For most of us, stocks and shares are unknown territory. We associate them with professionals, stood in suits, shouting figures down phones in front of screens with indecipherable figures sprawled over them. But this is just a representation given to us by films and the mainstream media. In fact, the average person can engage with stocks and shares. We have such easy access to so much information that trade secrets are out of the window and we can have relatively high odds of success when we delve into the realm of stocks and shares ourselves. It’s important to remember before getting started, however, that engaging with stocks and shares isn’t an entirely risk-free venture. There are various places where you can trip up and investing in the wrong company, failing to keep an eye on the market, or selling up at the wrong time can result in major financial losses. Here are just a few tips and tricks to help you make sensible investments and render the entire process as risk-free as possible.
Use Tracking Apps
One of the most important factors involved in making a success of your investments is to keep an eye on the market at all times. Of course, this is relatively difficult if you have other commitments and can’t monitor the market incessantly. The good news is that there are various tracking apps out there that will do this on your behalf. Consider robinhood or stash. These are two of the best investment apps currently on the market and has its unique twist on stock market investing. Read reviews to decide which is best for you, or even try out both yourself!
Try Out a Simulator
If you’re feeling a little hesitant about putting money straight into the market, you can give yourself a little experience through the use of stock simulators. These are online simulators that allow you to engage in the real stock market in real time, but you only invest with fake money. You get to engage with stocks and shares without risking losing any money. This gives you the best opportunity to train yourself and familiarise yourself with the process before putting any real money down. Perhaps the best simulator out there is Investopedia, which tracks your portfolio, gives you your trade options, monitors your short stock, helps you to place market orders, and limit orders.
Perhaps the most important piece of advice that can come hand in hand with stocks and shares is that it can never be entirely risk-free. There are measures such as those mentioned above that can help to minimise the risks that you are taking when you engage with stocks and shares, but if you are massively concerned with the risk entailed, you might want to consider finding another money making venture. At the end of the day, this is a market engaging with something that is relatively volatile. Stocks can peak and fall rapidly. But where there’s risk, returns can run extremely high too.