Investing helps you achieve your financial goals faster. Unfortunately, stats show that women don’t invest as much as men do, as a result of which they retire with just two-thirds of the money men retire with.

Although modern women are more educated and accomplish more in their lifetimes, they still haven’t mastered the art of managing and investing their money. According to the latest UBS report, 56 percent of married women feel that their husbands are better at financial matters and therefore leave all financial decisions to their partners.

If you are a first-time woman investor, here is the good news for you. Investing is not at all scary. In fact, it is an essential part of living.

So if you are planning to get started with online Forex trading, here are five tips for you:

Tip #1: Saving Money vs. Growing Money

All of us are good at saving our money; and most of us feel that we are safe from all future financial worries if we save money. Putting your hard-earned money in a savings bank account and just leaving it there makes us feel good. We feel that it is a risk-free way of handling money. The balance never goes down unless we head over to the bank and withdraw it.

But putting your money in a savings account is risky because it cannot help you achieve your financial goals. For that, you need to grow your money, not just save it. And investing or trading teaches you how to grow your wealth.

If you earn $25,000 in your savings account, it may earn interest and grow up to roughly around $35,300. You can rest assured that you will never lose this money. However, if you invest $25,000 in a portfolio of 40% bonds and 60% stocks, your money may grow up to $54,300 in the next 35 years.

Investing your money is definitely riskier than putting it in a savings account. However, if you invest for a long period of time, you will definitely be rewarded for it.

Tip #2: Getting Started

So how do you get started if you do not know the basics of investing?

You can educate yourself and learn to trade stocks on your own. This takes a lot of time, effort, and dedication on your part, but you may also find it to be fun. Alternatively, you can hire a broker or an investment advisor who will manage your funds for you. Most investors end up learning how to manage their funds on their own because of the heavy costs associated with hiring a financial advisor.

You could also think of it this way. If you can spend money on your health by visiting a doctor, why not spend some money on your financial health by approaching a reputed financial advisor? It could make a whale of a difference to the way your funds are handled.

Tip #3: Opening an Online Trading Account

When you have educated yourself and gained the required confidence, it is time to open an online trading account. A number of stock brokers and banks offer this service; so you can just visit the nearest branch of your bank and talk to them about it.

Once you have opened an online brokerage account, it is time to measure your risks. How much are you willing to risk? While measuring the risks you can afford to take, you should consider a variety of factors such as age and capital.

For example, young people holding well-paying jobs can handle market volatility better than older people can. At the same time, an older person may be capable of handling more risks than a younger person can. It depends a great deal on your personal situation as well as your skills.  

Tip #4: Think Before You Act  

All traders, even the most experienced of them, are in the habit of deciding too quickly. A number of times, we see traders selling low and buying high when they should be doing the opposite.

Avoid getting into a panic because of some unforeseen market situation and making a hasty decision. Do you feel like suddenly selling your stock? Then it is time to sit down and think logically about it. Write down your reasons for wanting to sell the stock. Do you feel that the company is no longer able to grow as it did when you bought the stock? The company’s CEO may have resigned or it may have lost an important customer. If you plan on holding your position for a long time, you really don’t have to worry as companies recover with time.

Similarly, you have to think carefully before buying stocks. What do you know about this company? Do you feel that it will experience substantial growth in the near future?

Research thoroughly before your enter or exit a trade position.

Tip #5: Reaction Matters  

The biggest mistakes beginners can make while trading are focusing on price instead of company value, overreacting to temporary market situations, and taking action when there is no need to.

If you notice that the price of the stock you held has fallen sharply, research the reasons for it. Fluctuations in price are temporary and are hardly indicative of how the company will perform in the long term. You have to learn the art of reacting wisely to the latest news, market responses to unforeseen events, and sudden changes in share prices.