If you feel like you spend your life making economies and trying to live on less, there comes a point when you decide you want the money you do have to start working harder for you. The big question is how to do this.
Many money-making ideas usually require having a lot of spare cash to invest in something like a buy to let property or a business. But what if you’ve only managed to put a little bit aside each month in a saving account? What difference can you make with that? With interest rates as low as they are at the moment, your savings certainly aren’t going to multiply when sitting in the bank.
What you need to do is find a way of getting a better return on the money. One way that offers that possibility is through trying your hand at trading online. If you have never traded before, you may think it is too risky as you do not know what you’re doing, and you may lose those hard-earned savings when you’re ‘having a go’. Of course, this is a sensible thought-process.
But there is a way to see what kind of talent you have for trading without any real risk. And that’s through a provider like Tradefair. You can learn spread betting with Tradefair without using real money as an account is available in simulation mode. This is where you make decisions about the different trades you want to place, but the trades are virtual – in other words you’re playing at trading or spread betting. When you get it wrong, it doesn’t matter, as it’s not real money that you’re moving around. The only downside is that when you get it right, you also won’t reap any actual rewards. However you will gain experience, and that counts for a lot in the trading world.
Spread betting can cover many different markets. The biggest trading market in the world is the foreign exchange market. You can spread bet on this in just the same way that you might choose to do so on the number of bookings, number of goals or corners in a game of football. Anyone who has been following the news stories about Greece will know that the financial problems of the country have had an adverse effect on the Euro in recent months. If you’d been able to spread bet, you might have been able to make a profit. Whatever market you’re spread betting in, it’s never possible to know all the future outcomes. But you can identify probabilities and trends and make your decisions from there.
Once you’ve tried out different trades and decisions in simulation mode and started to make some good calls, you can opt to start placing real trades whenever you feel confident to do so. Of course, you’re never guaranteed a positive outcome – you may lose money. That’s why you should invest in tiny amounts at first, testing the water and seeing which way your luck goes. But, if you do get the hang of spread betting, you could soon see a small investment multiply and soar in value.
If you happen to do really well in your first few money trades, don’t let yourself get carried away by your initial success and start to place greater value trades too quickly. It’s tempting to want to see your profits climb quickly, but you’re better off remembering the tale of the hare and the tortoise. Slow and steady progress is the key to greater investment happiness, rather than having a rush of good luck and then crashing and burning.
You may also start off your spread betting experiment but then decide that a particular market doesn’t suit you. If that’s the case, you can always try another market – Tradefair has more than 3,000 markets that its users can trade in from a single account. For example, if you don’t get on well with the foreign exchange market, you could try the commodities market instead and see if you’re any better at speculating on the future values of products such as gold, cocoa and sugar.