Basic beginner questions like paper trading

[nopeda]

Hi,

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

 

[Riddler]

Yes it's possible and probably every brokerage service allows those order types to be input on their platforms, these are called limit orders. As I'm in the UK I don't have any recommendations for you as none of the brokers I trade with will onboard US residents (probably regulatory reasons), likewise when I started trading and was looking for a broker I was very interested in TDA but then found that because I am a UK resident I couldn't sign up.

If your main concern over which broker to use is the ability for you to place limit orders with them then as I said just sign up with any of them but if you want to look at the fees for trading and compare brokers then this website may be a good place for you to start, here you can see side by side comparisons of the charges and other useful metrics.

 

[Larisa]

Hi,

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

You could look into MT4 for setting up those automatic orders. It's another option that's user-friendly and might be worth considering.

 

[nine]

Interactive Brokers offer this sort of functionality in their paper trading mode.

I just checked and it's available without a funded account.

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