If you’re looking for a new way to make money - whether that’s to cover the rising costs of living or you’re considering an entire new career path, you may want to get involved with stocks and shares. This can be a daunting topic to branch into, with many of us finding ourselves thinking up images of Wall Street and stressed business people, it’s actually surprisingly accessible. My partner Josh even has some shares in Rolls Royce! Here are a few steps that can help you to get into the market.
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Choose Your Market
First, you need to decide which market you are going to choose as your area of specialism. You may not be aware of this, but there are more areas to consider than the stock market alone. Sure, this is often the first market that people think about when talking about this kind of investment, but there are others that you could choose from too. Some of the top areas people decide to get involved with include the foreign exchange (or FX) market, ETF Trading, options and contract for differences. Specialising in one will help you to build your knowledge.
Knowing What and When to Buy
Stocks and shares are always up and down in value so you need to make sure to invest the right amount at the right time. This will maximise the amount that you get on your return. Look who owns the different companies you’re considering investing in, their track record, how their other ventures are going and more. This can give you more information to make a more guided and informed decision. You could use an LEI code or “legal entity identifier” to provide you with this information.
Practice
It can feel daunting putting real money straight into different options you have available. But the good news is that you don’t have to dive in the deep end. While you’re still learning about trading and your chosen market, you can get some practice in by using stock simulators. These give you some hands on experience with zero risk or return. You can put fake money into the live stock market to see how your investments would’ve gone if it had been real money. This can give you the experience and confidence you need, learning important lessons along the way, without losing out. There are a few available out there, so take some time to determine which work best for you.
Start Small
When you do start investing, you don’t have to go big. You can always start with small amounts of money and build this up as you find your feet and begin to build your knowledge and understanding of the market. This can help to ease you into the process.
Use Apps
There are plenty of apps that can help you to monitor the progress and state of your investments at any given time. This will help you to buy and sell at the right time.
Of course, it may take some time to get fully fledged in stocks and investments, but hopefully, the guide above should really help you along the way!
Until next time,
Saph x
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