Day Trading advice needed

Gullzter

Hi all, i'm new to the idea of trading stocks and shares and am looking to take it up soon.
I have a couple of questions:

1) I am planning on trading starting with around £5-10k but i will be looking to add to that from several other investments i will be cashing in on and am planning to do day trading so i could potentially be buying and selling £10k+ worth per day...
What brokers would you recommend for this in terms of keeping fees etc to a minimum?

2) I am currently a Uk citizen (only nationality) and am looking to migrate to UAE in next 6months or so, would i be better waiting til i've made the move to start trading for tax purposes or can i start now under some sort of foreign base?

I will no doubt have more questions as I continuously scour for new information.
Thanks :hello:

kidmugsy

"Day Trading advice needed":

Don't.

sorcerer

Your planning on day trading with only 10K? It's a very small amount.


Also you have admitted your new to trading in shares, and yet you believe you can do better than the professionals? What edge do you have over them?


I'm not trying to put you off, but think long and hard before you do this? I have been investing for over 20 years, with six figure sums and I'm too scared to day trade, that should tell you something.

Gullzter

I don't think i will do better than professionals, but good enough to make a nice earner from it.
I've messed around with commodities in the past and done well but when i look back it hasn't really been worth my time or money hence wanting to day trade, for the volatility and potential to earn bigger, I am under no illusion that it doesn't come with bigger risk which is something i've always been willing to take.
Yes £10k is not alot but this is only to start out and will increase this over time once i am more comfortable with what i am doing.

Appreciate the input though

masonic

Well, do come back and let us know how it is going. We get a thread like this every once in a while from someone wanting to embark on a day trading endeavour, but we rarely hear from them again...

Glen_Clark

Fools rush in where wise men fear to tread

Kendall80

With that sort of amount you might want to look into trading CFDs or spread-betting. You can start off risking smaller amounts at first then work your way up.

le_loup

This is a board for savings and investment.
Day trading is neither of those.
I'm sure that there are board where day traders swap ideas - like when to declare themselves bankrupt!

Gullzter

I have looked into those, more flexibility with them so I shall keep my options open with them, a friend of mines who prefers spreads highly recommended doing that too.

mollycat

Yes £10k is not alot but this is only to start out and will increase this over time

You sure about that??!!

I'd have a long hard think; you have no experience and no obvious "edge".

If it was easy to make money day trading why are you not getting encouragement on this thread do you think?

Personally, i've grown a moderate amount of money over the years by NOT day trading. It's the long game that counts.

Good luck.

Mistermeaner

Don't would be my advice but why listen to me.