Day Trading platforms

Pathfinder000

I am learning day trading and have been trading in Simul8or for a few weeks with a fair amount of success. I've been watching Ross Cameron's videos and learning his methods. I am heading towards wanting to open a trading account and seeing if I can replicate my Simul8or successes in the real markets.

What platforms are you using? I'm looking at TradeZero and Webull currently, but wondered if anyone is using anything else. I want customisable stock discovery so i can filter by specific requirements. Market access wise I want to be able to trade primarily on US, UK and European markets, but being able to access China, Japan and Australia would be nice, but early on it's not as important. Trades wise, a max of 20 a day, assuming I find anything interesting. Not looking for options, futures, forex capability at this time (nor probably ever).

Any ideas/advice?

cloud_dog

The psychology is completely different when you are investing and risking your own money.

Pathfinder000

I have experience of risk and loss while trading already. I'm not new to the concept, just specifically new to the day trading subtype if you can call it that. I've been investing for 2.5 years and doing bits of swing trading on occasion for most of it, with both profit and loss. Most of the swing trades are measured in hours or days, but I have a done a few very short ones, amusingly when i first started, mostly in South American commodities (mainly oil and mineral companies).

My intention is to approach it the same way i swing trade. Create and follow a rule set. 100% commit to it and approach it the same way i've been approaching investing and swing trading, so zero emotions, 100% logic and data analysis. The second I get emotional or spiral, game over for the day and walk away. I've been running that playbook since I started investing. There is no place for emotions when using the stock markets, just applied maths and running the numbers down/doing due dilligence.

Ok I haven't done large losses so far (the largest was about £150 and I stopped and restarted the next week and made that money back over the next few weeks and took the lesson and learnt something new). So I don't actually know what a £1k or £10k loss will feel like. I watch other traders and see them have red days and each time it seems like they didn't just stop and walk away from it, they often seem to spiral and get into a gambling mindset to try and claw the money back.

I don't know if this is specifically the answer to the psychology of trading and risk/loss management, but it's worked so far for me, for the last couple of years.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82104953#Comment_82104953

Come back to us and outline your experience when you hit 4 or 5 figure gains or losses with your trading activities and how that makes you feel. Trading is not investing.

Seems at the moment you are having a bit of play with a few hundred pounds, nothing wrong with that but its neither here nor there if serious about building long term wealth.

The vast majority of those on this forum are long distance investors, so not the audience who can give you any tips and hints on trading strategies. You are in the wrong place for that.

Pathfinder000

Thanks for the reply @poseidon1

Sorry it was a bit of a punt to see if anyone was day trading and what platform they used for it. I'm not looking for strategies. I just wanted the info on what trading platforms people were using, assuming any day traders were on here. Looks like I will try out TradeZero for now and see where it goes, then if I somehow become successful maybe go to Lightspeed.

I know this place is primarily investing only, but I thought i'd ask anyway. ;)

UKTaxHelper

Have you been claiming the losing trades? Four year window.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82105055#Comment_82105055

When you say 'claiming', you presumably mean reporting capital losses to HMRC, for offsetting against future gains? If so, it's a valid point that all such gains and losses need to be recorded, and declared where applicable, assuming this trading activity is being conducted outside tax wrappers such as ISAs or pensions…

Pathfinder000

https://forums.moneysavingexpert.com/discussion/comment/82105189#Comment_82105189

My small losses weren't. That swing trading was in an S&S ISA. I've only recently started to push more towards the day trading end of things and it will probably be a month or two until I can fund the new account I need for it. But I am aware that i need to report both profit and loss.

One other question I do have is, do I just do a self assessment yearly for trading income or do i need to do it more often and how do I work it out given the account will be in dollars and held in a different country (the platform i will use is based in the Bahamas)? Do I convert the dollar amount back into GBP or do i let HMRC sort it out?

wmb194

https://forums.moneysavingexpert.com/discussion/6679951/day-trading-platforms

In your other thread you mentioned that you're using Trading212: that'll cover Europe and the US quite effectively in coverage and cost. Why don't you use that?

“…the platform i will use is based in the Bahamas…”

I wouldn’t use a broker based abroad: you ought to be able to find something in the UK. If you want a broker that offers everything you could look at Interactive Brokers.

“how do I work it out given the account will be in dollars and held in a different country (the platform i will use is based in the Bahamas)? Do I convert the dollar amount back into GBP or do i let HMRC sort it out?”

You need to keep good records and convert every transaction into sterling. HMRC won’t do anything for you.

masonic

If this is TradeZero, then it's worth noting as a platform based in the Bahamas that, if they accepted the OP as a customer, would be offering regulated financial services to the OP without FCA authorisation, therefore operating illegally. Unlike Trading212 or WeBull.

LHW99

You need to keep good records and convert every transaction into sterling. HMRC won’t do anything for you

HMRC used to provide a list of approved currency exchange rates for VAT. Not sure if that's the same for this use.