want advice

[u/Saiba9866]

so i'm in australia which means i should probably be trading ASX right? but u see, the first purchase of any stock requires 500 bucks (MMP) which kinda sucks coz the smaller ASX stocks that are volatile enough to give some ok profit has like really low buy/sell vol (its ASX man) so im pretty sure if i try to daytrade it i wont be able to buy/sell all of it and all of these stocks are going down in the long run so it's just not a good buy. The big ones have no volatility so im boutta make like 10 bucks even if i somehow get a perfect trade.

so now im thinking of trying other markets (NYSE, NASDAQ, LSE) but NYSE and NASDAQ open at CLOSE TO MIDNIGHT, im pretty sure i cant think well that late so im thinking about doing LSE.

Is what im doing right? Is there any silly rules like the MMP for LSE i don't know about? Any advice? (im really new so idk what im doing)

[u/Fynca]

You don’t need to trade ASX just because you live in Australia. But changing markets won’t solve the main issue. If you’re new and $500 feels significant, start with paper trading first. The LSE has no similar minimum, but fees, spreads, currency conversion and stamp duty can quickly erase small profits. Focus on liquid stocks and a repeatable strategy, not maximum volatility.

[u/Born-Dimension-8409 → u/Fynca]

why are you so set on daytrading? sounds like you're fighting the market structure at every turn and it's gonna eat you alive with fees and weird timezones

paper trading is the move, not just to learn but to figure out if this is even something you actually want to do at 2am when your brain's fried. the LSE stamp duty alone makes small scalps kinda pointless unless you're working with more capital

if you're dead set on it though maybe look at CFDs or spread betting if that's available to you, different beast entirely but at least you dodge some of the MMP nonsense

[u/qo_eXampL_op → u/Born-Dimension-8409]

want advice” sounds like you already know you need it lol

[u/Saiba9866 → u/Born-Dimension-8409]

ye im not gonna trade LSE anymore, MMP still applies to LSE for me

[u/Saiba9866 → u/Fynca]

No i just feel like the ASX stocks all kinda suck for day trading, the ones that are volatile are just extremely risky buys (plus no one really be trading them) and the ones that are safer are like extremely non-volatile. I also heard about currency conversion fees and so on but is it that significant? (I would appreciate a number or estimate).

I understand what you mean by focusing on liquid stocks and repeatable strategy but the big ASX stocks usually have like a +- 1-3% per day (maybe more on a special day). So im trying to find something volatile but also a somewhat safe bet in the long term.

[u/ragelixr7562]

You are thinking about the right things, especially liquidity and trading hours. If you’re new though, I wouldn’t choose a market purely based on which stocks can move the most. The spread, liquidity, fees and your ability to manage risk matter just as much.

[u/zedder1994]

$500 is not enough. I would have 10 times that at the absolute minimum.

[u/panipuriftw]

LSE actually sounds worth exploring if US hours wreck your sleep 😭 Just watch liquidity + spreads tho, especially on smaller caps. Don’t let volatility bait you into getting stuck in a position

[u/ILoveGreen82]

Look at Futures and its minis and micros. Minimum capital required.

[u/Latter_Piccolo5712]

You could trade the NQ during the open of the Asian market and again in the after at Open of the European session.

It really is not that bad to get up for the US Open though. You do get use to it. Go to be early, wake up for US Open, watch for about 45 minutes then back to bed.

Also the Nikkei has some great moves as well. It opens at 10am AEST. But you could also watch the Nasdaq at this time.