RE: Debate; Broker or DIY trading?27 Jul 2020 12:52
I have used a traditional broker in the past but I would gamble to much, you could choose your settlement dates, you could buy and with pay T1, T3 or for a slight premium T20.
Also they allowed you to leverage up, basically you could buy say for example £300,000 worth of shares if you had a £100,000.
So you ended up trying to make money between settlement dates, obviously your money is going up at 3x the rate, but on the way down £300,000 worth of losses was coming out of your £100,000.
I honestly traded that way and then in the middle of my trading position came 9/11.
You can see that didn’t end well.
So at least with on-line you can only buy with the money in your account.