How To Make Money Fast With Stocks – Hey pals sis back with another part of my mini series on Investing, just in time for #Adults101 wee 🥳 If this is your first time here, please check out the previous parts to get a better understanding. I talk about why you should invest and the basic investment principles you should know.
Without further ado, let’s get into how you can begin your investment journey. There are different ways in which people buy or invest in the stock market.
How To Make Money Fast With Stocks
There are people trading, think The Wolf of Wall Street where the pressure is high, there are tons of money involved in one transaction and it happens fast. Trading is the bright side of investing and maybe a beginner can imagine what investing looks like. Traders often time a stock’s growth and tons of research goes into the stock before buying and selling takes place. The term “buy low sell high” probably comes from trading, where they aim to put their money when the price is low enough and sell when it rises to a certain amount. Everyone is different and it depends on their decision. Did you know, the term day traders means that they buy and sell within the day while swing traders hold their stocks for more than a day. Trading is definitely high risk and you can lose every penny if you don’t know what you are doing.
Advantages & Disadvantages Of Penny Stocks
As a beginner, you shouldn’t be playing with trading anytime soon. You can passively invest in the stock market by putting the same amount every month to buy more shares. With this strategy, you are not trying to time the market but rather you are increasing your time in the market because as mentioned, the trend is higher.
ILPs are offered by financial institutions (such as banks and insurance companies) and some policies have a life insurance component to them. In my humble opinion it can be both good and bad depending on your needs. I recommend going this route if you don’t have time to do any research and would rather pay a professional to do it for you. Or if you are cool with not having access to money you will invest it for long term (some ILPs hold it for more than 10 years). The good thing about ILPs is access to other funds that you can’t get out of.
A popular option now is to use roboadvisors such as Syfe and Stashaway. These platforms use an algorithm to determine your risk profile and which investments are right for you. Similar to ILPs, they give you access to portfolios decided by employees at a very low cost of entry. I started my journey with roboadvisors but due to the closure of Smartly (roboadvisor platform), I liquidated my portfolio in Syfe and continued to invest my money. FYI, Smartly was not profitable so the owners decided to sell the company. Clients are forced to liquidate their portfolios and sell positions at that time when it happens. They were offered to move to Stashaway at a discount but overall it was a waste.
Don’t be intimidated by what you think it is. To manage your investments, you must first open a brokerage account and this can be done through platforms like Tiger, MooMoo, WeBull, IBKR etc. Personally I use WeBull. These platforms give you access to the stock market with minimal to no limits. You can buy bonds, currencies, currencies, cryptocurrencies and so on… When the account is opened, you can literally buy and sell shares – that’s it! You just have to figure out what you want to buy, and that’s not the advice I’m going to give you. Once you’ve found that, you can connect your bank account, start depositing money and viola you’re on your way to buying your first share. Good times! 🤩 I mentioned that I use WeBull and one thing I like about it is that I can buy a fraction of a share which I find very helpful in implementing a dollar value strategy.
A Beginner’s Guide To Webull: Tips For The Popular Stock App
Always check everything. Don’t jump on the bandwagon just because someone is recommending it or everyone else is using it. Consider your needs, goals and preferences. You should look for any fees such as transaction fees, buying and selling fees, currency conversion fees – basically any cost associated with any of the channels mentioned above. For beginners who may not invest a large amount of money, sometimes these additional costs and fees can end up eating into your investment, taking a long time to get a profit.
Wow, that was a long job. Thanks for doing it now and I wish you all the best on your journey. Follow me for more adult stuff and if you have any questions, shoot me a dm and I’ll try my best to help!
Thanks for sharing. Perhaps, risk analysis (Socio-economic geo-political, currency risk, exchange rate risk ….etc and exit strategies are important to consider). What do you think?
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