New to IG platform and finding it confusing to find features & whether to use share or CFD platform?

[ozzienam]

 Hello, 

 

I am new to IG.  I have been using another online broker for a few years - basic share trading.  But have recently begun to more actively trade and occasionally day trade as well (still learning).  I have opened an IG account because the brokerage fees are much cheaper than the last one I have used and day trading the costs are adding up. 

 

My last share trading platform allowed me to place orders as usual but also along with setting up stop losses and limits, I could also set up conditional orders with share trading for trailing stop losses.  

I  was also looking for the feature to set up what I think is a 'buy stop limit' where my order won't be placed unless the share reaches a certain price above the current market rate (so I can determine that it is in an uptrend as per my desired settings).  My last online broker did not have this feature.  I cannot find these with IG either.  But other online brokers do have this and the trading course I have been following online is very particular to have this feature.  

 

In fact with the share trading platform - all I can see when buying is a limit and stop limit option. 

 

I am also confused with the whole CFD set up as well.  I have not used it before but have read it is the best option for day trading.  

But I just cannot understand how the prices are calculated.  Everything is calculated in 'points' and I have no idea what I am being charged ultimately.  If for example I want to buy about $3000 AUD of Galileo Mining (GAL.AX) at $0.365 AUD, in share trading that would be about 8219 shares + brokerage (last broker charged $15 AUD per transaction - so $15 to buy and $15 to sell).  

But with CFD trading it calculates 'margin' and it seems you end up buying a lot more shares at the same price. And you need to determine how many 'points' to set up your limit and stop limit.   I am using the demo trading platform to try and understand it all, but the lack of features and explanation is making it too hard to do the transition. I am not confident to use IG at the moment. 

 

The IG platform also lacks all the features I had in the last online broker - when I enter a share to look at I am just presented with the chart with SELL/BUY option with DEAL, ORDER and ALERT.  There is no feature to look at ongoing trade orders happening or what orders have been placed like my other brokerage had which I find crucial to see what others are lining up to buy/sell at the time.  It seems that with IG you really need to have other data open using another provider because I cannot find anywhere that opens up more data about the share I am looking at other than a news feed.  It is not enough.  

 

And again it lacks features such as setting up trailing stop losses and other conditions.  It only has features again for a limit and stop loss.  I read somewhere there are restricted features if I have a restricted account but I don't even know what account type I have.  it just seems too basic. 

 

Also with CFDs when I have used the demo account there are several times where my orders are rejected - so certain shares you cannot even trade with CFDs for day trading (I read somewhere it is because they do not meet a certain criteria for CFD trading) so if I had a live account and had rushed into CFD platform to do a quick trade I would have lost out on that trade as there is no notification anywhere that pre-warns you that a certain share cannot be traded with CFD.  

 

Would love for guidance here.  Thanks 

[Caseynotes]

Hi   Take a look through these links to hopefully find some of the answers to your questions. 

 

For share stops;

https://community.ig.com/t5/Investments-share-dealing-and/Stops-and-trailing-stops-for-share-dealing/m-p/23182#M28

 

For cost of trading cfd (spreads and commissions);

https://www.ig.com/au/cfd-trading/charges-and-margins

 

For collective trade orders;

https://www.ig.com/au/l2-trading-platform