Savings: Expert share top tips to boost your investment portfolio | Personal Finance | Finance
This warning comes as the Bank of England has just confirmed another interest rate hike to beat soaring inflation and living costs. As well as this, the regulator Ofgem has confirmed that the energy price cap could hit as high as £2,000, resulting in a bill rise of £693 a year. Speaking exclusively to Express.co.uk, James Maddison, Chief Vision Officer at TradingView outlined how savers can begin their investing journey to offset these expenses.
TradingView is an online financial service which is accessible to both new and existing investors, offering day-to-day updates on trading insights.
Furthermore, Freetrade also offers summary statistics on each stock in their app with costs and charges displayed.
There are numerous apps and platforms available, and Britons should undertake research to work out which one suits them and their goals best.
Mr Maddison said: “Usually, most people’s questions at the beginning are about what everything does, and specifically how to read financial visualizations such as candlestick charts.
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“Luckily, we have a very robust and active community of over 30 million unique users a month in over 180 countries around the world, who are sharing educational ideas and also real-time chatting, so users often get a lot of their information answered here .”
With bills on the rise, the financial expert explained what needs to be done before someone begins exploring investment opportunities.
He added: “If someone has an urgent bill that needs paying, then they should absolutely pay that bill before using funds for an investment.
“As to the more general question of people being able to afford to invest right now, that’s absolutely a personal decision.
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“For example, offering a Paper Trading service helps people practice and test strategies with ‘virtual money,’ so they don’t need to risk their own,” he explained.
“They can use this service for as long as they like until they feel comfortable investing their own money and making decisions based on the knowledge and skills gained.
“We recognize that the current climate can appear daunting for many first-time investors, which is why doing the necessary research and analysis instead of diving headfirst into investing is a crucial step which shouldn’t be overlooked.”
Sharing personal advice with first time investors, Mr Maddison added: “We always encourage our users to carefully consider the outcomes of their actions, and to stay informed on the current trends and news agenda in order to minimize risk.
“From personal experience, I recommend that people who are looking into investing for the first time should consider spreading their investments across several assets to diversify your exposure, rather than concentrating on one specific area or stock.
“This helps offset some risk and can be an effective way for people to get a feel for what areas of the market they want to focus on in the future.”
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