The stock market is extremely volatile and unpredictable right now. However, that doesn’t mean we have to be scared or that we all will automatically lose our money. In times like these, it’s important to turn to experts like Roger Scott of WealthPress.
Roger Scott has been a professional stock trader for over two decades. Now, he is the lead trader at WealthPress, a company dedicated to improving the financial literacy of everyday people like you and me.
I managed to sit down with Roger Scott for an interview and asked how we can navigate our current market. Here’s what he had to say.
Yeah, I think it’s definitely worth investing in. Even when the market is down, some relatively safe stocks are still out there. It all depends on your personal situation. If you’re young, then there’s really no reason to be scared.
To this day, the market has always bounced back and has always gone up. If you’re older and looking at retiring, then this will hit a lot harder because you’ll need to take that money out somewhat soon. However, there are still smart investments to make.
ETFs are almost always a safe investment. Of course, it takes a lot longer to make money with an ETF, and there are so many different ETFs to choose from. In general, though, I’d say take a look around at which industry you think is going to perform well in the future.
Do you think tech still has room to grow? What about oil? Maybe even something as specific as Ai technology. There are ETFs for pretty much everything, and they’re usually a lot safer than picking specific stocks.
Well, I can’t give you specific stocks for this interview, of course, as it wouldn’t be completely ethical. However, I will say when you pick a specific stock to invest in, during times like this, you want to pick a company that has a good track record.
You want to pick a company that you know will be around for the next decade, that has always made good financial decisions and that has very strong fundamentals. For the last 5 years or so, countless companies have skyrocketed their stock price, and they really didn’t deserve to. So now we’re seeing those prices fall extremely hard.
It’s hard to tell. No one can predict the future, of course. However, inflation is rising, and the government has to answer by raising interest rates. When they raise interest rates, people buy less. In turn, a recession is the natural progression of things.
Of course, this affects the market, but the market sees these things from a mile away. So, in my opinion, the recession is already priced into the market, so now we gotta watch for the future.
I think it’s pretty much always a good idea to keep the cash. Even before now, think about it. You never know when something insane could happen.
Something like a worldwide pandemic, for example. So, cash is always a good option, but there’s always a balance to strike, especially when inflation is this high.