I think 320 Sim Pilot is already the only person that can explain how to fly the A320 in simplest form.
Basically:
Managed mode is an autopilot function that “manages” your entire flight phases from take off, climb, cruise, descent, and approach based on the inputs that you entered in the MCDU computer. Values such as Cost Index (CI), Cruising Altitude, Weight and Center of gravity, as well as fuel on board, all are calculated to give you the best optimal airspeed for all of these phases.
Selected mode, is where you want to disregard all that computerised calculations and fly the way you want it to.
So for example, on Managed mode, you would have a calculated optimal airspeed for climbing. When you take off and start climbing and set your target altitude in managed mode. Your aircraft will take the airspeed as a priority. It needs to be able to reach and maintained the optimal airspeed before it can start climbing. That means, if you have a climbing airspeed of 285 kts. The aircraft will not climb/descend until it can fly with a stable 285 kts.
Same goes for approach, the aircraft autopilot already has a set airspeed that it will fly depending on your flaps configuration, as you extend the flaps, when you’re flying on managed mode, the autopilot will automatically target a new lower airspeed that’s optimal for your approach. This will ensure you’ll be descending at the right rate, with the right pitch attitude.
On selected, you have to determine that speed for yourself, if you know the right airspeed, you’ll get it right. If you get it wrong, the aircraft will behave strangely, like excessive positive nose pitch if you’re too slow, or nose down pitch if you’re too fast.
Another thing of note is the Auto-Thrust. In the airbus, it’s very simple. The thrust lever is divided into “modes”. We have IDLE, AUTO, CLB, FLX/MCT, and TOGA.
You take off by pushing the thrust lever to FLX/MCT or TOGA depending on whether you want full thrust or reduced thrust to save engine wear. When you start climbing, pull it back to CLB mode. And you just need to keep it that way for the rest of the flight. Let the Auto-thrust system manages the appropriate thrust in managed mode.
Even on low speed approach, you would still need to have the thrust lever set to CLB. And only pull it back to IDLE when you flare for touchdown on landing.