I would like to learn to do paper trading using a service (platform?) that allows us to begin doing actual money trading after we become somewhat familiar with how to use their programs by practicing with paper trading. I’ve heard of thinkorswim, webull and tradingview. What I’m hoping to do is set things up so it will automatically buy a certain stock when/if it reaches a prechosen price and then sell it when/if it reaches another prechosen price. Is that possible? If so what would you people suggest using? I imagine that what it costs to do each trade is a very significant aspect. Is there a separate charge for each buy and each sell? I would think so.
Thank you for any help trying to learn about this!
David
Maine, USA
It’s your option to open as many demo accounts as you wish. The demo platforms will be very similar to the live platform from the same broker so it’s a great way to try out strategies and accounts, also customer service, risk management and money management.
Hey, I’ve been using MT5 and it’s pretty solid for what you need. You can set up those automatic buy/sell orders easily. Maybe you could give it a try and see if it fits your needs
We cannot suggest a broker or platform for what you want to do because 80 percent is the reliability of the platform, and the rest is your taste, whether you like it and are comfortable working on it or not.
But not with Metatrader, because that’s for trading forex, not stocks as you specified.
I think all the people recommending Metatrader, above, maybe didn’t quite appreciate that you were asking specifically about stock-trading (and to be fair to them, this is a beginners’ forex forum, after all!).
Yes, absolutely, and that’s the best approach. Those services are called “brokers”, and each has a range of different “platforms” to offer their customers.
With stocks, yes.
(With forex, only sometimes “yes”: some forex brokers also offer commission-free accounts, but make their profit from the “spread”, which will be wider. But if you want to trade stocks, as you mentioned, this isn’t relevant to you.)
If you’re also interested in trading forex, of course you have a big learning-curve ahead of you, and I strongly recommend starting here (click the green link) -
Thanks for making that clear and thanks to everyone who has made suggestions. I don’t know what Forex is but am just asking about this in different trading forums trying to get some clue about the basics. I do other searchings as well but always like to include discussion forums when learning something new because they are usually where I learn best about what to really concentrate on. There is so much! out there and especially with trading so much of it is trying to lure people in. Discussion forums are probably the best place to get more neutral suggestions about what to try to learn.
