Can day/swing trading be done with iweb sharedealing? If not which do you advise and general tips?

GervisLooper

I will preface by saying I by no means want to use it as a get rich quick scheme. I am merely seeing it as a gamble and a bit of fun while also an opportunity to learn more how stocks and such work.

I would set aside a few hundred quid and accept that is all 'lost' from the outset as a learning experience.

I have already done some investment with iweb for long investments, over a few years now but since it is so hands off that doesn't give much insights as to what it is all about.

I have been watching a few stock market documentaries and want to understand the jargon better.

Also I feel it is generally interesting being that so much of the world depends on this strange stuff.

I saw a youtube video about a 1 month challenge or so where the guy day trades and documented it. In that he was using 'futures'.

Again, no clue what that is but I looked on iweb and it didn't have them when I tried searching in the searchbar unless they are called something else in the UK as that guy was american.

So can I do day or swing trading with iweb sharedealing or is it unsuitable and I would have to sign up somewhere else? I would prefer using iweb if possible rather than going through the rigmarole of signing up to another place.

AGAIN FOR THE NAYSAYERS I FULLY EXPECT THE MONEY I PUT IN TO BE LOST I AM JUST TAKING IT AS A LEARNING EXPERIENCE TO UNDERSTAND HOW MARKETS WORK BETTER.

jimjames

Day trading is possible with iweb, trades cost £5 but they don't do derivatives or futures, just actual stocks and shares (and funds)

pafpcg

IWeb? I do hope not!

It's almost five years since the SVS debacle when a smallish execution-only broker which decided to extend into more profitable avenues - currency trading, futures, etc, but failed, so the FCA suddenly shut the whole lot down in August 2019 taking the still-profitable execution-only business with it, leaving a two-year trail of problems for their clients - many of them MSE forum members - see the huge SVS thread on this forum!

Leave IWeb to its staid run-of-the-mill buying, holding and eventually selling of equities at low cost, PLEASE!

Go to a flashy outfit such as Trading212(?) to accomplish out-and-out speculation...

wmb194

GervisLooper said:

I will preface by saying I by no means want to use it as a get rich quick scheme. I am merely seeing it as a gamble and a bit of fun while also an opportunity to learn more how stocks and such work.

I would set aside a few hundred quid and accept that is all 'lost' from the outset as a learning experience.

I have already done some investment with iweb for long investments, over a few years now but since it is so hands off that doesn't give much insights as to what it is all about.

I have been watching a few stock market documentaries and want to understand the jargon better.

Also I feel it is generally interesting being that so much of the world depends on this strange stuff.

I saw a youtube video about a 1 month challenge or so where the guy day trades and documented it. In that he was using 'futures'.

Again, no clue what that is but I looked on iweb and it didn't have them when I tried searching in the searchbar unless they are called something else in the UK as that guy was american.

So can I do day or swing trading with iweb sharedealing or is it unsuitable and I would have to sign up somewhere else? I would prefer using iweb if possible rather than going through the rigmarole of signing up to another place.

AGAIN FOR THE NAYSAYERS I FULLY EXPECT THE MONEY I PUT IN TO BE LOST I AM JUST TAKING IT AS A LEARNING EXPERIENCE TO UNDERSTAND HOW MARKETS WORK BETTER.

I was going to say, I bet that was an American video. Americans find it much easier to access futures but they’re also a great way to blow yourself up through vast amounts of leverage if nothing else. They can be accessed here but you’d need to look at e.g., interactive brokers and IIRC pass a knowledge test. Most retail investors in Europe end up using CFDs instead.

 You could use iWeb but £5 a trade plus ripoff FX fees if relevant will kill you. Have a look at Trading212, Freetrade and CMC Invest. T212 and CMC also offer CFDs. In GIAs with CMC and T212 you can hold and trade with currencies other than sterling. Of these T212 offers the widest range of securities.

Alexland

GervisLooper said:

AGAIN FOR THE NAYSAYERS I FULLY EXPECT THE MONEY I PUT IN TO BE LOST I AM JUST TAKING IT AS A LEARNING EXPERIENCE TO UNDERSTAND HOW MARKETS WORK BETTER.

Lots of iWeb trades at £5 a pop will quickly diminish a pot of a few hundred quid regardless of the investment performance. If you want to mess around with lots of trades to learn how value is destroyed at least do it on a free platform like T212. There used to be some places you could run a virtual portfolio to learn without wasting real money - unsure if any still exist.

Sam_666

A good way to burn money and learn nothing. Go for it.

callum9999

While it's great you're going into this with your eyes open and accept you could(/probably will) lose it all, I think the knowledge you've demonstrated so far is so poor that this is somewhat pointless. 

