Intraday trading on a small account size

beamstas · 10 March 2009

Hi everyone.

I'd like to start intra day trading using a small account size ($500-$1000) a few days a week when im home from uni and not working.

It would be for 3-4 hours a day 2 days a week.

Im not really keen at looking into shares as my view on those is longer term.

Does anyone have any suggestions on what i should look into? IE: Forex, Commodities etc?

Prefereably something i can trade with low commisions on a small account size. I'd prefer to keep account size small as i'll only be learning with this and wouldn't want to blow too much money after a long day of sitting in lectures!

Thanks
Brad

MS+Tradesim · 10 March 2009

Re: Intra Day trading on a small account size

You could trade mini or micro lots on FX. With market maker brokers (Oanda, IG, GO Markets, etc) you won't pay commission per se, but you pay a slightly expanded spread.

tech/a · 10 March 2009

Re: Intra Day trading on a small account size

beamstas said:
Hi everyone.

I'd like to start intra day trading using a small account size ($500-$1000) a few days a week when im home from uni and not working.

It would be for 3-4 hours a day 2 days a week.

Im not really keen at looking into shares as my view on those is longer term.

Does anyone have any suggestions on what i should look into? IE: Forex, Commodities etc?

Prefereably something i can trade with low commisions on a small account size. I'd prefer to keep account size small as i'll only be learning with this and wouldn't want to blow too much money after a long day of sitting in lectures!

Thanks
Brad

Brad your a bit stuffed as your margin requirement will put a spanner in the works.
Not sure about the Mini's

I suggest you look at the most liquid stocks you can find under a $.
Do you have a live feed--if not your courting disaster in my view.

The likes of OZL,DXS,MOF,GPT,GMG

Not recommending any of these but you could watch their behaviour and do some risk analysis.

Demo accounts a good idea as C'man suggests

Cartman · 10 March 2009

Re: Intra Day trading on a small account size

beamstas said:
Hi everyone.

I'd like to start intra day trading using a small account size ($500-$1000) a few days a week when im home from uni and not working.

It would be for 3-4 hours a day 2 days a week.

Im not really keen at looking into shares as my view on those is longer term.

Does anyone have any suggestions on what i should look into? IE: Forex, Commodities etc?

Prefereably something i can trade with low commisions on a small account size. I'd prefer to keep account size small as i'll only be learning with this and wouldn't want to blow too much money after a long day of sitting in lectures!

Thanks
Brad

hey Brad -- (this is two posts in an hour --- it doesnt mean we are an item )

M8 ---- open an account (demo would prob be best to start but that is up to you ?? ) with someone like GO Markets etc and try yr hand at FX trading with mini lots --------------- FX is a strange beast, but well worth the trouble to tame ------ dont put up any serious money until u have demo'd a lot of 'successful' hours --- then try mini/micro lots so u get a feel without losing a crapload

Norm (the Stormer) will back me up here i'm sure ----- Cheers M8 and good luck with it.

Trembling Hand · 10 March 2009

Re: Intra Day trading on a small account size

Commodities are no good during oz hours. Their cash hours are US day.

Oz stocks no good because of cost and spread will kill ya. Especially on a small account.

FX or CFD index are the way to go. But $1000....... its gonna be an education.

Cartman · 10 March 2009

Re: Intra Day trading on a small account size

Trembling Hand said:
Commodities are no good during oz hours. Their cash hours are US day.

Oz stocks no good because of cost and spread will kill ya. Especially on a small account.

FX or CFD index are the way to go. But $1000....... its gonna be an education.

haha --- well TH ---- u r the one who turned a grand into (what was it --- 14 grand in a few days ---- ) ---

no wonder us mere mortals have a false perception of what can and cant be done ---

Brad --- treat the 1 grand u put in as 'education' and it will prob be money be well spent ---

BentRod · 10 March 2009

Re: Intra Day trading on a small account size

If you end up trading FX, try and stick with trading the EURUSD and USDJPY only as they are the cheapest to trade(tightest spread)

beamstas · 10 March 2009

tech/a said:
Brad your a bit stuffed as your margin requirement will put a spanner in the works.
Not sure about the Mini's

I suggest you look at the most liquid stocks you can find under a $.
Do you have a live feed--if not your courting disaster in my view.

The likes of OZL,DXS,MOF,GPT,GMG

Not recommending any of these but you could watch their behaviour and do some risk analysis.

