Best day trading software
Discussion
A friend of mine did a course with someone and had to pass an exam. He then paid nearly £2k but now trades with other people's money. At first his losses are limited until he can build a successful reputation.
I'd like to get into it but not the course. Ill trade with my own cash. Just will do a few months on pretend money to get a feel for how it all works.
Lookin for recommendations on good software to use.
I'd like to get into it but not the course. Ill trade with my own cash. Just will do a few months on pretend money to get a feel for how it all works.
Lookin for recommendations on good software to use.
jonamv8 said:
when you say day trading software do you mean charting or actual trading? Also are you spread betting or actually investing?
Well I've got a lot to learn as I don't actually know the answer but basically the typ where you look at trends on a very short term basis and buy shares before there is a peak in price! Not sure if that involves actually buying the share or just spread betting on it. I think you would be better off using a small amount of real money, after a brief trial to make sure you understand how it works. It is quite possible to be a successful paper (pretend) trader and be completely hopeless at the real thing. You won't know how you react to losing money until it is real.
Yep. Trading threads are like buses, as always.
Watch both episodes. http://www.bbc.co.uk/iplayer/episode/b04j525k/trad...
Watch both episodes. http://www.bbc.co.uk/iplayer/episode/b04j525k/trad...
Interactive brokers have a decent paper trading platform, but you'll need to set up and fund an actual account before they let you use it. Not quite sure how your going to get on with it if your completely new, its a very steep learning curve on that platform.
Stand to be corrected but I think most of the other platforms offer paper trading, your issue is finding one that has usable charts.
As others have said not sure paper trading is the way to go, sure it might help but it simply doesn't replicate the real thing.
A few books that you might find useful as a general overview but that aren't overly technical:
Come into My Trading Room: A Complete Guide to Trading
Trading for a Living: Psychology, Trading Tactics, Money Management
Stand to be corrected but I think most of the other platforms offer paper trading, your issue is finding one that has usable charts.
As others have said not sure paper trading is the way to go, sure it might help but it simply doesn't replicate the real thing.
A few books that you might find useful as a general overview but that aren't overly technical:
Come into My Trading Room: A Complete Guide to Trading
Trading for a Living: Psychology, Trading Tactics, Money Management
Those are interesting books. I also found this one interesting: http://amzn.to/XVoH3i
Dunno how things have changed but don't IB have a fee per trade? And quite a high minimum trade for someone testing the waters? Alpari allow 5p per pip although only on FX and gold/silver.
Dunno how things have changed but don't IB have a fee per trade? And quite a high minimum trade for someone testing the waters? Alpari allow 5p per pip although only on FX and gold/silver.
To be honest not too familiar with the spread betting side, just plain old fashioned shares for me.
IB charge me $1 each way so cheap as chips commission wise but then they do charge monthly for data, roughly £100 a month for newswires, uk and usa data plus level 2 data.
But if I recall correctly think there is a £10K minimum for opening an account.
Probably not the best option for a newcomer but its similar to the platform his friend was using.
IB charge me $1 each way so cheap as chips commission wise but then they do charge monthly for data, roughly £100 a month for newswires, uk and usa data plus level 2 data.
But if I recall correctly think there is a £10K minimum for opening an account.
Probably not the best option for a newcomer but its similar to the platform his friend was using.
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