Best tool for the job? OandA?
Discussion
Hi everyone, I've not began trading properly for my own profit however I have been using practice accounts on and off on OandA.
Before sinking tens of pounds of my own hard earned premium quality bank notes, I'd like to ask a few questions.
Firstly, is OandA a good platform to begin with? It seems easy to use, but are there better options out there that give a smaller spread and easier to cash in on?
Secondly, how much do OandA actually charge for using their site? They have to make money some how, how do they do it? On the practice accounts it seems straight forward, you set a target to buy low and a target to sell high, when they're reached you get your money, I've been making around 20-25% a day on 100k practice account so far.
But surely it can't be as simple as that? All I've found so far is that you get charged £25 per withdrawal transaction and that's all? Don't they take a percentage of the profits?
Any help would be appreciated as I'd like to sink my teeth into this and get rolling in the dough.
Before sinking tens of pounds of my own hard earned premium quality bank notes, I'd like to ask a few questions.
Firstly, is OandA a good platform to begin with? It seems easy to use, but are there better options out there that give a smaller spread and easier to cash in on?
Secondly, how much do OandA actually charge for using their site? They have to make money some how, how do they do it? On the practice accounts it seems straight forward, you set a target to buy low and a target to sell high, when they're reached you get your money, I've been making around 20-25% a day on 100k practice account so far.
But surely it can't be as simple as that? All I've found so far is that you get charged £25 per withdrawal transaction and that's all? Don't they take a percentage of the profits?
Any help would be appreciated as I'd like to sink my teeth into this and get rolling in the dough.
Buy low sell high 
No, plan is to give this free account a few months and see what happens, made nothing in last few days as market dropped on UK 100 over last couple of days so buying price is currently too high, but it's all a waiting game, though I am looking to do short term trades, ie 2 or 3 a day. I do realise that any prices could crash and the wait would then be long term but the few times that I've had a play with these accounts (over periods of months), it seems that if you play on short term trades and don't order huge returns, then you can chip away and make small returns 2-3%. Also doing homework and finding an average price over a period of months and working around that figure helps rather than going to the extremes.
I am impatient with the practice accounts tho and try to make as much as possible in the shortest space of time, but I think if it were my own money I'd have more patience. I know there's always risk that you may not get your money back for a very long time if something drastic does happen, but the way I see it is, even if you could only make 2% a year, it's better than what you'd receive at the bank and at least there's a bit of fun involved in it. As long as you're comfortable with having that money missing from your accounts, you can always try.
No, plan is to give this free account a few months and see what happens, made nothing in last few days as market dropped on UK 100 over last couple of days so buying price is currently too high, but it's all a waiting game, though I am looking to do short term trades, ie 2 or 3 a day. I do realise that any prices could crash and the wait would then be long term but the few times that I've had a play with these accounts (over periods of months), it seems that if you play on short term trades and don't order huge returns, then you can chip away and make small returns 2-3%. Also doing homework and finding an average price over a period of months and working around that figure helps rather than going to the extremes.
I am impatient with the practice accounts tho and try to make as much as possible in the shortest space of time, but I think if it were my own money I'd have more patience. I know there's always risk that you may not get your money back for a very long time if something drastic does happen, but the way I see it is, even if you could only make 2% a year, it's better than what you'd receive at the bank and at least there's a bit of fun involved in it. As long as you're comfortable with having that money missing from your accounts, you can always try.
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