/biz/ - Business & Finance

Bump

>>1023807
wondering this too, this stuff should really be on the sticky

Surprised nobody else has replied, I see guys almost everyday talking about this stuff

Also I'm not in america so can't use robinhood

Would be good if there was a more specific board for this kinda stuff so that it doesn't have to mix with all the shit posting about how to make £££ from nothing

>>1023807
bump

I use interactive brokers

>>1023988
>RobinHood
>all the shit posting about how to make $$$ from nothing

pick one

Literally use any platform you can that doesn't involve heavy fees.

Learning to trade has nothing to do with the broker or platform you use.

Your task right now is to learn how the markets work and to learn how to watch your share prices rise and fall without panicking.

Jump right in and you will be fine.

>>1025061
>Jump right in and you will be fine.
Worst advice ever.
The huge number of idiots recommending this are mostly shills working for RobinHood.
The idea is to get you to sign up for their shit "free brokerage".
Once you figure out it's like a broken tricycle in a motorcycle race, you'll realize "free" comes at a gigantic cost.

>>1025081
couldn't agree more

>>1025081
>Once you figure out it's like a broken tricycle in a motorcycle race, you'll realize "free" comes at a gigantic cost.

elaborate ?

>>1025173
Put simply, RH can use a free business model because they're not providing anything that would cost them money.
Unfortunately, the things they aren't providing (margin, leverage, pre & after market access, etc.) are vital to serious traders.
This makes them suitable for gamblers playing with pennies, but they should never be confused with a legitimate brokerage.
Sadly, many come here, see "Free Stock Trading", and do just that.

Op here

good answers but think I'll try interactive investors
Be like £100 a year but might as well try it.
Oil looks like it could be kinda wild this year

Out of interest how much did you guys start with, Like a few thousand $/£ ?

>>1025451
I started with 50K, but I'm not really sure that's enough anymore.
I'd find out what kind of minimums your version of the SEC requires. That and how bad they'll fuck you on stamp duty.
Here they want a 25K minimum for day traders, if you get flagged, your account gets frozen.

Most I'd consider starting with is nothing like 25k but I believe there is no real minimum for me. (UK anyway) I guess the smaller the starting figure the longer it takes to make any profit though

Seems like there is no real equivalent to the sec in the uk, but stamp tax is 0.5% on each purchase.

>>1025547
>the smaller the starting figure the longer it takes to make any profit
And the greater likelihood you won't have built up much when you get whacked.
Question about Stamp Tax: That shit is based on the value of the trade, right, not the profit?
In other words, a $100,000 trade will cost me $1000 ($500 to open, $500 to close) whether it's profitable or not, yes?
Because if so, fuck that noise.

>>1025561
Seems like it's just 0.5% on the purchase not on the sale or value. This is all new to me desu

http://findlaw.co.uk/law/tax/taxes/tax_on_savings_and_investments/9540.html

Seems like the best explanation

>>1025577
>0.5% on the purchase
Yeah, 0.5 on the purchase value.
So it would still cost me $500, win or lose.
That's still a royal (no pun intended) ass fucking.

>>1025588

Yeh I guess it kinda is. Not to bad if you are investing rather than day trading

What's it like in the us then?

>>1025590
Right, it wouldn't affect investors that much.
For trading here, you generally just pay whatever your income tax rate is, since you don't tend to hold for a year, which is the cutoff for long term gains.
The SEC has a tax, but it's like two dollars for the trade I mentioned.
That idiot Barney Sanders is supporting changing things here to your method, except he wants it doubled (buy and sell).

>>1025593
Whoops, screwed that up. Income tax rate is true for me, but not most.
Most people get a max 20% rate.

>>1025061
Dont know the current US tax laws but in Europe in general you can deduct comission fees of capital gain taxes

>>1025596

Never going to make much from it anyway, so income tax is not gonna be a major problem, I'll look more into it as I go along anyway.

>>1025081
I'm not shilling for Robin Hood. I don't use it personally.

All I'm saying is the only way to be good at something is to practice.

The dude needs to quit worrying about which platform will help him "trade" the best and he needs to get a little skin in the game.

Faggot

>>1025593
Yes the system is very different in states. In europe you have income tax rate and the capital gain tax rate which is usually flat, or so that you have flat rate on over a 50k annual you have a different flat. like 29-33%.

In usa futures trading is very popular as they have different tax structure and it often comes much cheaper for professional traders to trade futures only

>>1025613
>Faggot
Says the guy encouraging him to pick a broker based on fees.
Why don't you tell him to stock up on Lotto tickets, too?
He'll really have some skin in the game then.

>>1025614

Her eyes are so far apart