Which trading platform?

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by inertia, 9th Jul, 2018.

Join Australia's most dynamic and respected property investment community
  1. PandS

    PandS Well-Known Member

    Joined:
    14th Feb, 2017
    Posts:
    884
    Location:
    NSW
    yeah usually cost nothing, you just change from one CHESS sponsor (broker) to another
    your holding are in CHESS and not with the broker
     
    Greedo likes this.
  2. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    343
    Location:
    Melbourne, Australia
    Hi

    You will need to speak to your brokers to determine whether any fees need to be paid.

    Regards,

    alicudi
     
    Greedo likes this.
  3. rjw180

    rjw180 Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    163
    Location:
    Melbourne
    Their FAQs say "coming soon".

    +1 interested in somewhere with cheap brokerage and stop loss
     
  4. Aaron Sice

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,565
    Location:
    Ocean Reef, WA
    CMC would close me out of my marginal trades ahead of stops/takes.

    Market makers.....can't live with them, can't send an irate postal worker around.
     
  5. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    343
    Location:
    Melbourne, Australia
    Hi

    It would seem that this comment refers to the CMC CFD broking platform only and not the CMC direct share platform which is what the OP would be looking to use.

    Out of curiosity Aaron, are you still trading CFD's and if so which broker are you using?

    Regards,

    alicudi
     
    Last edited: 21st Aug, 2018
  6. Aaron Sice

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,565
    Location:
    Ocean Reef, WA
    I'm using a DeutscheBank platform (same as Saxo I think).

    I haven't traded in forever tho. Last trade was SPY short nettd me about 60%. I noticed last time I fired it up the platform had greyed out my upper margin. I'm limited to 20:1 on indices, now - and only certain stocks I can get 20:1.

    Just looking at ETFs now. Lost the love for staying awake until 11:30 for a market open.
     
    Last edited: 21st Aug, 2018
    alicudi likes this.
  7. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    343
    Location:
    Melbourne, Australia
    Hi

    I had a SAXO trader demo account earlier this year with $20,000 fictional money and traded the DOW with this DEMO account just before it took a tumble around February and decided it was a gods blessing that it was a demo account.

    Since then I have been learning further in depth on how to trade currencies and indices using CFD's as my instrument. About a month and a half ago I turned $5,000 into $5136.04 using CMC's CFD market maker platform and that took me 3.5 days and approx 20 trades to achieve that small profit.

    I decided that a market maker broker was not going to be transparent enough for my liking and then I investigated every CFD broker I could locate and found IG to be what I class as the most transparent and trust worthy broker but with that comes the higher trading costs. I opened an IG CFD account a few weeks ago with $25,000 and it dropped by approx $1,000 very quickly. Then on a single night it went from approx $24,000 to $35,000 and I closed every trade and pulled all the money out realising I had a lot to learn as I could have just as easily lost the % of money that I had quickly gained.

    I am learning a lot over in the whirlpool forums in the "Day Trading" thread.and the process of staying up late has just started for me and my paper trades since my big profit has continued to give me consistent very healthy gains all while keeping a guaranteed stop loss of no more than 1% of my capital for each trade that I open.

    Whilst I am a beginner with CFD's and learning a lot but at this stage it feels like taking candy from a baby and to good to be true. Having said all of this I don't recommend CFD's to anyone unless they have had a very successful stint in making huge profits from direct share trading of which I was achieving 30% average returns when I was dealing in direct shares.

    I can see myself spending many years doing this as I thoroughly enjoy the process of following the international currency markets and major indices around the globe and have also noticed how some of these metrics move in correlation to one another.

    Now I am just typing a long winded post to keep me up for the markets to open!

    Regards,

    alicudi
     
  8. Aaron Sice

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,565
    Location:
    Ocean Reef, WA
    Wow - very similar story to me! Good to hear you're keeping at it.

    I like the IG platform but the fees are insane. Ive been at CFDs since 2007 and I am a serial shorter. The only time I ever went long was on ASX:FMG when it tapped 99c. Rode it long to just shy of $3 at 1:10.

    I trade out of a London account and the leverage change options at better. I used to get 40:1 on index in ye olde days but now max is 20:1. I even did FB and Zynga shorts at 20:1.

    Going long is hope and pray IMO. Play like a predator and it's a much safer bet - you aren't playing in puddles with 2 different players (long and short); you're playing with institutional shorts and people wanting to get out any any cost. Fear and the herd is much more predictable - always goes the same direction.

    I trade no more than three trades and no more than 20% of available capital on any one trade. If you'll drop 2% then why not 20%? Undertrading a position is as bad as overtrading all positions.

    In other words, if you have $10k, your trade is $2k. You have $8k left. Next trade is 20% of that etc. I've lived by this mantra with super tight stops but a delayed entry and while a few trades have moved against me, so be it. I'm not in this to lose money and you can't fight the big boys so pack up, sit on the sidelines and wait again.
     
    alicudi and charttv like this.
  9. lamecrocs

    lamecrocs Well-Known Member

    Joined:
    8th Jan, 2017
    Posts:
    156
    Location:
    Sydney
    I thought some of you may be interested. Nabtrade is currently offering 100 free trades.
    I find the premium report are also helpful for new starters to learn about all the financial measures etc provided by Thomson Reuters and Morningstar. Hope it helps.
     
  10. Redwing

    Redwing Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,005
    Location:
    WA
    For one reason or another we've accounts with Commsec, Westpac, ANZ (old E-Trace) and now CMC

    I prefer ANZ and the ability to look at average, consolidated and detailed views of the portfolio, shows date of DRP's, number purchased, cost basis, current value etc.

    For reviewing the portfolios we use Sharesight
     
  11. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    6,414
    Location:
    Canberra
    I've just been looking at the brokerage for Australian shares, having spent $300 in brokerage during the month. In future, I expect some frequency but not as much as I've had.

    I've eliminated Interactive Brokers and IG as they don't have Chess sponsorship.

    Stake doesn't do Australian shares; I'm not sure if Bell Direct does.

    Saxo charges $6.99 for their custody, $14.99 for Chess sponsorship.

    For the remainder, this is what I calculate to be the cost:
    Screen Shot 2019-04-30 at 6.40.42 pm.png

    It would have cost me $85.50 instead of $300 going with Selfwealth instead of CommSec.

    I'm trying to check out US and UK brokerage, but it's more complex, with cost depending on the number of shares, total cost or flat rate, with maximum as well as minimum options.
     
  12. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    343
    Location:
    Melbourne, Australia
    Hi GeoffW, yes Bell Direct does Australian shares. Commsec get their customer base from exisitng Commbank customers and they don't offer the consumer any extra benefit over other brokers other than higher brokerage costs.

    The CMC platform is fantastic but make sure you open a share trading account and not the CFD trading account.
     
  13. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    6,414
    Location:
    Canberra
    OK, thanks for that.

    I've adjusted - and also added a band because there's a big difference for some just past $10,000
    Screen Shot 2019-04-30 at 7.22.19 pm.png
     
    Mac Fields likes this.