You need to be reading about how this stuff works BEFORE you start investing. Call me a cynic (maybe you plan to do this research alongside it - though not even being able to locate a suitable broker doesn't fill me with confidence!), but I don't think you're going to be able to learn anything meaningful from this gambling session until you understand what you're actually doing first. You're not going to be able to understand why things have gone well when they do or why they've gone badly when they do. 

It's your money obviously so if you just want a "fun" gambling session then go ahead - but please don't be under the illusion that you're going to be getting a valuable learning experience from doing this.

GervisLooper

wmb194 said:

GervisLooper said:

I will preface by saying I by no means want to use it as a get rich quick scheme. I am merely seeing it as a gamble and a bit of fun while also an opportunity to learn more how stocks and such work.

I would set aside a few hundred quid and accept that is all 'lost' from the outset as a learning experience.

I have already done some investment with iweb for long investments, over a few years now but since it is so hands off that doesn't give much insights as to what it is all about.

I have been watching a few stock market documentaries and want to understand the jargon better.

Also I feel it is generally interesting being that so much of the world depends on this strange stuff.

I saw a youtube video about a 1 month challenge or so where the guy day trades and documented it. In that he was using 'futures'.

Again, no clue what that is but I looked on iweb and it didn't have them when I tried searching in the searchbar unless they are called something else in the UK as that guy was american.

So can I do day or swing trading with iweb sharedealing or is it unsuitable and I would have to sign up somewhere else? I would prefer using iweb if possible rather than going through the rigmarole of signing up to another place.

AGAIN FOR THE NAYSAYERS I FULLY EXPECT THE MONEY I PUT IN TO BE LOST I AM JUST TAKING IT AS A LEARNING EXPERIENCE TO UNDERSTAND HOW MARKETS WORK BETTER.

I was going to say, I bet that was an American video. Americans find it much easier to access futures but they’re also a great way to blow yourself up through vast amounts of leverage if nothing else. They can be accessed here but you’d need to look at e.g., interactive brokers and IIRC pass a knowledge test. Most retail investors in Europe end up using CFDs instead.

 You could use iWeb but £5 a trade plus ripoff FX fees if relevant will kill you. Have a look at Trading212, Freetrade and CMC Invest. T212 and CMC also offer CFDs. In GIAs with CMC and T212 you can hold and trade with currencies other than sterling. Of these T212 offers the widest range of securities.

Thanks, and so which markets you advise I start out with for this?

I have no preference, only mentioned futures since that was in the video I saw of the yank.

GervisLooper

Alexland said:

GervisLooper said:

AGAIN FOR THE NAYSAYERS I FULLY EXPECT THE MONEY I PUT IN TO BE LOST I AM JUST TAKING IT AS A LEARNING EXPERIENCE TO UNDERSTAND HOW MARKETS WORK BETTER.

Lots of iWeb trades at £5 a pop will quickly diminish a pot of a few hundred quid regardless of the investment performance. If you want to mess around with lots of trades to learn how value is destroyed at least do it on a free platform like T212. There used to be some places you could run a virtual portfolio to learn without wasting real money - unsure if any still exist.

Ok indeed that makes sense and justifies signing up to another place more suited to the job.

ColdIron

It's difficult to see how you would learn much about day trading beyond 'don't do it', you'll surely learn nothing about investing which would be a shame

GervisLooper

callum9999 said:

While it's great you're going into this with your eyes open and accept you could(/probably will) lose it all, I think the knowledge you've demonstrated so far is so poor that this is somewhat pointless. 

You need to be reading about how this stuff works BEFORE you start investing. Call me a cynic (maybe you plan to do this research alongside it - though not even being able to locate a suitable broker doesn't fill me with confidence!), but I don't think you're going to be able to learn anything meaningful from this gambling session until you understand what you're actually doing first. You're not going to be able to understand why things have gone well when they do or why they've gone badly when they do. 

It's your money obviously so if you just want a "fun" gambling session then go ahead - but please don't be under the illusion that you're going to be getting a valuable learning experience from doing this.

Why don't you advise me what research to do to learn it then? If you would be so kind. That also does interest me a lot however on the couple of times I have started to look there are tsunamis of get rich be a millionaire type rubbish. So I want a better idea of what I am looking for.

From my coding experience I only started learning when I actually tried to make a program that was going to be of use to me. The training books did not have any real emotional relevance until I did that. After I dove in and started coming upon stumbling blocks that is when I would go and seek out the answers.

8 years later, and coding most of those years, I still haven't gone back to completing that book I started.