We have all sat around and watched the crazy run the stock market has been going through the past few years. I am sure getting in on the action has crossed most of our minds more than once. I know I have sat around daydreaming about being able to work from home or anywhere really and doing little more than buying and selling stocks from my computer. For most of us, this is definitely a bit of a stretch. Luckily though with today’s tech getting into the market is easier than ever. Long gone are the days of having to call up a broker or waiting till the morning bell to get in on the action. If you are feeling like I once did, overwhelmed, and not sure where to start. Then keep reading as I show you some simple ways to use modern tech to your advantage and start trading today.
Your first step into your new venture should, without a doubt, be gaining some knowledge and at least learning the basics. I highly recommend www.investopedia.com. This site can be overwhelming but, go ahead and click on the education tab and take as much of it in as you possibly can. This site has absolutely everything you could need to know. Another great resource they offer is a trading simulation. This is a great way to get into the market with nothing to lose. I highly recommend giving this a try before investing real money.
Okay, so now you have done your research and hopefully gave a simulation a bit of a go. Now it is time to lay down some cash. Well, as I said, this article is not going to cover the ways your grandpa got into the market. Here are a few of my personal favorite apps to get you going from the comfort of your own phone.
This app is a great place to start. Not only do they offer real-time trading, but you can also begin with “paper” trading. This is just another term for simulation trading. The best part about their simulation trading is they offer a weekly contest, which gives you a chance to win real money. After you are feeling confident, you can start trading with real money with no need to open a new app or start a new account. Webull also offers real-time news events from multiple sources like CNBC, Bloomberg, Google Finance, Wall Street Journal, Reuters, Yahoo Finance, and more.
This is a personal favorite of mine. With Robinhood, you can trade stocks, invest in markets, shares, options, and even cryptocurrencies. The best part is they offer all of this without charging any fees or commissions. It is also effortless to get going with them. They are connected to over 3500 banks, which makes starting up a breeze. If you are interested in cryptocurrencies, this is a place to get started, but that is a whole different ballgame.
So maybe after doing some research, you have decided that a hands-on trading approach is not for you. I highly recommend you check out Acorns. With Acorns, almost everything is automated. You can choose to make a scheduled recurring payment or to round up spare change from everyday purchases and automatically transfer it to your trading portfolio. From there, they invest it into diversified pre-made portfolios that match your financial situation and appetite for risk. There is no trading fee, but they do charge up to three dollars a month for their services. With some of the worlds leading economists, I don’t feel like this is too much to ask.
Hopefully, with these tools, you can get started investing for your future. If there is one thing to take away from this article, it is to educate yourself and do plenty of research before actually getting into the market. Never forget that whenever you make a trade that there is someone on the other side, that feels they are making the winning trade also.