We’ve all heard the tired cliché “don’t put all your eggs in one basket.” In other words, to be successful in the long run, it’s a good idea to spread your money around in diversified areas. You’ll certainly invest some in a retirement fund. Maybe you’ll save some in the bank, but good luck accruing any notable interest. You’ve likely at least considered investing in stocks as an option. But what if you don’t really know the stock market? It can be hard to tell the difference between a reliable investment and a disaster waiting to happen, and this can get intimidating fast. Maybe you’ve been scared away from this option in the past. Fortunately, there are some no to low risk options for newcomers to learn the ropes before diving in.
Tackle the Basics
If you’re completely new to the stock market, or options trading, you may consider studying with the assistance of a service like options animal. These services will often offer some free tips about the basic concepts of investing, so you’ve got nothing to lose by just having a look. Beyond this, they’ll offer paid courses on different elements of investment and wise practices, all backed up by experts. You’ll be able to choose which individual course(s) you wish to undertake, so you’ll get an individualized experience for your needs, whether you’re a beginner or an advanced trader.
After looking at these options, it’s wise to test your knowledge/instincts before actually heading into the market. Thanks to apps like Tradehero, it’s possible to trade with virtual currency to test the waters. This app starts you with 100k in virtual money and lets you invest in different options and watch the virtual market change in real time. It also offers tips from trading experts, and in some countries it’s even become possible to make real trades with the app once you’re comfortable with the concept. This makes the app a good potential bridge from a risk free environment into the real market.
Find Your App
Once you’re comfortable with the basics, you’ll need to find your vehicle for your trading. Luckily, there are plenty of apps to choose from to match your experience and needs. Acorns is a low risk app that’s near universally considered good for beginners. Essentially, this app keeps track of your spending and “rounds up” purchases to use in your account. It collects change to store in your investment folder, and it also makes suggestions on where to invest the money. You have little to lose with this method, and you may be surprised how quickly that spare change can turn into significant revenue.
If you’re looking for something more adventurous, or maybe some quicker returns, a technique called “day trading” is fairly simple to understand. This is basically the practice of buying stock and holding on to it for a brief window (sometimes not even a full day, hence the name) and selling it as soon as it goes up. Robinhood is considered a good app for this, as it doesn’t charge any commission fees. While it won’t bring in a ton of wealth at once (unless you’re risking huge sums), it’s relatively low risk and can net you some extra money with little effort.
If the buying/selling stocks seems complicated or stressful to you, or maybe you just don’t want to deal with the hassle, there’s no shame in calling in the pros. In fact, there are some advantages in hiring a full service broker instead of handling everything yourself. They can offer you on-the-spot expert advice in an ever fluctuating market in more detail than an app. They can also maintain all the documentation for you, which can free up a good chunk of your time. Best of all, ensuring your success is their livelihood, so they’ll be as invested as you are.
However you decide to go about it, there are plenty of convenient ways to invest regardless of your experience level.If you enjoy the content at iBankCoin, please follow us on Twitter