For many years, I used to think that investing was too complicated, too time consuming and maybe a bit too risky for someone like me. But the internet has made investing safer and easier than ever before.
There are websites that allow you to copy professional traders on autopilot, mobile apps that will text you exact instructions on when and where to invest and YouTubers that live stream each day sharing their ideas and giving free advice.
If you haven’t started investing online now is certainly the time to think about it. In this article, I am going to share some the different ways that I use to invest my money online.
How to start investing online:
Copy Professional Traders
Copy trading platforms like eToro and Zulutrade allow you to copy profitable traders as they trade their own accounts. Simply make a deposit, subscribe to a trader and all of their trades will be automatically executed in your account. Copy trading is a great option for people who do not have time to execute trades due other commitments like work. However, it does come with some risks so be careful.
Subscribe to a Forex signal service
Signal provider services will tell you exactly what to trade but won’t actually execute the trade for you. This usually involves the signal provider texting or emailing you as they see opportunities. Whilst it is not fully automated like copy trading, there are 2 main advantages over copy trading. Firstly, you get to pick and choose which trades you would like to take. Secondly, you learn a bit about trading ideas and how to execute trades. However, there are many scammy signal providers that claim to be good but in reality, will just help you lose your money. I tend to look for signal providers who also provide good technical analysis and support. Finding a good signal provider is a bit of a trial and error process.
Follow a stock advisor
If you are looking for a slightly slower paced and longer term investment strategy, then subscribing to a stock advisor service might be the better option for you. Stock advisor services like Motley Fools have been beating the market for years and provide you with 3-4 solid picks each month. The idea here is to buy those stocks and hold onto them for healthy profits. This will require some patience on your half and may not be suited to people who like the weekly thrill but it’s proven and it works.
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Learn how to trade
Having tried both copy trading and following signals, I have realised that the only way I was going to make serious money investing online was to learn how to trade myself. Yes, this comes with risks as I’m not a professional trader but as you begin investing with bigger capital, it’s not just about skill but also psychology.You see, when you are trading with small amounts of capital it’s easy to give that responsibility to someone else and kind of forget it. However, as you begin to increase the amount of capital you are investing, you also increase the amount of worry and stress associated with that investment. Investing lots of money comes with its own psychological challenges and not truly knowing what is going on will make you less confident and therefore limit your potential.
Picking an investment strategy.
Your personal circumstances will determine which investment strategy is right for you. I personally invest some of my capital into low touch automated systems and other capital into more hands on investments. There is no one singular path for investors and a lot of it will come down to finding something that works for you.
Whilst investing has become easier thanks to the internet, it still requires a fair amount of research and commitment in order to actually make a profit. A lot of this boils down to mindset and your relationship with money which is why I have an entire section dedicated to this. One thing is for sure though, you won’t be wealthy until you learn how to invest your money wisely.