump aboard, lixxus!

everybodies doing it. everybody started off as a noob but by simply getting a trading account, they all became better off to the sum of about £5k P/a+ purely by having the odd cheeky trade.

just don't tell everyone!
 
lixxus said:
i want to buy some shares and starting trading to make some extra money longterm. I am a noob to this can someone recommend a broker or bank that has good account i can start with

I have had a quick glimpse and halifax seem to have a share dealing account. im sure there is something better ?

thanks
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Well if you're a noobie I doubt you will be able to beat market, so invest into ftse and be done with it.

If you want to learn on the other hand then lay aside money you can afford to lose (be prepared to lose them as it is the most likely outcome) and go go learn by doing.

Or if you want thrills(*not thrills but curiosity fulfillment) just create fake money portfolio and see how it does.
 
Windle said:
Can you afford to lose money?
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Technically it's not losing money. It's just having it locked away as long as you play safe.

There's a "Trading the stockmarket" thread in GD somewhere on Page 1 or 2 so go find it. They've spoken about online trading recently and gave a few sites they could remember to someone iirc.
 
Kamwah said:
Technically it's not losing money. It's just having it locked away as long as you play safe.
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There is no technically about it - you can lose huge sums of money. A share that loses 90% of its value (as does happen with secondary market stocks on a fairly regular basis) needs a gain of 1000% to recover. In the majority of cases this won't happen - so yes, you can lose money if you aren't careful.

By all means start investing, but learn what you are doing before you put your money at risk.
 
If you got less than 10k to trade, don't bother. You'll waste your money and your time.

Unless you enjoy spending untold hours reading/studying to make 1k/year. Cost of time etc.etc.
 
kgi said:
If you got less than 10k to trade, don't bother. You'll waste your money and your time.

Unless you enjoy spending untold hours reading/studying to make 1k/year. Cost of time etc.etc.
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This.

well I have about 6k spare not tied up to anything. And I want to invest it in something. Dont know if i just lock it away on a high interest saving account or buy shares
 
kgi said:
If you got less than 10k to trade, don't bother. You'll waste your money and your time.

Unless you enjoy spending untold hours reading/studying to make 1k/year. Cost of time etc.etc.
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Fill your S&S ISA to capacity - 1 minute.
Bung the lot into LB1G - 1 minute.

2 mins work for 7.5884% ;)

And a 10% return isn't bad - if you start now you can make a nice nest egg. Not sure why you think it's a waste of time.
 
jamief said:
Fill your S&S ISA to capacity - 1 minute.
Bung the lot into LB1G - 1 minute.

2 mins work for 7.5884% ;)

And a 10% return isn't bad - if you start now you can make a nice nest egg. Not sure why you think it's a waste of time.
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This.
 
I've made a bit on not very much, recently bought some barclays shares, they are up 11% as of a month or 2, done same with bp when they had their spill and standard chartered too. Just wish I could put more in.
 
jamief said:
Fill your S&S ISA to capacity - 1 minute.
Bung the lot into LB1G - 1 minute.

2 mins work for 7.5884% ;)

And a 10% return isn't bad - if you start now you can make a nice nest egg. Not sure why you think it's a waste of time.
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sounds easy. but who shall i open a share and stock isa with.

and how do the second bit link to the first bit.

LB1G ?
 
Be clear: are you looking to be a trader or an investor. You say trader but talk about making money in the long term, so it isn't clear.

If you want to be a trader, buying and selling securities on a daily basis then I would be inclined to listen to the above advice (i.e. avoid unless you have time and money to burn) but if you're simply looking for some alternative investments then there's no reason for you not to proceed.

Just make sure you research you investment (be it debt or equity) and understand that your capital is at risk in a way that it largely isn't through standard savings.

For brokers I tend to use Halifax, Soc Gen and Hargreaves Lansdown and can happily recommend all three.
 
Research everything thoroughly and theres no reason you couldn't make some money, but be aware the risk of loosing money is very real.
 
Simulate buying and selling for a bit first. give your self £500 or so see what you can do with it. It might convince you one way or another. Remember that your profits maybe subject to fees and personal taxes so any returns bust be big to make it worth while.

Has Barclay today convinced you to have a dabble?
 
jamief said:
Fill your S&S ISA to capacity - 1 minute.
Bung the lot into LB1G - 1 minute.

2 mins work for 7.5884% ;)

And a 10% return isn't bad - if you start now you can make a nice nest egg. Not sure why you think it's a waste of time.
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He said he wants to trade, not invest in an ISA.

Also, 10% return is good compared to what exactly? 10% return on £100 is £10, is it worth taking up trading for that? 10% on 10k is pointless considering the opportunity cost of your investment.

Really, the amount of time one needs to spend to get confidence into trading is worth much more than that in minimum wage. You're honestly better off taking a Saturday job stacking shelves at Tesco, you'll make much more with 0 risk as well.

DISCLAIMER: I am talking about trading, not ISAs etc.


lixxus said:
This.

well I have about 6k spare not tied up to anything. And I want to invest it in something. Dont know if i just lock it away on a high interest saving account or buy shares
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Again, the vast majority of people who take up trading will either lose their whole capital early on, or at at the very minimum lose a large part of it. The successful ones are those who can suck up the losses, improve and carry on until they find a personal 'system' or 'style' that makes them money more times than it loses them money.

What I mean is that you are bound to lose a large chunk of that 6k in the process, and the remainder is not likely to be sufficient to recoup your losses because your overall seed capital is very low.

Trading is high risk, especially if you are at the learning stages.

In your case I'd rather go with the ISA suggestion above, it's safe and will yield a decent return for your money with no hassle. Just check the relevant websites/bank advisors.

godinman said:
http://www.halifaxfantasytrader.co.uk/fantasytrader See how much you lose there, then try the real thing!
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I'm against fantasy trading. It has nothing to do with trading with real money. People behave and make very different decisions when it's all virtual money. Many times it can create a wrong kind of self-confidence that gives way to bigger losses than otherwise.



EDIT: Also, there is a stockmarket thread, it's best to post there as the people there are more qualified to give you the pros/cons of trading.
 
Judgeneo said:
Research everything thoroughly and theres no reason you couldn't make some money, but be aware the risk of loosing money is very real.
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I would say he will lose money, it's not just a real risk, it's a reality full-stop.

As you very well know, throwing good money after bad is the typical behaviour of amateur traders.

The point is that with his capital any successful returns will be too small to justify the amount of time he will spend on it.
 
kgi said:
I'm against fantasy trading. It has nothing to do with trading with real money. People behave and make very different decisions when it's all virtual money. Many times it can create a wrong kind of self-confidence that gives way to bigger losses than otherwise.
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It certainly doesn't have nothing to do with trading with real money, the general principles are all the same.
They're very useful for leaning the basics, which is what OP needs to do before he starts throwing his money around. I found http://www.bullbearings.co.uk/index.php to be useful as an introduction to how trading works
 
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