Standard Chartered - Only Online Trading in town with no minimum commission

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agenda

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If you dont use a brokerage how else do u buy these financial products? Returns can be both capital gains and dividends. Im interested to know how you started on forex before touching on these less complex products.

Ease of access and the get rich quick promise. I opened an Oanda fairly early before regulations were tightened and I took to demo trading which was even more readily available before going live.
 

disavowed

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Ease of access and the get rich quick promise. I opened an Oanda fairly early before regulations were tightened and I took to demo trading which was even more readily available before going live.

Just curious how was your forex experience like? I'm pretty new to investing, but I started from the very basics buying STI index first, then now looking at buying stocks since I just turned 21. Still waiting for SCB to open up my trading account at the moment.
 

Asphodeli

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Just curious how was your forex experience like? I'm pretty new to investing, but I started from the very basics buying STI index first, then now looking at buying stocks since I just turned 21. Still waiting for SCB to open up my trading account at the moment.
Very risky, and easy to lose money. At least with stocks it's more "stable" and not so shady (see the recent EUR/CHF saga). This is with 5 months of forex experience since start of this year and 10 years of stocks investment experience

Sent from Sony D5833 using GAGT
 

agenda

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Just curious how was your forex experience like? I'm pretty new to investing, but I started from the very basics buying STI index first, then now looking at buying stocks since I just turned 21. Still waiting for SCB to open up my trading account at the moment.

Most retailers lose money. People who say they win, most of the time they are losing. Very few are earning.

Personally, I'm in the red but thankfully I have not lost a lot of money and I'm looking to get into investing. To be honest, 4 years of on and off trading, I have no learnt enough yet but it's not of an experience. Although you do train some form of instinct in analyzing fundamentals and technicals.
 

disavowed

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Most retailers lose money. People who say they win, most of the time they are losing. Very few are earning.

Personally, I'm in the red but thankfully I have not lost a lot of money and I'm looking to get into investing. To be honest, 4 years of on and off trading, I have no learnt enough yet but it's not of an experience. Although you do train some form of instinct in analyzing fundamentals and technicals.

Wah so u have been trading forex exclusively for 4 years? I think should be able to meet CAR requirement cuz u done more than 6 trades
 
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wahkao3

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Most retailers lose money. People who say they win, most of the time they are losing. Very few are earning.

Personally, I'm in the red but thankfully I have not lost a lot of money and I'm looking to get into investing. To be honest, 4 years of on and off trading, I have no learnt enough yet but it's not of an experience. Although you do train some form of instinct in analyzing fundamentals and technicals.
can share some of the mistakes and learning points in your years experience?

for discussion so we can all improve and huat
 

agenda

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can share some of the mistakes and learning points in your years experience?

for discussion so we can all improve and huat

Sure. My mistake is basically all that has been covered online but I guess knowing a personal account is much better.

1) Leverage as a double-edged sword - After demo trading for a while, I started a $200 account with a 1:50 leverage. That means I can trade up to $200 x 50 = $10,000, I could trade micro-lots from about 0.05 to 0.08 on EUR or AUD. What I did back then was to put everything in right away because my mentality was "$200 is not a lot, plus I could easily earn $0.90 per pip movement. On a good day, I could easily flip $10 to $40 on a single trade.".

Wrong, no matter what, the pain of losing is there and you will be tempted to put in more money to save your position since your position is relatively small and no one likes losing. Which is true, I did make money for a while and I got greedy and put in more money.

2) Not understanding the market and getting married to positions - When I first started, I wanted to make a quick buck and focused on the 5min and 15min chart but those were always time wasting. I switched to looking almost exclusively to daily and 4H charts and 1H for entry. I slowly learnt to look at price action and use divergence trading as a strategy. It worked for a while, I was averaging a return of 10% weekly in a trending market. But again, refer to point 1, I got greedy and over-leverage and got married to my position and got margin-called a few times.

3) Risk management - Just from 2 points, you can tell that I'm not a very good day trader, I'm the typical wanna get rich fast person. The promise of fast cash is very tempting that anyone with principles will be very enticed to just heck his RM strategy and pump all his money in. Trust me, I have tried hard many times to maintain good money management but greed overcomes me every time. It's very tempting to hold on to positions whether its doing good or bad because you'll always thinking "What if it recovers when I close" or "What if it earns me even more money"

That's all I can think of right now, look at forexfactory for more success/failure stories to get a better cents but that basically sums up my thoughts.

