The essential tech you need to start trading in the financial markets

Are you looking for new ways to make some extra cash? There are plenty of options out there – and not all of them involve selling your unwanted items on auction sites. Out of all the various options, have you ever thought about trading the financial markets? If the answer is “no”, you probably aren’t alone in that. But the last 18 months have seen a huge spike in the number of amateur investors looking to make their money go further. And it’s easier than you’d think…

A beginner’s guide to trading financial markets

Of course, this can seem like double Dutch to start with. For such a long time, we used to think that only a certain type of individual could understand the markets. But advances in technology and increased entry points mean that anyone can get started. It’s based on the idea of buying ‘assets’ low and selling them high at its most fundamental. And it can turn a pretty penny too.

There are various markets to get involved with – depending on your interests, knowledge, and confidence. For some, you can trade stocks on indices such as the London Stock Exchange. Or you can invest in the fortunes of commodities like gold, oil, and other items. There’s also forex, which can generate profits when you exchange one currency into another on the global market.

See here for a deeper understanding of investment products.

The tech devices and platforms you will require

With all this choice, how do you get started? And where will you find the keys to such markets? Believe it or not, all it takes is an internet-enabled device and a stable, reliable connection. Yes – even a 4G smartphone will do. The World Wide Web has pulled the world closer together, and it’s always on. But there’s still one thing left to do before you’re able to get started.

By signing up with an online broker, you’ll have access to the markets you want to invest in. If it’s the currency markets you’re interested in, for example, all UK forex brokers have their own apps and platforms for phones, tablets, and computers. Not only do they allow you to ‘execute’ trades, but you can also set up price alerts and notifications to be better informed.

And Not Forgetting: The other things to consider

Staying informed is one of the key things you must think about when starting trading. After all, this is your money we’re talking about. There’s every chance you’ll make a profit when trading. But there’s also the potential for losses. And one way to avoid that is to ensure you know what is happening in your markets. Thankfully, your preferred apps and platforms can do just that.

It might also be worth considering how much processing power you need. If you think this may be a serious part-time pursuit, a high-spec laptop will have the capacity to supply you with the powerful analytics you need. But if this is simply a little side-hustle, the trusty smartphone app you download to your device will be more than adequate.

Above all else, however, the one thing you must consider is how much you’re prepared to risk. Markets can be volatile and the amount of money you put in can go down as well as up. But it is an activity that anyone can get involved with. And it’s one that you can succeed in thanks to the various sources of information and analytics that technology now provides.