Free Online Investing Made Easy

There are plenty of sites online that allow you to start free investing accounts. The choices don’t have to be overwhelming if you know what to look for. Free investment accounts are great for both beginners and the seasoned investor.

Utilize Practice Accounts

If you are new to investing online you may want to look in to some of the companies that allow you to set up a practice account. Websites devoted to investments like Forex online will allow you to do this. The benefit is that no real money is ever lost. You will be able to access the trades in real time for a set amount of time before you have to place any money in your account. The practice account with Forex is initially funded with $50,000 in ‘play’ money so you can test out the software and understand how it works. Most of these sites will allow you to speak with live agents 24 hours a day if you have questions. This is a great way to get your feet wet without any risk.

Investment Risk Tolerance

Before you embark in the world of online investing, it would be worth your time to take a quick quiz to find out what your investment risk tolerance is. This will help you determine how much money you can comfortably play with while you are just starting out. You can do a simple internet search to find several of these quizzes. The questions will go over real life scenarios and force you to think about the risk you are willing to take. The quiz will end up rating your tolerance level and you can take this information and put it to good use when you start looking at investment options.

Investment Objectives

When you start trading for free online, you will need to know what your investment objectives are. Are you just wanting to try it out and see how you do? Are you wanting to try to supplement your income with a little extra cash? Or are you wanting to try to make a comfortable living at this? With the objectives in mind you can make informed decisions about what type of investments you want to make. If you are just starting out, or just want to make a little extra cash then the safer investments, such as Treasury bills or CD’s may be the best option for you. Once you get the hang of investing you can move on to medium risk trades. If your objectives ever change, the free online investing will allow you to change your strategies without any penalties.

Whatever your reasons for wanting to get in to the investment game, there are plenty of places you can start free investment accounts and work to get the hang of it.

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