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

ColdIron

GervisLooper said:

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.

Those first "Hello World" programs are the best (only?) way to learn how to be good at coding. Playing computer games won't make you a good coder because they are different things

What you are suggesting is like learning road safety by running around on a motorway. Should you survive, you still won't have learned anything about road safety

What is it you hope to learn by day trading? Is it to grow your wealth? You say you don't "want to use it as a get rich quick scheme". Most investors want to get rich slowly and never day trade because they are two different things unlike coding to become a good coder

Malthusian

GervisLooper said:

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. 

That is because the only purpose of gambling on day trading and futures is to get rich and be a millionaire. Mega-high risk should come with mega-high reward (if the bets pay off), or what's the point? Would you bet on 0 on a roulette wheel for an even money payout?

If you don't want to get rich you could just buy and hold diverse index funds.

There is a reason that your attempts to research day trading result in you being deluged with rubbish written / filmed by idiots. It is because day-trading is a daft idea. Everyone who has gambled on shares for long enough to write articles or film videos about it is either a) an idiot or b) trying to grift idiots or c) both. The only other kind of content you will get about day-trading is of the "don't do it" variety.

trickydicky14

GervisLooper said:

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.

If you have cash to through away, please give it to charity and know you have done some good.

callum9999

GervisLooper said:

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.

Because I'm neither a day trader nor a search engine. This isn't a mysterious society that needs a secret passphrase to get the information - how much time have you actually spent looking for this? I just typed in "how to start day trading" and immediately saw several reputable websites (which I'm not recommending as being reputable doesn't mean they can't be wrong and I haven't read them).

Gambling on the stock market isn't remotely akin to learning coding. If you just started it without learning anything first then you presumably have just used trial and error, making thousands of mistakes while doing so. How exactly do you think that is remotely sustainable when you'll be making those mistakes with money? 

At the very least, you should start using fake money in a demo/practice account (the first tip in the very first search result above - again, you still maintain you've tried researching this already?).

wmb194

GervisLooper said:

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.

Well, just the normal cash market where you buy and sell shares on the LSE, NYSE, Paris and elsewhere. The guy in the video must have had some logic behind what he was speculating on. You can do the similar but with a lot less leverage. 

If you're looking for share tips, market commentary and fund ideas for the UK you could have a look at the FT's weekly publication Investors' Chronicle, available online and at newsagents, and the US' equivalent Barron's, from the Wall Street Journal. Then there's watching channels and looking at websites like CNBC and Bloomberg.

jimjames

Malthusian said:

GervisLooper said:

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. 

If you don't want to get rich you could just buy and hold diverse index funds.

Did you miss out the key word "Quick" there? I'd disagree that you can't get rich by using index funds, it's just not instantaneous.

GervisLooper

wmb194 said:

GervisLooper said:

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.

Well, just the normal cash market where you buy and sell shares on the LSE, NYSE, Paris and elsewhere. The guy in the video must have had some logic behind what he was speculating on. You can do the similar but with a lot less leverage. 

If you're looking for share tips, market commentary and fund ideas for the UK you could have a look at the FT's weekly publication Investors' Chronicle, available online and at newsagents, and the US' equivalent Barron's, from the Wall Street Journal. Then there's watching channels and looking at websites like CNBC and Bloomberg.

So I will be entering the world of those pretentious looking chaps in suits with their heads in the papers I always used to see on the train.

I just watched a video on futures, this time by a fellow brit, and of a similar age to me. I think both factors helped me understand much better - not a yank and not the grating 'youtube personality' most younger youtubers have.

ColdIron

Futures and leveraging. What could possibly go wrong?

Beddie

This is not really the place to ask, as most on here are long term buy and hold investors, me included.

Get yourself on youtube, reddit etc. where there is tonnes of info. Set up a demo account on one of the CFD sites, such as Trading 212. Have some fun with that first, then see how you get on with real money.

Aminatidi

If you're literally doing it for fun with a few hundred quid I'd probably use Trading212 or one of the "free" platforms where you know you pay more on the spread but you don't have a fixed buy/sell cost and possibly FX fees every single time.