There are a lot of financial advisors out there and a lot of financial advice.
Most people want to make a lot of money and they do but they also lose all of it too.
There is more to money than just making and spending it. There is also more to money than just saving it too.
Typical financial advice is to save something each month and while that’s indeed important, it’s not going to make you financially independent.
What you need to do besides saving your money is grow your money.
How do you do that?
Investments, using your savings to make more money.
There are a number of different ways you can invest – from the stock market to real estate; you can use your savings to make you more money.
But investing can be risky and when not done properly, can cause you to lose everything. However that does not have to be the case. While each form of investing carries its own risks, one form is at an all time low when it comes to risk.
A good social trading platform is Tradeo, you can check a Tradeo review here to see if it’s for you.
When you trade online, you can invest your money in a number of assets and industries and grow it exponentially.
On top of that there are a number of risk management strategies in place for you to reduce the probability of severe losses which a number of people suffer when they don’t invest wisely.
When it comes to online trading, you have a number of different options. These are:
- Currency trading
- Real Estate
- Bonds
- Stocks
- Social trading
The most popular options are the trading of various financial assets but one method that is gaining prominence, and has a number of benefits that the others do not, is social trading.
Get your FREE trial of Simplifi by Quicken. You work hard for your money. Now let’s make it work hard for you.
What is Social Trading?
Social trading is known as the process through which online traders depend on user generated information taken from different web 2.0 applications as the large source of information which they use to make decisions in regards to their investments.
In other words, social trading is using the information from others al known as the crowd to make your trading decisions.
What’s the benefit?
The beauty of social trading is the community and the information you get from that community. When you are a part of a social trading community, it makes your trading experience unlike anything else.
This is because you do not have to make your trading decisions in isolation, you can view decisions made by a number of other online traders like yourself and use that information to know which trade would yield the most rewards for you.
It reduces risk while maximizing reward.
One thing is of importance and that’s choosing a good social trading platform. The same way you’d gain more traction if you advertised on Facebook rather than Myspace, is the same way it is important for you to choose a good social trading platform to trade on.
Social trading is fairly new but it shows serious promise for online traders and is definitely a way for you to invest and use your savings to increase your wealth.
Comments