In the age of the Internet, nearly every day there are new ways to ensure that you can stay on top of your financial information. From mobile phones to text messages to software that tracks the value of money, your portfolio can be digitized and monitored with nothing more than a click of the mouse or a flick of the finger.
Trading in Currencies
A few decades ago if you wanted to buy or sell currencies in an attempt to hedge your currency risk, you would have needed a particularly fast airplane charter and enough time left over to get to a foreign market. In a world where you can commit millions of dollars instantly, however, currency trading is one way that you can make money twenty-four hours a day.
Exchange-traded funds, also known as ETFs, are another means of hedging that allows you to automatically trade between US dollars, British pounds, Euros, yen, and rupees in order to get a better rate. Since ETFs allow you to go “long or “short” in a variety of currencies around the globe they are a simple way to hedge currency risk.
Minty Freshness
The Mint app available for the iPhone and Android smart-phones takes all the power of banking and investments and puts it directly into your hands. All that you need to do is connect it to your bank or money management accounts and you will be able to pull up information in real-time. Get updates about how your individual stocks are faring and then decide whether or not it is time to increase your share or cut your losses. Mint is such a comprehensive app that the technology lets you change money about from your savings account into a personal portfolio and back again with only a tap on your screen.
Gadgets for Your Money
If you use a Google-based server or web function for any of your daily needs, you may already be aware how much information you can integrate into the experience. Google gadgets allow you to combine existing functions like mail and map searches into a comprehensive block of data. New gadgets take this a step further. The free Stock Market Tracker gadget does exactly what its name suggests. Just plug in your stocks of choice and it will pull up their information, you can also keep a rotating ticker of the Dow Jones, S+P, and NASDAQ in addition to Fortune 500 corporate stocks. Put some stocks into sub-divisions so that you can track how they perform across a day or a month.
Hedging For the Risk Adverse
Being able to compile information on the volatility of a stock is such a valuable function that there are experts who paid millions of dollars annually simply for their ability to gather data and generate predictions. While there are no sure bets on the stock market, new technology is available that monitors the risks that you are taking if you commit money to any given mutual fund, bond, piece of real estate, or other investment.
MetaStock software looks at risk within sets of parameters. It is capable of determining millions of potential scenarios in the context of a few seconds calculation so that you can look at likely and unlikely outcomes. With the information on how a stock is predicted to perform over the course of a few weeks or months or years, you are better able to weather the ups and downs that come with any type of investing. At three hundred dollars, however, it is a moderately priced investment in your financial future.
See Also:
- Catastrophe Bonds
- Can You Trust Internet “Intelligence”?
- Insights into Cultural Shifts from a Visit to a Hardware Store
- Digital Natives
- Learning from Past Mistakes like Groupthink
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William Stevens is a writer who creates informative articles in relation to technology. In this article, he offers a few new technologies that aid finance managing and aims to encourage further study with an online computer science masters.
Image courtesy of Stuart Miles / FreeDigitalPhotos.net
