Best Day Trading Platform sites for Beginner Traders & also for Long Term Investors?

bery_451

port_of_spain said:

bery_451 said:

Ok which day trading platform exchange sites people recommend for Forex trading?

Just don't do it. A great way to lose money.

Especially if you're an investment beginner. (I've been investing for over 20 years, and still wouldn't go anywhere near forex trading.)

So you sound like an experienced investor with 20 years experience. Whats your investment portfolio like then? So you saying theres money to be loss in short-term day trading and long term investment holding is the better safer option?

port_of_spain

kuratowski said:

I'm reasonably sure F-8 was a reference to Battleships https://en.wikipedia.org/wiki/Battleship_(game)

It was. Sorry, I can't help making obscure jokes

bery_451

Okay so Trading212 is the best out of them all for Short-Term Day trading?

port_of_spain

bery_451 said:

Whats your investment portfolio like then? So you saying theres money to be loss in short-term day trading and long term investment holding is the better safer option?

In the long term, equities / shares are the best bet for high returns (though of course in the short term, they can crash, as we've seen recently), so I have 75-80% of my portfolio in equities. Exactly which equities is a bit over-complex in my case, but that is not necessary, and it may not do better than much simpler approaches. The main thing is to have broad diversification within equities, i.e. equities from different parts of the world, and different market sectors, and different company sizes, etc.

A global equities tracker can be a simple way to get diversified exposure to 100% equities. Or there are multi-asset funds which include a high percentage, but less than 100%, in well-diversified equities.

I can't think of a good kind of short-term trading.

If you trade shares, then the problem is that you incur costs every time you buy and sell, and for daily or very frequent trading, that will more than wipe out the average returns from shares. You could of course get lucky in the short term. But that won't last forever. So the aim should be to buy an investment and hold it for years.

Forex trading doesn't even start with high average returns, before costs. Switching from pounds to some other currency, and later switching back, will on average gain you 0, before costs — i.e. it's equally likely to gain or lose you money. So after costs, you're more likely to lose.

bery_451

Okay looking for best cheapest Day Trading platform exchange sites out there.
I believe your portfolio is Long Term Investment holding.
Interested in Short Term Day trading Investing.

bowlhead99

bery_451 said:

 looking for best cheapest Day Trading platform exchange sites out there.

Interested in Short Term Day trading Investing.

Best is quite often not cheapest. 
"Short Term Day trading Investing" is not a thing. Day Trading  or short term trading is quite different to Investing (the latter being about acquiring assets to benefit from flows of economic benefits that accrue to the ownership interests over time and drive positive changes in the value of what you hold).

 You are interested in it because you think it will make you money. Really you just want to gamble on market prices of shares or indexes or currencies going up and down during the course of the day. Try spreadbets with IG index, which have the advantage of being tax free (as winnings on bets are not taxable).

If it were simple to make money, you probably wouldn't need to approach anonymous strangers on saving and investment forums to ask how and where to do it (and noting that day trading is quite different to both saving and investing, it seems to me that the people here who are here because they are interested in saving and investing, may not be the best target for your request for recommendations).

Thrugelmir

Take a look at DeGiro.  Very cheap for good reason. One pays ones money and takes a chance. Not a broking house I'd ever consider using myself. 

port_of_spain

bery_451 said:

I believe your portfolio is Long Term Investment holding.

That is correct.

Interested in Short Term Day trading

But why? Most day traders lose money. What makes you think you'll be different?

lr1277

Spreadbetting is only tax free if it is your hobby i.e. not the main way you earn your money. I am not sure how this works, but if HMRC find out spreadbetting is your main way of earning money, I am sure they will be in touch.

You can also use Contracts for Difference (CFD's) which are subject to capital gains tax.

bery_451

lr1277 said:

Spreadbetting is only tax free if it is your hobby i.e. not the main way you earn your money. I am not sure how this works, but if HMRC find out spreadbetting is your main way of earning money, I am sure they will be in touch.

You can also use Contracts for Difference (CFD's) which are subject to capital gains tax.

So how do HMRC judge and know whether you having a fun time gambling or use gambling as a day job?