Converting pounds in to usd

The question is asked as to why they haven’t as many would prefer to day trade using this app in their ISA.

It may not fit with your wish list Neil but I don’t see others saying no. how bout others saying what they want?

What makes you believe many people would prefer to day trade using this app? Nothing in this topic even indicates this. :man_shrugging:

This was a topic started by someone wanting to see their average share price in USD, nothing to do with day trading whatsoever.

Hi Jimmy

Think it diverged from the averaging and impact from usd/fx.

But it brought about frequency and tax. Wasn’t meant to go on about trading, the question was more the adaptability of the app for different trading strategies. Do ignore the focus on day trading.

It’s more on the overall use of app. As a user I’m testing a few different platforms out. And was curious to know why freetrade had that restriction as well, and if users were affected by it.

Basically if it a app that will change to cater than it’s worth keeping my account. But I think I’m getting a very frustrated response to changes and what the impact is on users.

Tickers like PHUN and DWaC were on discussion here, however the clear traders in them today were swing and day traders. However that’s not what freetrade is for from what I gather… so confused to the users and their approach for freetrade.

By here I meant in this forum not this thread.

https://community.freetrade.io/t/phunware-inc-phun-share-chat/29864/25

https://community.freetrade.io/t/request-digital-world-acquisition-corp-dwac-trump-media-technology-spac/53508/24

Where do FT say the platform is about “freedom”? Free and Freedom are 2 very different words and have very different meanings. The very basic concept is you can make some “FREE” cost trades on UK stocks with an option to pay for Plus or US with a small FX charge.

It really is not complicated and you are trying to manipulate it to sound like FT are doing something wrong which it isn’t. You clearly either hate the product or have a ulterior motive so I would suggest in the kindest way to either move on and find a product to your taste or accept FT do what they do.

@Big-g im neither disparaging FT or saying their doing something wrong, you’re clearly missing the point.

If there are people discussing day/swing trades in this forum and using freetrade app to do that, showing there is a user group that trades in this fashion and wants to do that with this app, makes me want to ask FT that they should address that and make it user friendly for those type of traders, which is a form of day trading. You can see from the links above on 2 extremely volatile stocks yesterday. And people who trades in them.

Even investors go in and out of trades daily/weekly monthly and yes swing trades can have monthly time frames, to monetise on price movement on their investments.

The question is why state that you aren’t for a certain type of trading. When it already is being used that way, and a user group exists. This form of questioning and asking is called healthy debate. I don’t think it’s appropriate for anyone in this forum to say I or anyone else shouldn’t use the app or FT forum to ask these questions.

My question is to freetrade and users who use it for day/swing trading for exactly this purpose, and their thoughts.

If you are happy and don’t use it for that purpose than that’s your prerogative. I have no intention in telling people how to trade and invest. Just question status quo’s, when I find them contradictory.

I never said you shouldn’t use the app or forum at all. I challenged what the name Freetrade means as you somehow linked it to freedom and point out that FT are what they are and it would be easier to accept and stay or move on.

By your own words “it’s not the place for me, i focus and use platforms that adapt and change.” and rightly or wrongly FT won’t suddenly change their philosophy any time soon so I think you gave your own answer. :+1:

@DeeDee regarding day trading, swing trading and Freetrade

I don’t do day trading. Not with Freetrade, nor with any other broker.

I don’t do scalping either.

I do, however, swing from time to time. With Freetrade and with other brokers.

I do understand your point

The very short term strategies mentioned are allowed by Freetrade. Everyone is free to put them in practice. Freetrade is not going to approach anyone and say it is forbidden.

So why all the references to Freetrade not being a good place for day trading?

The company wants to allow everyone to be able to invest for the long term. That is the focus. Trades are commission free, which removes a significant barrier to entry for the little retail investor who can afford to invest £50 pm only.

Because that is the goal the company wants to achieve, the platform is built in a way that reflects it.

Day trading or swing trading are allowed, not forbidden, but the platform lacks the features, at the moment, traders rely on to execute those strategies, because that is not the goal of the company as envisioned by its founders.

Management wants every investor using the platform to be a success story. Statistically, the way with higher probabilities to ensure such an achievement is to provide a tool that allows for slow portfolio building, rather than putting in place tools with a negative track record for the vast majority of users. This does have the negative effect, however, of rendering the platform practically useless for day trading.

On the up side, every user that follows a long run view will be better off in 10, 20 years time, even if their results are no better than market average. And that’s the point.

Hope this makes sense

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@Big-g

But isn’t the forums purpose to also aide change and gather intel if people want to use it another fashion.

Many times I’ve been asked to use this forum to ask for change. My question which I thought was simple in asking if the app is being used by a user group in a certain way, can FT not cater for them as well? And to simply understand why they say it’s nit for a type of use when it’s being used in that fashion? A disclaimer? Then fair enough, as that day/swing strategy isn’t for everyone and people should only trade/invest the way they feel suitable to them.

