Stocks and shares is an industry often glamorised in films. We have a set idea of how they work and who gets involved with them. We think of people leading full time careers in the area, working for banks, asset management companies and hedge funds.

We think of Wall Street. We think of people in huge offices, on the phone, throwing papers in the air. But it really doesn’t all have to be full on.

Believe it or not, you can get involved with stocks and shares and make a fair amount of money from it as a side venture around your nine to five. If this is an area that you’re considering getting involved in, here are a few steps to help you along the way!

Choosing a Market

There are so many markets that you can engage with when getting involved with stocks and shares. You’re going to have to choose one to focus on and specialise in to get the most out of your efforts. Researching and educating yourself on the best prop trading firms will give you a better understanding of how they employ various strategies in the stock market and trading operations.

Some of the most popular include the stock market, the foreign exchange (or FX) market, options and contract for differences. Once you’ve chosen the one you want to go for, research. Research every area of it until you know it inside out. This will really help you!

Knowing Who Owns What

Of course, many stocks will already be taken up and you might benefit from a little insight into who owns what. This can give you a good idea of whether a stock or share is reliable and worth investing in.

You can achieve this goal by using an LEI code search for companies. LEI stands for “legal entity identifier” and will show you everything you need to know!

Getting a Little Practice In

Of course, it can feel risky jumping in the deep end and putting money straight into this new venture. It’s a really good idea to practice before getting genuinely financially involved. There are stock simulators out there that you can use to try things out.

Put simply, they let you engage with the real life stock market in real time - you just aren’t putting any real money into it. This is a great way to build your confidence and get to grips with the basics, without facing any risk of loss.

Monitor the Market

When you do start putting real money into the stock market, you’re going to want to monitor your investment. There are a number of apps out there that will give you notifications and alerts to any changes, helping to make monitoring the market a lot easier for you. They’re definitely worth trying out!

Sure, stocks and shares can be an intimidating area to break into. It’s largely dominated by high flyers and professionals. But it could prove extremely rewarding - both financially and in terms of giving you something that will help to keep your mind occupied. Hopefully, the above information will help you along the path to success!