Recently I have taken a keen interest in NYSE. I realised how very different it is from SGX. I’ll just list down a few points before I really move in on it!
- More opportunities due to more listings there
- Higher potential capital gains
- Faster markets
- Trading strategies seem to work better there
- Paper trades have all been profitable
- Commission rates of only $10
A stark difference is the market opening hours but personally I’m not too concerned about it. With the implementation of stops, I can easily enter or exit a trade without having to be awake! Without being taxed on capital gains, I think it’s a good move to go into NYSE. Perhaps I’ll keep my dividend incomes to SGX market since it’s not taxed here.
To go into NYSE, currently it would cost me $20 if I stick to my broker. If I opened a trading account with another broker, City Index / ThinkOrSwim, I would have to learn how to use their platform, etc. It’s quite confusing for me now. These brokers deal with CFD accounts means I would need to learn many more things, especially portfolio size management. I have only quite a brief knowledge on CFD such as maintenance margin and such. My plan is to already begin to trade in University to pay for my school fees if I failed to clinch a scholarship. If I do get my scholarship, extra income is always nice! 🙂
I understand the risk of CFD and I admit I do have fears about it. What if I can’t contain my greed, position size gets too big, etc. I think there’s still a lot of preparatory work that I have yet to do. Although my plan for CFD is to take on multiple positions and to short-sell, I worry I will take too much risk when my eyes get blinded.
I definitely will go into the US market, the only question is when and which broker. If anyone who has experience, please recommend in the Comments section! Would greatly appreciate your help!