S & S ISA, rules, tax and things

NapoleonsBoneypart

Yes, horses and courses, though that's a dodgy analogy!

People tell me buying and selling shares is like  betting on horses which is annoying, you don't buy a share of Microsoft and lose all your money in one go.

Yes I've been trading, as I said.

Now I have enough, and that money now (edit, now nearer 3m, to be taxed)  isn't in isas. It's in a mix, and I don't anticipate altering it much. It can sit in a big bank or two. Should manage 10% or 20% or so even if the market's flattish. April 1's Isa is up 10% already in KWBP. (Forgot I hadn't done one earlier in the year, duh.)

I never did much company analysis, I don't pretend to understand much. I'm lazy too, and old, ok.

 I was mainly asking for what people had used for S&S ISAs, and liked. Things like how quick they are to buy and sell, and smell generally are hard to get from the blurbs. The picture gets more comples as you find out more. I'll have to make a big table, and phone them all about three times. IE may be one, or iWeb, or Fidelity.

I'll carry on trading on a slow burner with 150k or so in ISAs and hope to grow it. I don't think the tools I used will be available again soon, we'll see what's up.  It'll be hard to break the daytrading habit.  Eg Friday,  MSTR  followed BTC stocks. Got 7%,  92k on 5:1 =32k, which was ordinary.  Best day was a 8% move  (Ngas?) leveraged at 10:1 so 80% on 120k, followed in p.m. by the same ~180k on 6% move on Mara. 250k a day kept me awake. 

I left some longer on NVD3 which went 3x+ quite quick. 
I just followed everyone else. I know some don't do well, I don't know why. Use winnings only, so no emotions. On cfd you can only ever lose your trading pot. I keep it to about 100k ish.

No, I haven't used one of HL's own funds. They have a lot of funds, and etfs, leveraged ones, etc

For me, fees are often over emphasized. If I turn  that 150k into 250 and  the platform is great, "0.45% capped at £45 per year"  is fine by me. I'm not sure about their spreads, though.

Trading 212 may be that half percent less but you're dealing with low quality people and the platform appears to be set up to catch you out. It's like swimming in a British river. Their spreads stink of the same stuff.

An alternative to just using the ISA money, is spread betting, which isn't taxed afaik.

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Kids have it easy now. They'll all have AI dealing on their phones and never bother to work. I'm too old to use much money except for a care home. Run by robots, obvs.

(Never made a will, no kids. At least I can die laughing.)

jimjames

NapoleonsBoneypart said:

(Never made a will, no kids. At least I can die laughing.) 

The government will be laughing too when they get your estate rather than the cats home up the road

NapoleonsBoneypart

I may have made it sound  all one way.. My largest loss I've had in a few trades by the way, was just north of 50k. It was my errors and I got annoyed. I should have walked away for a while that day.. Usually losses are a couple/few k if something sets off the wrong way. About one in 3. I went a week without any, which was strange. I normally don't commit to a trade unless 4 or 5 things look right.

NapoleonsBoneypart

Good, today was a representative example of what I've been doing, It's not every day.

It turned out to be quite a good day.

There was good sentiment in the news about bitcoin so I looked at the appropriate stocks and coins this morning

As usual, MARA (bitcoin miner & broker) appealed most using a CFD account , but there would be several other ways to play it.

The stock rose 18%, of which I "took" a fraction over 18% because I was watching it. (only nodding off briefly), and avoided some of the retractions.

The standard leverage in a CFD account is 5x. That means the change you get is multiplied by 5, so 18% becomes 90%.

Using £100,000 yielded £90,000 today. £100k (plus some for what they call "margin") sounds like a lot to use, but it's all winnings, so not as anxiety-inducng if something unimaginable happens.. The profits go to another account so I'll be back to using about 100k.

NapoleonsBoneypart

jimjames said:

NapoleonsBoneypart said:

(Never made a will, no kids. At least I can die laughing.) 

The government will be laughing too when they get your estate rather than the cats home up the road

I have a few distant relatives.if my wife doesn't outlive me which is highly unlikely.. I went to somene to do a will once.. They immediately asked how much the estate was worth so they could work out their cut. Na. I'll get a form from W.H.Smith's.

FIREmenow

People in the know, surely the tax on this is eye-watering?

Feels like tax is being underplayed here. What's the tax in this scenario:

The standard leverage in a CFD account is 5x. That means the change you get is multiplied by 5, so 18% becomes 90%.

Using £100,000 yielded £90,000 today.

OP if you want a table of brokers there's one here, apologies if already mentioned: https://monevator.com/compare-uk-cheapest-online-brokers/

masonic

FIREmenow said:

People in the know, surely the tax on this is eye-watering?

It's not usually a concern because over 80% of CFD traders lose money overall. The other <20% get to pay tax at the lower CGT rates. It's not like receiving a £90k bonus at work. The only ones likely to pay a lot of tax are those that win big in the early years. Given long enough, losses will provide a means to offset most of the tax bill.

FIREmenow

Thanks @masonic I'll be sticking to my global trackers