Leveraged commodities trading

s26f84 · 9 July 2016

Hi Friends,

I need to invest in gold and silver (short term). What software can use and why? How much commission do they charge?

About me : new trader. Want around 1:100 leverage atleast.

Thoughts and comments will be appreciated.

Thanks!

weird2 · 9 July 2016

Interactive Brokers platform allows you to trade Futures.

cogs · 9 July 2016

There are plenty of brokers out there who offer gold and silver to trade.

I might be old fashioned, but I think 'invest' and 'short term' may be a contradiction in terms. Maybe 'Trade' is what you were meaning?

I would suggest using a broker based in the same country to which you reside, to start with, and for many reasons.

One other point to consider is your opening balance. Interactive Brokers require minimum 10k opening balance, where as many other 'Spot' brokers your can open accounts with as little as $50, but you won't survive with a small balance. Rule of thumb (which I am sure many will argue with), $1000 balance trade 0.01 (micro lots) 1:100, $10,000 balance trade up to 0.1 (mini lots) 1:100 etc. Everyone has their own views on this but I thought I would throw this out there as a bit of a guide.

Good luck!

dead trader · 10 July 2016

+1

Basically follow what cogs said.

Software: you can use different softwares, it really depends on your style of "investing" (trading is short term) AND more importantly your budget. Commissions charged are usually in a product specification sheet and differ from broker to broker.

Comment: have you been reading about the monetary cycle and the collapse of currencies?

ThingyMajiggy · 10 July 2016

s26f84 said:
Hi Friends,

I need to invest in gold and silver (short term). What software can use and why? How much commission do they charge?

About me : new trader. Want around 1:100 leverage atleast.

Thoughts and comments will be appreciated.

Thanks!

If you want to trade gold and silver short term, then it's probably best to do it with CFDs for ease, the likes of CMC, IG, Pepperstone etc. Just go to their websites, all have their own platforms and can be funded instantly and no minimums and up to 1:500 leverage etc. It's all explained on their websites, DYOR.

s26f84 · 10 July 2016

ThingyMajiggy said:
If you want to trade gold and silver short term, then it's probably best to do it with CFDs for ease, the likes of CMC, IG, Pepperstone etc. Just go to their websites, all have their own platforms and can be funded instantly and no minimums and up to 1:500 leverage etc. It's all explained on their websites, DYOR.

I tried plus500. But as per thread (https://www.aussiestockforums.com/forums/showthread.php?t=20418), it is not good.

So, wanted to put money into something legit. Which software do you use for gold/silver ?

s26f84 · 10 July 2016

greasy_pancakes said:
+1

Basically follow what cogs said.

Software: you can use different softwares, it really depends on your style of "investing" (trading is short term) AND more importantly your budget. Commissions charged are usually in a product specification sheet and differ from broker to broker.

Comment: have you been reading about the monetary cycle and the collapse of currencies?

Well recession is coming, so thought to put my 5k saving in something where I can make it 10k

ThingyMajiggy · 10 July 2016

s26f84 said:
I tried plus500. But as per thread (https://www.aussiestockforums.com/forums/showthread.php?t=20418), it is not good.

So, wanted to put money into something legit. Which software do you use for gold/silver ?

So you don't like plus500. Got it. Lucky I said nothing about them then.

As I have already said, usually each broker has their own platform. Then there are standalone platforms that take in data feeds like NinjaTrader, Multicharts, Tradestation, CQG, TT etc. that you can trade anything on, there's not specific software just to trade gold and silver. All depends on what instrument you want to trade gold/silver with, CFDs, futures or whatever. THEN pick your broker, THEN pick your software.

pinkboy · 10 July 2016

New trader wanting leverage. About as good a cocktail at 3am Saturday.

Doubling your money from $5k to $10k is no easier than doubling your money from $1 to $2 or from $1mil to $2mil. It takes time, practice, patience and skill.

How do you propose to beat 99% of traders as a rookie? Is luck your strategy?

pinkboy

s26f84 · 11 July 2016

pinkboy said:
New trader wanting leverage. About as good a cocktail at 3am Saturday.

Doubling your money from $5k to $10k is no easier than doubling your money from $1 to $2 or from $1mil to $2mil. It takes time, practice, patience and skill.

How do you propose to beat 99% of traders as a rookie? Is luck your strategy?

pinkboy

Luck is my strategy and it will be a gamble.

s26f84 · 11 July 2016

ThingyMajiggy said:
So you don't like plus500. Got it. Lucky I said nothing about them then.

As I have already said, usually each broker has their own platform. Then there are standalone platforms that take in data feeds like NinjaTrader, Multicharts, Tradestation, CQG, TT etc. that you can trade anything on, there's not specific software just to trade gold and silver. All depends on what instrument you want to trade gold/silver with, CFDs, futures or whatever. THEN pick your broker, THEN pick your software.

I have demo account and looks good on my iphone. But as per the thread. Plus500 is not a good company. So looking for other options.

mjim · 11 July 2016

s26f84 said:
I have demo account and looks good on my iphone. But as per the thread. Plus500 is not a good company. So looking for other options.

I would suggest stick to Exchange traded Products on these rather than OTC CFD

so Futures on major US exchanges

One reason "Client money safety" in case of Broker defaults + all CFDs may not be True STP!

Having said that with OTC CFD and also Futures there is no SIPC (USA) or ASG ( Australia) protection
SO the best possible for this is
Stick to UK regulated futures broker which is covered by FSCS coverage
OR
US brokers who sweep client funds in to SIPC protected Equity a/c everyday like OPtions Express or Interactive Brokers
Australian brokers for Futures = too expensive IMHO

s26f84 · 11 July 2016

mjim said:
I would suggest stick to Exchange traded Products on these rather than OTC CFD

so Futures on major US exchanges

One reason "Client money safety" in case of Broker defaults + all CFDs may not be True STP!

Having said that with OTC CFD and also Futures there is no SIPC (USA) or ASG ( Australia) protection
SO the best possible for this is
Stick to UK regulated futures broker which is covered by FSCS coverage
OR
US brokers who sweep client funds in to SIPC protected Equity a/c everyday like OPtions Express or Interactive Brokers
Australian brokers for Futures = too expensive IMHO

Thanks I will read more about all these technical terms .

Can you suggest UK regulated broker that you have used before?

I wanted to go into currency exchange but it seems really liquid and there is too much to read about the currency pairs, politics, economic calendar, etc. Gold and silver trading seemed easiest to me. May be I am taking wrong approach! *confused*

mjim · 24 August 2016

s26f84 said:
Thanks I will read more about all these technical terms .

Can you suggest UK regulated broker that you have used before?

I wanted to go into currency exchange but it seems really liquid and there is too much to read about the currency pairs, politics, economic calendar, etc. Gold and silver trading seemed easiest to me. May be I am taking wrong approach! *confused*

Any major UK "Futures" broker governed by FSA
NOT CFD but actual Futures
Gold cna be traded on US / Japan and Dubai exchanges +

Leveraged commodities trading

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