Hello all,
Currently sitting with a broken ankle at home. I've dabbled fairly unsuccessfully with investing in the past, but seeing as I'm sat at home like a donut now would like to have a better go and so that I learn in a more sensible fashion would like to use a virtual platform.
Does anyone have a recommendation for an app or similar that i could use to practice with fake money. I'm particularly keen to be use and app which will allow me to buy only into stocks or funds that are available to me in the UK.
Do you have any recommendations?
Really cannot see the point of virtual stocks & shares. It'd be like picking lottery numbers & not playing them. Absolutely nothing to gain yet you'd feel like shite if they came up & you would've won big style!!
Trading 212 do a free practice account, not saying if its a good or bad idea though.
Look at Plus500, app is easy to use and has a demo mode, where you can practice. But if you do use real money beware as it is CFD's (Google will explain what these are much better than I can), and you can loose money very quickly.
But if you do get a profit in demo mode, it does not mean you will necessarily make a profit in real trading.
You'd learn a lot more by reading something like monevator.com
I vaguely remember a stat where 85% of people using these investment apps were losing money compare to about 75% making money on the 'demo' versions.
It is a bit like playing the online poker games that are free. I have had more 4 of a Kind and other great hands on those games than EVER in real life.
Beware
I can see this being a big hit in the arcades!
But if you do use real money beware as it is CFD’s (Google will explain what these are much better than I can), and you can loose money very quickly.
They are the ones who have to say in their adverts that 80% lose all their money trading with them! Still seems popular as they advertise in all the papers finance sections looking for people to rip off.....
The boring s&s answer is put money in each month into a low cost, diversified index tracker.
Day trading is just gambling, may as well go to the casino - at least you get free sandwiches and coffee there.
"Really cannot see the point of virtual stocks & shares. It’d be like picking lottery numbers & not playing them. Absolutely nothing to gain yet you’d feel like shite if they came up & you would’ve won big style!!"
+1
And it's easy to stay invested if you have invested no money. It teaches you absolutely nothing about your attitude to risk.
It's like playing poker for match sticks. Pointless!
Many of the dealing platforms have a virtual portfolio facility or if you are not using one have a google search for trading simulator or virtual portfolio.