Trading the stockmarket (NO Referrals)

randal · 13 Mar 2023 at 15:10

Or WAL.

I cant post photos · 13 Mar 2023 at 15:15

Let it burn. Let it all burn.

Trifid · 13 Mar 2023 at 15:21

Ouch, was considering pulling some money out to pay off my car finance. Think I'll hold off on that idea.

EddScott · 13 Mar 2023 at 16:11

How come UK markets have imploded today whilst US markets have fallen but nowhere near as hard on opening?

Don't think I've ever lost quite so much in such a short space of time! Horrible week for me.

ci_newman · 13 Mar 2023 at 16:26

Oh man, I wish I hadn't checked my pension pots this afternoon

Kinda glad I kept a large part of it in cash after transferring it though

XeNoN89 · 13 Mar 2023 at 16:30

I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

ci_newman · 13 Mar 2023 at 16:40

XeNoN89 said:
I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

So prepare for a potential bank run, by starting a bank run? Sounds sensible..

Anyway, your money is protected by the FSCS for most banks. You shouldn't be storing large volumes of cash in Revolut anyway since they dont have FSCS protection.

booyaka · 13 Mar 2023 at 16:44

ci_newman said:
Oh man, I wish I hadn't checked my pension pots this afternoon Kinda glad I kept a large part of it in cash after transferring it though

I just don't look at pension/ISa investments - I keep monthly payments going in but otherwise, not bothered in the short term about the value fluctuating

booyaka · 13 Mar 2023 at 16:45

XeNoN89 said:
I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

Why? as above FSCS protection is in place so taking funds out and sticking it into another bank makes zero sense.

mid_gen · 13 Mar 2023 at 17:09

XeNoN89 said:
I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

This is spectacularly bad advice. No.

200sols · 13 Mar 2023 at 17:18

EddScott said:
How come UK markets have imploded today whilst US markets have fallen but nowhere near as hard on opening?

Don't think I've ever lost quite so much in such a short space of time! Horrible week for me.

US markets tanked it on Friday after European markets had closed.

Uther · 13 Mar 2023 at 18:31

XeNoN89 said:
I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

Crash the banks, genius idea. :rolleyes:

Orangeade · 13 Mar 2023 at 20:07

Uther said:
Crash the banks, genius idea.

I doubt people care about macro implications outside of their own issues (I don't blame them either).

I certainly wouldn't be holding cash at the moment in non secured accounts. Buy a gold etf or something and have safekeeping account separate.

In other news, Credit Suisse was the easiest short in history haha.

mid_gen · 14 Mar 2023 at 09:03

Orangeade said:
I certainly wouldn't be holding cash at the moment in non secured accounts. Buy a gold etf or something and have safekeeping account separate..

Monzo and Starling are FSCS protected. Telling people to withdraw their money from them is ridiculous.

Revolut? Well you'd have a screw loose if you ever kept any money with them as they don't have a banking license and aren't FSCS protected.

Tom_ed1987 · 14 Mar 2023 at 14:50

mid_gen said:
Monzo and Starling are FSCS protected. Telling people to withdraw their money from them is ridiculous.

Revolut? Well you'd have a screw loose if you ever kept any money with them as they don't have a banking license and aren't FSCS protected.

I don't think most normal people are aware of this though - they are treated one & the same - both being "the new generation of app based disruptor banks". So the advice to the layman to withdraw their money if they hold it in some fintech app & putting it into an old/well known institution isn't necessarily that bad.

dowie · 14 Mar 2023 at 14:53

XeNoN89 said:
I have a friend who's a trader at a large bank who suggested removing any money in smaller fintech banks like Monzo, starling, Revolut etc just incase they all start to get taken out by this

These days trader at a large bank can often mean either just a salesperson or a junior member of the team who may as well be called a "system watcher".

200sols · 14 Mar 2023 at 14:55

Most traders underperform their benchmarks anyway, being a trader means nothing really.

I cant post photos · 14 Mar 2023 at 15:21

I once traded a quid for a cheap coffee, I too was a trader that day.

XeNoN89 · 14 Mar 2023 at 15:45

dowie said:
These days trader at a large bank can often mean either just a salesperson or a junior member of the team who may as well be called a "system watcher".

He's not that, he's a senior trader that earns a crapload of money

Uther · 14 Mar 2023 at 16:08

S n P seems to have recovered today so...
I'm sure looking every day is the fastest way to an ulcer.