My words there were to say as I’m demoing this for one of my strategies, and it doesn’t work I wouldn’t use it, stands true, but if you read up that is a response to someone saying not use it because the FT platform as is built a certain way.

But the platform encourage you to ask for changes and adaptations, and that is what I’m asking for, and for those who are using it to day/swing trade.

@Raul

Again I’m not disparaging the company, I’m clearly saying it’s being used for a purpose already why not also ‘adapt’ for that customer base?

Would them making modifications to allow you to day/swing trade stop anyone from investing? No.

But if FT could be a one stop shop where you can trade in different ways day/swing/invest. Wouldn’t that be best for all users? The limitations is what I don’t understand, and with a growing customer base shouldn’t it be a thought/discussion on here without people being defensive on what the app already does to what more the app could do?

As I said above I like environments and forums where change and adaptability is at the forefront. If this isn’t the place then so be it, but wanted to know the users perspective on this matter.

So far it’s been, that’s not what it’s built for, (even though I can see it is being used in that fashion), and more importantly as your challenging the way the platform is you are a troll, disparaging the company. And I’m not, everyone trades and invests differently, and my question to users and FT was will it cater to differing needs.

Just like in this thread why can’t you hold usd and trade in that currency (assuming it’s allowed by uk legislation and product parameters).

It’s seems you get put down on here for asking why rather than encouraged.

Thank you for confirming that as investor sometime a swing strategy is used, as it’s a natural if necessary to the trade, your approach to risk and reward.

I do it, just makes sense, to hold on and grow your wealth.

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@Raul

Completely agree on long term investing and educating on that forefront. I’d like to have a one stop shop. And hence the question, it was suggested on the app chat by FT support to come here and raise questions.

Sadly it hadn’t been a good experience, which I’ve fed back to them.

I’m not sure.

In order to be able to serve its customers the company has to be profitable. Or else it will perish. And then no user will be served by the no more company.

Revenue streams are limited to 0.45% FX on top of the spot rate, and subscriptions.

Staff numbers are growing.

I don’t have access to the detailed numbers. I understand you want to use one provider only. The question I ask is if a substantial number of users uses the platform for day trading what would the impact on the costs be? Assuming every day trading customer pays the ISA subscription or even the Plus subscription, will the company still be profitable? Will the company be able to run its operations and continue to serve its customers?

Companies with platforms built to serve day trading customers. How much do they charge? What kind of investing instruments do they offer? Stocks? Options? CFDs? FX trading? Bonds? Mutual funds?

I’m not sure it’s possible to cater to all user types, while offering a low cost service, being profitable, and funding growth.

If I was sure it was possible I would do it myself. Stocks, options, short selling. No CFDs and no FX trading, which is where an important number of companies make money. Money which some of those companies then use to subsidise low cost investing.

I am not sure a one stop shop is possible. A long lived one at least

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I’d say it is also an ethical question as most lose money day trading and FT want their customers to be long term, loyal and profit making people. :+1: The last thing they want is to have to legally put a warning on their product that X% lose money as day trading platforms often do.

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@ Raul Hmmmm… but what about those who already pay £10 a month for premium membership?

I understand what your saying, it wouldn’t be a profitable model, but than surely for those services you could have a monthly charge? Like the plus is? For those who wish for there to be more fluid in there trades?

It’s a fair point that from a monetary purpose it’s not feesable. However I’m sure a new type of service could be launched with features and suitability for that form of trading.

I guess the question lies if people are already doing it, why not cater to it? Like the plus it can be a additional cost service.

Like a momentum service that is open to a lot more tickers and created for quick day trades. Please note I agree with @Big-g it isn’t a everyone strategy and beginners should not trade it at all. But can you imagine the beginners who hear the hype and are probably still getting into tickers through the basic app. Given volatility they probably are still losing out. I’ve seen the ticker requests and demand in another thread, so the risk caveat stands regardless.

Sorry @Raul I’ve reached my level of comments threshold. Can post after 8 hours. All relevant questions you’ve put below, but as the demand is there for the additional tickers a day trading feature, it would be an interesting project to address, like the plus membership was. Don’t forget it could act as a saving for those trades that are already occurring via the current app but the slow trades due to functionality maybe costing more losses and bad experience for users.

I don’t have a technical background. But I would say that would be feasible in technical terms.

Then what? Day trading features available for that subscription tier only? What technical hurdles would that entail? Would them drive costs up or down? How much would the company have to charge to make economic sense for both the user and the company? How much would you be able and/or willing to pay for a monthly subscription of that sort? Would that suffice to make it real?

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???

Ok. Got it :+1:

Great thread,on this occasion I side with Raul & Gary.

Much better to excel at a few things than be average at many :+1::grinning:

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