Demo accounts a good idea as C'man suggests

Thanks t/a. I don't have a live feed but i'll be getting one. Im pretty sure i need one for IB anyway?

MS+Tradesim said:
You could trade mini or micro lots on FX. With market maker brokers (Oanda, IG, GO Markets, etc) you won't pay commission per se, but you pay a slightly expanded spread.

Thanks, i'll look into it

BentRod said:
If you end up trading FX, try and stick with trading the EURUSD and USDJPY only as they are the cheapest to trade(tightest spread)

Thanks for the advice!

Trembling Hand said:
Commodities are no good during oz hours. Their cash hours are US day.

Oz stocks no good because of cost and spread will kill ya. Especially on a small account.

FX or CFD index are the way to go. But $1000....... its gonna be an education.

It will be education! Look back to when you started trading something new. Would you rather lose a lot of money or a little? Im not expecting to make any profit off the money, just learn.

Cartman said:
hey Brad -- (this is two posts in an hour --- it doesnt mean we are an item )

M8 ---- open an account (demo would prob be best to start but that is up to you ?? ) with someone like GO Markets etc and try yr hand at FX trading with mini lots --------------- FX is a strange beast, but well worth the trouble to tame ------ dont put up any serious money until u have demo'd a lot of 'successful' hours --- then try mini/micro lots so u get a feel without losing a crapload

Norm (the Stormer) will back me up here i'm sure ----- Cheers M8 and good luck with it.

Thanks cart, gee this is becoming a habit isn't it!?

I'll have a look at opening a demo account

Thanks
Brad

James Austin · 10 March 2009

i think its market tech that lets you trade the index for any amount you want, 1c if u like

but its actually the XJO you trade, not a mirror of the futures

http://www.marketech.com.au/index.php?p=about-us-menu/about-us

Trembling Hand · 10 March 2009

beamstas said:
Would you rather lose a lot of money or a little? Im not expecting to make any profit off the money, just learn.

So touchy this one

To think I wasted time posting...... Twice!

beamstas · 10 March 2009

Trembling Hand said:
So touchy this one

To think I wasted time posting...... Twice!

Sorry if you took offense TH, next time i post i'll load it up with smiles!

Seriously, i really do respect you and enjoy reading your posts, especially when you refer to the large swinging dicks. There were a number of people to reply to so i thought i'd get straight to the point. Please don't take offense to my blunt post, i really do appreciate the reply.

Cheers
Brad

Trembling Hand · 10 March 2009

beamstas said:
especially when you refer to the large swinging dicks.

Glad there is something of value in my posts........... LOL

James Austin · 10 March 2009

Trembling Hand said:
Glad there is something of value in my posts........... LOL

i think you've found yourself a friend there TH.
keep your back to wall, thats my advice

beamstas · 10 March 2009

James Austin said:
i think you've found yourself a friend there TH.
keep your back to wall, thats my advice

Oh come on now james......

Back on topic please

skc · 10 March 2009

You can get a live feed (ASX shares) free for 2 weeks with a bourse data trial... just saved u 10% of your capital!

Gundini · 10 March 2009

Re: Intra Day trading on a small account size

Cartman said:
Brad --- treat the 1 grand u put in as 'education' and it will prob be money be well spent ---

This is excellent advise, along with a demo account.

I would go further to say spend your grand on education. Learn about money management and understanding the risk/reward.

It's not so much how to make the money as it is to keep it once you have it.

Personally, I would buy books, and get myself up to speed for when I am older, wiser, and have more money to trade with.

A grand won't last long in this game.

Glen48 · 10 March 2009

I have GFT CFD's and been following the DOW down which has paid of so far..been going for 3 minutes now...

Nero64 · 11 March 2009

i think its market tech that lets you trade the index for any amount you want, 1c if u like

but its actually the XJO you trade, not a mirror of the futures

Marketech has gone out of the brokerage business and all their CFD stuff has gone to First Prudential.

As far as trading the indexes you can do the ASX 200, DOW, FTSE, Hang Seng etc for just $1 at City Index and hope for scalping $30-50. However with the overseas markets you trade in their currency.

Mini forex is probably the way to go and use stops of $30. 10 losses in a row you might be stuffed.

Intraday trading on a small account size

beamstas

MS+Tradesim

tech/a

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Cartman

Trembling Hand

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Trembling Hand

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beamstas

Trembling Hand

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beamstas

skc

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Gundini

Glen48

Money can't buy Poverty

Nero64

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