The warning comes as the Bank of England has just confirmed another interest rate hike to counter soaring inflation and the cost of living. On top of that, regulator Ofgem has confirmed that the energy price cap could reach £2,000, driving up the bill by £693 a year. Speaking exclusively to Express.co.uk, James Maddison, Director of Vision at TradingView, explained how savers can begin their investment journey to offset these expenses.
TradingView is an online financial service available to new and existing investors, offering daily updates on trading information and providing the complete investment journey from analysis to execution.
Additionally, TradingView also offers summary statistics for each stock on their website and app with costs and fees displayed.
There are many apps and platforms available, and Brits should undertake research to determine which one is best for them and their goals.
Mr Maddison said: “Usually the most questions people have at the start are about what everything does, and specifically how to read financial visualizations such as candlestick charts.
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“Fortunately, we have a very strong and active community of over 30 million unique users per month in over 180 countries around the world, who share educational ideas and also chat in real time, so users get often an answer to a lot of information here.”
With bills rising, the financial expert explained what needs to be done before someone starts exploring investment opportunities.
He added: “If someone has an urgent bill to pay, they absolutely must pay that bill before using any funds for an investment.
“As for the larger question of whether people can afford to invest right now, that’s an absolutely 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 theirs,” he said. Explain.
“They can use this service for as long as they want until they feel comfortable investing their own money and making decisions based on the knowledge and skills they have learned.
“We recognize that the current climate can seem daunting to many newbie investors, so doing the necessary research and analysis instead of diving headfirst into investing is a crucial step that shouldn’t be overlooked.”
Sharing personal advice with new investors, Mr. Maddison added, “We always encourage our users to carefully review the results of their stocks and stay informed of current trends and news to minimize risk.
“Based on my personal experience, I recommend that people considering investing for the first time consider spreading their investments across multiple assets to diversify their exposure, rather than focusing on one specific area or security.
“It helps offset some risk and can be an effective way for people to get a sense of which areas of the market they want to focus on in the future.”