GetStocks is an app which is making it easier than ever for consumers to jump into the complicated world of stocks and shares, opening it up to an entirely new audience of would-be investors.
GetStocks also differs from traditional trading as it provides the unique ability to subscribe to and follow other investors on the platform, allowing you to see how they have invested their money and the copy those trades. Those that earn themselves subscribers through the site all get to keep a hundred percent of the subscription fee (which you’re able to set yourself) – opening up an additional source of revenue to encourage positive trading.
If you still find the prospect of trading a bit daunting, below are the top five trading tips for beginners from GetStocks:
BE SIMPLE AND REALISTIC WITH YOUR EXPECTATIONS
The idea of investing in the stock market is not to become the next Alan Sugar, but to have a secondary source of stable income. Don’t look for complicated strategies or expect six-figure returns. The most important part of investing is keeping a level head.
CREATE AN EMERGENCY FUND OF TWO TO SIX MONTHS’ SALARY
While it may be painful to cut back on luxuries, having a financial cushion will give you the peace of mind to be able to invest further savings and know that you are prepared for short-term events. Giving up a single latte a day £2.50 can turn into over £500 over ten months. See where you can cut back and do a little financial spring cleaning.
MAKE AN ASSESSMENT OF WHAT YOU CAN INVEST OUTSIDE THE EMERGENCY FUND
How much money do you have available that you can put towards the Stock Market? Consider creating another savings fund if you don’t have cash on hand. Being in the Stock Market means your money will not be liquid and available at a moment’s notice. Investment is like planting a seed, it needs time to grow.
ACCESS YOUR LEVEL OF RISK
Consider the factors of age, personality and overall financial health. Every portfolio is different and yours needs to reflect your life. Consider also the time you intend to put in. Are you the type to check your stocks hourly, or would you prefer a more leisurely approach?
START READING AND RESEARCHING
Watch the Business Channel. Learn the basic terminology and find good sources of information, like GetStocks. Don’t rely on “hot tips”, learn to trust yourself. Talk to others about what they are investing in and why. You can never have too much information.
GetStocks is available on both iOS and Android devices, and you can sign up for a free account at www.GetStocks.com