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Hi there, I'm quite new to ETF trading and I've been trying to learn as much as I can for the last 2 months. I'm at a point now where I feel like I should make my first buy but I'm nervous to do so as I'm not sure if I have all the information. It's a case of I don't know what I don't know. How did you seasoned investors overcome this? Also, is there a community for newbies to ETF or IBKR? I find their platform intimidating which doesn't help overcome the fear of putting in my 1st order. 🙏🏽
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Nicholas Beh
10 Jun 2020
Student Ambassador 2020/21 at Seedly
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Zachary Teo
10 Jun 2020
Art Director at Ad Agency
Hey! I am an avid IBKR user haha I think at the beginning it is hard to navigate too. It's especially daunting on their Trader Station. I avoided it at all cost. Now I am only dealing with all my stocks on the mobile or web version.
I assumed you are a Singaporean looking ot purchase overseas stocks or ETFs. Hence, you will need to convert the currency. This can be completed under "More", you can see the option to convert currency. From there, choose the amount you wish to convert. Normally, I will convert all because of the cost.
Next, start a watchlist. Delete theirs as I find it to be too overwhelming. Add in your ETFs for tracking and watch their data. They do not offer real time data for free and you have to pay for their subscription.
Again, to prevent overwhelmin of information. Generally I will focus on 2 tabs, Portfolio and Watchlist. There are a lot of functions which I have not fully explored too.
We can start our mini community here! Hahha it will be interesting to see what everyone is doing on IB too!
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Hello Michelle! To be honest, it is quite challenging to use the platform when I first started. If y...
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The biggest IBKR community is actually on the Hardwarezone Money Mind forum, though it's not the most user friendly or easy to read (unlike here on Seedly!). Normally, if I have any doubts, I would do a Google search as others are likely to have faced the same problem before.
The interface is very very confusing, especially on their desktop app. The mobile/tablet app is a bit more user friendly and you might want to use that instead!
Do note that if you are making multiple orders in a foreign currency, make sure you convert to the right currency before you place the order. They offer spot forex rates but charge 2 USD commission, and that can add up for auto-conversion on multiple orders.