For those in the know - are there are any decent virtual trading/investing platforms that the extremely risk averse amongst us could have a play around with for a month or two to get a feel for things?
Or would you be better off diving into live accounts but just messing about with disposable pub money to start with?
If you're truly risk averse then you need 2 things.
1 - Google
2 - A notebook to write it (I guess a pen brings us to 3)
Make a grid stating:
1- name of stock
2- the amount you want
3- the cost per share
4 - the date
5 - If first buy: why you want the stock. What does the company do that makes you believe in them. What innovations do they have that are being overlooked?
- If selling: what has changed making you want to sell.
for 6 months you should follow this notebook putting in the new info once a week and tracking your virtual losses and gains.
Through this you will learn to not take silly risks (GME etc), how to be patient, exactly which stock you want.
Then after 6 months cut your choices down to 2 and no more. buy those two stocks with money you are willing to lose. Imagine its already gone, you've spent it on the upcoming learning experience and nothing more. Now sign a contract to your future self saying you wont be an idiot. Hold that stock for at least 6 months, only selling when high and buying in every month the same amount.
whilst you're waiting read the intelligent investor and learn the importance of the patient investor.