georgedixon
Newbie
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Hi,
I am a beginner, having never traded before. I opted for a share dealing account with IG. I am based in the UK and was looking to trade off LSE, so after setting up my account (today) I made my first trade, it was 5 shares of Ted Baker.
As I said, I am a beginner. I followed a very basic strategy, following the resistance and support lines of the day and based on this, decided where I should buy and sell. The stock did exactly what I thought it was going to do, so I cashed out with a measly 0.15% profit. I wasn't too bothered about the profit, more so; about getting myself familiar with it all.
However, I soon realized that IG has a very high commission (relative to the size of my buy-in). Incorporating the commission, I realized instead of the 0.15% profit, I had made a 16% loss (I had about £100 worth of ted baker shares).
Obviously, this is not a sustainable model.
I was wondering if anyone could suggest a, UK based, broker that might be more suitable for me. I imagine the best thing for me to do would be to practice with penny stocks, rather than the size I was practicing with today.
I am a beginner, having never traded before. I opted for a share dealing account with IG. I am based in the UK and was looking to trade off LSE, so after setting up my account (today) I made my first trade, it was 5 shares of Ted Baker.
As I said, I am a beginner. I followed a very basic strategy, following the resistance and support lines of the day and based on this, decided where I should buy and sell. The stock did exactly what I thought it was going to do, so I cashed out with a measly 0.15% profit. I wasn't too bothered about the profit, more so; about getting myself familiar with it all.
However, I soon realized that IG has a very high commission (relative to the size of my buy-in). Incorporating the commission, I realized instead of the 0.15% profit, I had made a 16% loss (I had about £100 worth of ted baker shares).
Obviously, this is not a sustainable model.
I was wondering if anyone could suggest a, UK based, broker that might be more suitable for me. I imagine the best thing for me to do would be to practice with penny stocks, rather than the size I was practicing with today.
