How do you setup leverage and will I be able to on £1000? (day trading)

[nathan2403]

I'm trading on a paper practice account with IG and I plan to keep practising and learning day trading until I turn 18 in a few months. At that point I will have a little over £1000 to put in if I decide I know what I'm doing enough. Of course with £1000 a 1% profit for example would only be £10. But with £10,000 it'd be £100 on the exact same trade. So I would like to know if IG allows leverage for a small account like that. Could grow a lot quicker with a lot less successful trades (and a bigger risk of losing it all, ik)

[nathan2403]

Also would like to know at what point transaction fees are taken. Is the fee taken when you make the trade or do you pay it afterwards? Is it accounted for on a practice account?

[TheGuru12]

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But with £10,000 it'd be £100 on the exact same trade. 

 

 

 

Be careful with that theory. You get burned quite quickly. Remember to keep an eye on slippage and spread. 

 

What you have said is true, If you have a spread betting account you can trade with 1000 but bare in mind there are certain minimum deposit requirements setout in law. you can pick small positions with £1000, The amount of leverage is entirely up to you £1/pip, £2/pip etc etc. 

 

Good luck. 

Edited January 8, 2021 by TheGuru12