Share Trading Accounting

How should I go about setting up a Share Trading Account?

I am a Finance student and looking to get first hand experience of the markets and the trading world.

Suggestion: Do some research first.

You are better off going for the Halifax Share builder account, you can put in your 50 quid and every month it will automatically buy the stock you set it to every month. (cost averaging) If you pick a company in the FTSE100 in 5 different industry segements, you will expect a bette rlong term return. It is only £1.50 per tranaction, so if you bought £10 of shares, you will in reality get £8.50 worth as the transaction fee is covered in that. Start small, think long term. Use a Buy and Hold strategy

If you were thinking of doing TRADING, forget it for that amount of money. The cheapest transaction rate I could find was £10. At fifty quid a month, its not worth your while as you would have to make 20% before you broke even!

Start with the buy and hold on that. In time you will have a reasonble amount to play with, you can trade in half your stocks and get trading with that.

Basic rules: Do not put more than 20% of your trading money in one stock.

Work from there.

Remember, there are no hot tips, no quick hit profits. Getting rich is long term, getting rich is boring! £50 a month is great for buy and hold. Its how the richest and most successful traders all started. How about you model there patterns and you will probably get the same results!

If you were going to be trading soon, get a share magazine, I get mine from tesco, and often in the back it has a matrix of all the online traders with athe charges listed. You can make you own mind up. There are some geared towards people like yourself who won;t be making more than 10 transactiona month and so on..

I personally use the Halifax share builder for my buy and hold (for a rainy day or longterm gain) and I trade with eTrade as I trade in Uk and US stock and it allows me to do both. US stocks provide me more chioce and better returns generally.

Good luck

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