CMC markets is a “multi-award winning platform” with over 10,000 instruments and 57K+ clients.
The main selling point for me, is how the platform looks.
It looks incredible.
Sign-up To CMC Markets
When you first sign-up to CMC, you’ll be given the option of opening either a Spreadbetting account or a CFD account.
Difference Between a SpreadBetting & CFD
With spreadbetting, you’re gambling. Gambling profits are tax-free, in most places.
CFDs, in place of shares for example, mean that you don’t pay “stamp duty”.
I prefer the CFD account, because you can lose money really fast on the spreadbetting account if you don’t have a large initial deposit.
But you can find out more about it in this blog post by CMC.
Open a Demo Account
Before you blow your inheritance, you should practice on a demo account.
That way you can get to grips with the platform and the fact the you can lose money just as easy as you can make it.
You get £10,000 demo cash to start trading with.
Login To Your Account
Fill in your stuff.
Embrace The Crazy Dashboard
There’s gonna be a hole bunch of things you don’t understand at first.
But that’s why you’ve opened a demo account.
Close all the windows and open up the product library.
The Product Library (The Things You Can Trade)
Click on the back arrow if you’re already looking at some tickers.
Then choose something that you feel like you know, or have some sort of inclination on.
I’ll click commodities. So, metals, coffee, corn, soya .etc
If you see the prices are white, you can trade them.
If they’re greyed, the market isn’t open at the moment.
The orange column is your sell price, the blue is your buy price.
Open Up Your Charts
From the product libary, just click on the arrow next to the product, and click Chart.
Once that’s done, you’ll be presented with a wonderful graph that you can look at and speculate over.
You can look at the line a little closer by changing the time range.
Your prices are reflected on the right-side of the graph too. Your sell is always lower than your buy.
Open an Order
From your graph, open an attached order ticket.
The order ticket will open on the right of your graph.
You’ve got two options, buy or sell. Sell to make money when the price goes down, buy to make money if it goes up.
Click the box to see the price that you’ll be starting out at.
As you can see, you’re not buying and selling at market price.
So make sure you’re pretty sure that you choice is going to move in the direction that you hope it is because you need to pay that spread fee.
A spread fee is the difference a broker, in this case CMC, makes on your trade.
Type in the amount you want to trade. And set a Stop Loss.
Take profit is up to you. If you’re not disciplined, set a take profit, and let the computer close you out.
The orange marker signifies your entry point. The box on the right is just an overview of what you just traded.
You’ll notice that you make an immediate loss, again, this is the spread fee from the broker.
£1.20 to trade £1000 isn’t too bad however.
Track Your Positions
Goto the “Safe” button in the toolbar at the top.
Then you’ll be able to see your active positions.
Your orders are collated together, so if you make 3 copper trades, they’ll be grouped together. Click the “+” button to expand your current positions.
Click the “Gear” to modify your trade, for example to change your stop-loss or take-profit prices.
Close your trade with the big X, then click on the Close XXX Trade button.
If you want to close out a certain amount then just change the units figure to what you want to unload.
Then add more demo funds.
Thank god that you made a demo account.
Moving To The Real Deal
This isn’t a decision you should jump into.
Learn as much as you can about trading. Learn your market. Read the news.
Additionally, watch educational videos and what successful traders are doing.
I hope this has given you a nice insight into CMC.
Until next time,