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

bery_451

barnstar2077 said:

Save yourself a lot of trouble and just pick a platform, then decide if you want to open an S&S ISA or a SIPP and then put a regular monthly amount into a globally diversified tracker fund and forget about it for a while.

Sounds good but wont I be paying fees to the platforms that will eat away at my investment?
A global diversified tracker fund is basically a ETF correct? What happens if theres like a 2nd wave of the virus that crashes markets worldwide like it did in march, that means I will lose in that fund because funds track and follow stock markets right?

I see silicon valley tech stocks/shares as well as blue chip companies being immune to virus market crashes but problem is they at all time highs prices now if you look at the charts and buying stocks/shares at all time high prices is scary 

Idea is buy low sell high.

wmb194

Buy Investors Chronicle, a weekly FT publication, at the newsagent or read its website and read its various sections on macro, market and funds commentary and company results and it should give you some ideas. Use something like basic like Freetrade or Trading212 - which includes charts - to keep your fees exceptionally low and to enable you to get started with small amounts. For your long list of questions I think you need Google or to buy some books.

Sorcerer2018

You could buy The Naked Trader if you are new to investing, pretty good book that explains the basics, but do don't bother with his trading courses, too expensive.

2unlimited91

If you are determined to do this, read some books. You'll need to do a lot of work yourself to have any chance of knowing what you're doing. There are no websites which will spoon-feed you which are the best shares to hold, or even that will bring together the most important figures for each company. To get the latter, you'll have to learn to read companies' accounts yourself, and ask appropriate critical questions. (Perhaps Terry Smith's book, Accounting for Growth, might be relevant for this, though I haven't read it, and it's now out of print and apparently difficult to find at a sensible price.)

Concentrate on long-term investing, not short-term trading. An individual has no chance at the latter: the professionals have vastly better resources, and will eat you alive. Your best chance is to take a long-term view. The professionals are often handicapped there: they can't take too long-term a view, because if their short-term performance lags, they will be sacked. You have the advantage that the only person who can sack you from managing your own money is yourself

Finally, bear in mind that, even if you go about this in a sensible way, it is still entirely possible that just shoving anything in global equities tracker would have given better results, for a tiny fraction of the time invested. So long as you accept that, feel free to go ahead.

Sorcerer2018

2unlimited91 said:

If you are determined to do this, read some books. You'll need to do a lot of work yourself to have any chance of knowing what you're doing. There are no websites which will spoon-feed you which are the best shares to hold, or even that will bring together the most important figures for each company. To get the latter, you'll have to learn to read companies' accounts yourself, and ask appropriate critical questions. (Perhaps Terry Smith's book, Accounting for Growth, might be relevant for this, though I haven't read it,

I have read Terry Smith's book, it pretty hard going if you don't have an accounting background. And a lot of the examples are pretty old these days, and new account practices are now in place, so it's a little out of date also. 

bery_451

2unlimited91 said:

If you are determined to do this, read some books. You'll need to do a lot of work yourself to have any chance of knowing what you're doing. There are no websites which will spoon-feed you which are the best shares to hold, or even that will bring together the most important figures for each company. To get the latter, you'll have to learn to read companies' accounts yourself, and ask appropriate critical questions. (Perhaps Terry Smith's book, Accounting for Growth, might be relevant for this, though I haven't read it, and it's now out of print and apparently difficult to find at a sensible price.)

Concentrate on long-term investing, not short-term trading. An individual has no chance at the latter: the professionals have vastly better resources, and will eat you alive. Your best chance is to take a long-term view. The professionals are often handicapped there: they can't take too long-term a view, because if their short-term performance lags, they will be sacked. You have the advantage that the only person who can sack you from managing your own money is yourself

Finally, bear in mind that, even if you go about this in a sensible way, it is still entirely possible that just shoving anything in global equities tracker would have given better results, for a tiny fraction of the time invested. So long as you accept that, feel free to go ahead.

A global equities tracker is basically a ETF correct or is the main top ETF out of all of the other little ETF's below it?

ColdIron

A global equities tracker is just something that tracks one of the global equity indexes. That something could be a Unit Trust/OEIC or it could be an ETF. What you say about main or little ETFs makes no sense

barnstar2077

bery_451 said:

barnstar2077 said:

Save yourself a lot of trouble and just pick a platform, then decide if you want to open an S&S ISA or a SIPP and then put a regular monthly amount into a globally diversified tracker fund and forget about it for a while.

Sounds good but wont I be paying fees to the platforms that will eat away at my investment?
A global diversified tracker fund is basically a ETF correct? What happens if theres like a 2nd wave of the virus that crashes markets worldwide like it did in march, that means I will lose in that fund because funds track and follow stock markets right?

I see silicon valley tech stocks/shares as well as blue chip companies being immune to virus market crashes but problem is they at all time highs prices now if you look at the charts and buying stocks/shares at all time high prices is scary 

Idea is buy low sell high.

Platform fees are pretty small these days.  Nothing is ever free, even if it claims to be.  Free products have to make their money somewhere.

The markets go up and down all the time, but over time they tend to rise.  Remember you are buying a globally diversified fund, so why would you be worried about a dip in the markets when you are just going to be buying your chosen fund(s) cheaper?  Yes it is very possible that something could happen that affects the markets for many years, but that is why you invest for the long term.

It is very hard to know what stocks to buy without doing a lot of homework, and even then you may just be unlucky.  I mean, this pandemic has hit certain sectors a lot more than others, who knows what might happen five years from now and which sectors might be affected?

I am not saying that you should never buy shares in individual companies or sectors, I am just saying that it would be wise to start with a tracker and then later down the line, when you have done your homework, branch out a bit (if you still feel it is necessary.)

I started the same way, all excited about the many prospects, but sometimes boring is better.

RyanHello

Only stupid people get into day trading. You'll end up losing all your money. 
The people who do well at day trading are only successful because they're selling you books on "HOW to day trade". Surely if they were that successful from it, they wouldn't tell anyone about it.

I am from a family and have friends who are financial advisers. Long term index funds, mutual funds and compound interest is the only way you'll make money from investing.

You should be using a stocks and shares ISA, investing in long term funds up to £20000 a year before anything else.
Start with an initial deposit of £1000-£2000 in a low risk global fund and drip feed into your account each month.
When you build your fund to a certain level, invest into another fund if you want. 
the only "excitement" I had out of investing is when my emerging markets fund went up 19% in one year. Most go up 5-7% a year, but with compound interest that builds over time.

Investing in the stock market is not meant to be exciting.

Thrugelmir

bery_451 said:

Thrugelmir said:

bery_451 said:

Anything else important that I missed out on? 

Loads. You'll never stop learning............

But I touched upon they main key points correct?

Harriman Press have a broad range of books if you want to delve deeper.