Daytrading

MoneySaverLog

I've been on a few trading courses over my many years, some good, some bad, some very expensive others less so. IG usually do seminars, and probably cover most of what you'd need to know.

I'm assuming you're in the UK. I'd stick to the UK, rather that transferring to an American broker. You have added FX risk to your trading by doing that. And there is no need to make transfers out like that either, when you can trade all those US stock indexes and commodities here in pounds per point.

doughnutmachine

to the OP, don't do it. you have little or no chance getting an income from daytrading.

MoneySaverLog

Yes as I said, most lose money spreadbetting so high risk, high reward. Don't play with money you cannot afford to lose. Expect to lose your bank when you start and practice with a demo account (rather than paper!)

Some do make it though.

robatwork

Trotskisaurus wrote: »

Well these are encouraging responses;
I am sorry to monopolise your time but its hard to get good quality advice like this!

I am not implying for one moment that moneysavinglog isn't a reliable and trustworthy member of this forum - indeed he has posted many times more than me!

However they might be encouraging responses but they are all from the same person - who told you he lost his shirt.

Just make sure you have plenty of other shirts.

MoneySaverLog

robatwork wrote: »

However they might be encouraging responses but they are all from the same person - who told you he lost his shirt.

Just make sure you have plenty of other shirts.

I'm giving my views and no way recommend spreadbetting with anything other than what you can afford to lose.

And yes buy plenty of shirts!

merlingrey

When people say don't do more than you can afford to lose you need to be 100% sure that you're not the type of person to chase losses.

Nobody really likes losing or losing money and it is how YOU react to those losses that defines how good or bad you are.

I'm rubbish, even at a poker table I tilt if I lose on several good hands, if you react this way then you'll be rubbish too.

As a result (unless my personality changes) I'm forced to stick to more passive investments.

Trotskisaurus

Haha don't worry; i'm not trading with my money at this stage and i'm not going to blame you if I have a disaster!

MoneySaverLog

Yes the psychology of trading does play a big part in any success. You have to walk away and cut losses short and let winners run and get the risk / reward ratios correct. I did the opposite, hence the loss of a shirt!

Trotskisaurus

Yes i've been studying that; I think the main problem is that even if you think you are free of the craving for ever vaster profits and are fairly detached you'll still act irrationally more often than you would like.

merlingrey

Trotskisaurus wrote: »

Yes i've been studying that; I think the main problem is that even if you think you are free of the craving for ever vaster profits and are fairly detached you'll still act irrationally more often than you would like.

Or worse the market can stay irrational longer than you can stay solvent.