I ran off with $1000 last week and quickly cashed out because I know the market will eventually take it back again, it's hard to manage your risk. It's good to have a 1:2 risk-reward methodology but the tempt to over-trade and over-leverage is always there since its so cheap to trade, each transaction only cost about 1 pip for EURUSD pair while its about 1.8 for AUDUSD. Forex is definitely a speculative market, no one invests in it anymore because interest rates are so shitty, your money will do better in long term investment products like ETFs or REITs. Plus no one really knows how to react to the market and whether its priced in although there are very seasoned traders who are always able to somehow cherrypick numbers to a 3pip +/- error which is extremely good.
 

Tornesoul

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Perisher

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I remember someone posted a link that takes you direct to the online site. You need to dig this thread though.
 

$warrior

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Hi does any1 know if its possible to access online trading via mobile? I login-ed via breeze and although i can see my deposits and transfer money, there is no tab that allows online trading as far as i can see. Overseas atm

Appreciate the help!



If you happen to have an iPad then use chrome to access the StanChart webpage for online trading. You should get the desktop version and should be able to trade. If you are not getting the desktop version go to the last tab on the right and in the drop down box click request for desktop. Hope this helps.
 

Tornesoul

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I remember someone posted a link that takes you direct to the online site. You need to dig this thread though.
Hi does any1 know if its possible to access online trading via mobile? I login-ed via breeze and although i can see my deposits and transfer money, there is no tab that allows online trading as far as i can see. Overseas atm

Appreciate the help!



If you happen to have an iPad then use chrome to access the StanChart webpage for online trading. You should get the desktop version and should be able to trade. If you are not getting the desktop version go to the last tab on the right and in the drop down box click request for desktop. Hope this helps.
Cheers :) thanks alot

Sent from Sent from where? using GAGT
 

potatoe8

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Hi guys,

I just logged in to my SC online banking. There are 3 different types of accounts on the screen:

SECURITIES SETTLEMENT ACCOUNT XXXXX
E$AVER A/C XXXXX
SECURITIES TRADING ACCOUNT XXXXX


So in order to trade, I have to first transfer funds from my DBS/POSB account into the SECURITIES TRADING ACCOUNT right? And how long does this usually take?

Sorry for the stupid question.
 

Integ85

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DBS/POSB --> E$aver --> Securities Settlement Account.

Takes less than a min if via FAST.

Securities Trading Account is an account to hold stocks that you have bought.
 

EvilPaladin

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Hi guys,

I just logged in to my SC online banking. There are 3 different types of accounts on the screen:

SECURITIES SETTLEMENT ACCOUNT XXXXX
E$AVER A/C XXXXX
SECURITIES TRADING ACCOUNT XXXXX


So in order to trade, I have to first transfer funds from my DBS/POSB account into the SECURITIES TRADING ACCOUNT right? And how long does this usually take?

Sorry for the stupid question.

almost instantaneous - take note for US market (and all other market i believe), you will have to do this during bank operating hours. You will not be able to change SGD to USD at 9pm, for example
 

d3ject

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I think in theory it should transfer to you, but best to call and check.



No. 10 char.

Ah thanks. Haven't managed to find an answer anywhere else so thought I would share here. Just got a response from SCB yesterday, $2.14 to transfer the physical shares to your name.
 

disavowed

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Sorry noob question here. When buying a stock through SCB do you key in the bid or ask price? Isit if you key in the bid price you need to queue with the possibility of not getting the stock and if you buy at ask price you get it straight away?
 

Perisher

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Sorry noob question here. When buying a stock through SCB do you key in the bid or ask price? Isit if you key in the bid price you need to queue with the possibility of not getting the stock and if you buy at ask price you get it straight away?

The advice is to put what you are willing to pay for that share.

Anyway...
Considering that liquidity is no issue...
If you want to confirm plus chop get the share, put 1 bid above the current price. If you wanna get lower than current price and won't mind if you don't get it, put a bid price that is below current price.
 
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