We spend our time scrolling, using our devices to catch up what’s happening in the world. In fact, last year saw over two-thirds of us using our smartphones to get the latest news headlines.
Access to the online world is right at our fingertips, making it possible to make money by logging on. With a few taps of a mouse or swipes on a screen, you can try your hand at trading and investing.
If you’ve always wanted to try trading, here’s a look at how you can get started by following a few steps on your smartphone or laptop.
Ways to make money from investing and trading on your device
What do you need to get started in investing and trading?
When you think of investing and trading, it’s likely you will have the trading floors seen on TV and films in mind. But trading today is very different to the depictions from the 1980s. Tech has evolved in the last 20 years and it’s now possible to access the trading floor through dedicated apps and platforms hosted by brokers.
To start trading and investing, do some research into the platforms that could work for you. This information gathering stage is essential as it’s important that you don’t jump in before you know where you want to begin your investing journey.
What to trade as a beginner?
As a beginner, you might find that forex trading is a great starting point. Forex – or foreign exchange – trading is the process of trading one currency for another. The value of different currencies fluctuate and traders will buy and sell based on how they think the currency will perform.
Forex is one of the biggest financial markets in the world and there are plenty of apps that you can access that help you navigate your first forex trading deal. You can even access the demo part of these apps so you can build up your confidence before doing it for real.
More advanced trading
Are you a more advanced trader looking to build your expertise? Maybe you’ve been trading in forex for a while and you’re ready for the next step.
There are plenty of other types of financial trading options available, but if you’re looking to diversify your portfolio, CFD – or contract for difference – could work for you. This process gives the trader the opportunity to invest in contracts between two parties with a view to making a profit on any changes to the price of traded assets or goods.
This is a way to make money on the trade of assets and goods without having to own them, meaning that there’s no long-term attachment to the businesses that are involved.
Should you feel like you have the trading and investment experience to take things a little further, you could take some higher risks by investing in business start-ups or companies that are hotly tipped to do well. Investing in this way can reap rewards, especially if you use your device to get up-to-the-minute updates so you can invest at the best time.
However, if the business doesn’t pan out or the financial backers pull out, you could lose a substantial amount of money. Therefore, you must be prepared to lose the money you put in.
If you’re not quite there yet, you can invest in stocks and shares in companies rather than the businesses themselves. The stocks and shares market changes daily, so you can follow popular stock indexes like Dow Jones and S&P 500 online to see how your shares are doing. When you’re ready and you think you’ve made what you set out to make on your investment, you can sell your shares for a profit.
What apps will you use to start out to make money from investing and trading? Do you feel ready to try your hand at forex? Or are you all set to attempt CFD?
Keen tech writer outside of my day job in I.T. and spending time with my family.