"Genius is one percent inspiration and ninety-nine percent perspiration."
- Thomas Alva Edison
While this statement was very true in the latter half of the 19th century, times have changed. The digital revolution has provided us with unprecedented methods to augment our current knowledge base and thankfully, this trend is completely relevant in terms of investing. However, the sheer breadth of options at your disposal can create a bit of confusion; particularly if you have just entered into this promising field. Let us therefore examine some tips and tricks which will allow you to leverage cutting-edge programs to your advantage.
The key here is to realise that you also have access to an inordinate amount of knowledge and learning resources. What was once only provided to the privileged few who were training to become wealth managers is now available with the click of a button. The first rule of thumb is to utilise these learning tools at all times. These include how-to guides, forums, social media sentiment and reliable news sources.
Do you recall the "brick" phone owned by Gordon Gekko in the film Wall Street?At the time, this piece of technology was changing the business world. We have come a long way since then. Smartphones have revolutionised the ways in which online trading takes place and you can now . So, employ the wireless power of trading applications in order keep abreast of the latest movements. This is particularly relevant when referring to short-term positions such as CFDs and Forex trades. CMC Markets offers solutions which are as adaptable as they are efficient.
These are sometimes referred to as "trading bots" and they are set to make a massive impact upon the 2018 financial world. Essentially, these programs are meant to assist you when executing a position through a selection of predetermined actions. For example, you may execute an automatic sell order once the price of a holding reaches a certain threshold. In the same respect, you could instruct the algorithm to purchase a certain number of shares in a company when a support level is reached. We should be clear that these algorithms will never replace human intuition and experience. Still, they can represent a valuable addendum within your trading arsenal. These are also excellent vehicles if you have found it difficult to keep track of multiple holdings within a real-time scenario.
According to Moore's Law, computing power will continue to double every 18 months. Thus, the role that technology plays should likewise become even more prevalent. Understanding its advantages now is the best way to align yourself with a fiscally sound and lucrative future.