Where to start ...

emma108pd

I want to save and trade but have no idea where to start
I was reading it is best to start with a savings plan before start trading. I would like to do both but what is the best place to start both please

I would like to get some options on platforms for both as well i know a lot to ask but i want to start learning
Trying to learn as much as I can. If someone cold help that would be great 

Daliah

I would suggest you start by reading through the savings pages https://www.moneysavingexpert.com/savings/

I would also suggest that trading might not be for you. Very few if any people on this board are trading. Once you have got your mind round saving, your next step should be to look into your pension arrangements. These are about investing, not about trading, and there is a lot of help available on the Pensions board.

Grenage

If you mean day trading then be mindful that most people lose money doing such.  If you're really set on it then throw your spare money in a global tracker for now and spend the next 12 months reading up.

You can get free trading accounts with play money trading212/etoro/etc).  Use that for 12 months and see how you fare.

You'll likely do poorly on the play account and be thankful you didn't splash out.  Don't get lucky for a month and think you're the second coming of the stock market.

Brie

Agree it's best to sort out the saving side first.  Maybe with an isa or similar? Once you have a bundle of money you can think about what level of risk you are ok with.  How much would you be able to lose without it being a big issue?  Trading can be very similar to gambling where you need to know how to hold, when to fold and when to walk away.

Albermarle

Three definitions for you 

1) Savings - held in a savings account with a bank or building society. They are safe and earn some interest, but not very much. Useful for short term needs ( for holidays, saving for Xmas etc ) and  emergencies ( lost job, large unplanned for expense)

2) Long terms Investment - held in a pension or Stocks and Shares ISA usually. Normally diversified funds, linked to financial markets but not usually to individual companies. These investments will go up and down in the short and medium term, but long term should see steady growth .

3) Trading- Buying and selling individual company shares, foreign exchange, bitcoin, CFD's etc - More exciting but a very good chance of losing money. Basically it is just gambling, the same as betting on horses on the turn of a roulette wheel.
Best left to the City professionals.

bostonerimus

If you are sensible you will forget about "trading" - it's very risky and lots of people lose money. Here's what I did/do.

1) pay off any hight interest debt, like credit cards.
2) make sure you have at least 6 months cash spending in the bank.
3) educate yourself so you can implement a simple investing strategy and avoid the extra costs of an IFA.
4) invest as much as you can in your workplace pension as that's a guaranteed tax saving. Invest in low cost multi asset funds.
5) use ISAs and also invest in low cost multi-asset funds.
6) buy a house and make extra mortgage payments.

dunstonh

The majority of people that do trading lose money.  They do it for fun rather than a serious way of making money.   A small number will get lucky and it will be that small number that the majority that lose money will be aspiring to match.

So, if you want to play with your money, you shouldn't just use savings and trading.  You should use conventional investing as well.  Your savings and investments will be your serious money and your trading will be your play money that you can afford to lose.

Or just find a different hobby.   Investing should not be fun. It is boring and methodical.

emma108pd

Thank you guys sorry i did not reply sooner i am reading threads on here

I might just trade for fun just to keep me entertained if i get money from it i'm winning lol

I do not work at the moment would love to try but my legs are not great anymore 
I have 6 children i look after my partner works he puts into his pension 

any other tips would be great

Daliah

whose money would you be gambling with? what's your plan to achieve your goals? 

Malthusian

emma108pd said:

I might just trade for fun just to keep me entertained if i get money from it i'm winning lol

Playing computer games is fun even if you're losing (or it should be). Watching lines on a screen go down while you lose real money is not fun.

Trading is only "fun" if you're winning and the vast majority don't.

If you want to save, find something to do that is fun and free to protect your savings from being gambled away out of boredom.

emma108pd

great point
I think it would only be with spare money we have. I do think the spare money would be put to better use 
We are not sure how we are going to get our goals but i am looking at threads on here to inspire me 
Just do not know which one to start with or maybe i do as we need somewhere to live with such a large family how i am going to active this not 100% sure yet
I am working on my health as well because i want to work so much 
It is hard as i think i need an income as well for us to get a lot of what we want