Anyone that keeps an eye on our fuel prices page will be used to seeing fluctuations. On any given week, the amount you pay per gallon at the pump will rise and fall with what looks like little rhyme or reason. In fact, when you compare gas prices across suppliers in Thunder Bay, Dryden, and Kenora, there are obvious differences. Those in Thunder Bay and Kenora could be paying 109.6 for a gallon of Husky gas, while those in Dryden might be paying 104.6 (the example was taken at the time of writing).
For the bargain hunter, this variance demonstrates the value of shopping around. If you’re willing and able to travel, you can pay less for gas in different parts of Ontario. However, what it also reveals is the volatility of the market. 2020 has been an extreme example of this. With the world at a standstill, oil prices dropped into the negative for the first time in history. Between April 2019 and April 2020, the price per barrel fell from $60+ to -$20.
Fluctuations Are a Part of Life
The market soon rebounded but the rollercoaster had investors on the edges of their seats. Much like your petrol pumping experiences, the oil markets, moreover all investment markets, are prone to fluctuations. And, as we’ve seen, these fluctuations can be dramatic at times. Why does that matter? Well, in economic terms, market movements often determine the state of national economies and that of the world at large. However, thanks to the internet, our familiarity with fluctuations can actually be a way to make money.
Today, online trading is something almost anyone can do. The technology is not only there, it’s designed in such a way that the market is open to novices and professionals alike. From platforms that allow you to make trades to broker sites, options abound in all markets. Oil and gas are the markets many established traders flock to. However, one that may be most familiar to novices is forex. Essentially the name for currency exchange, forex trading is the process of buying and selling lots of currencies.
A Market for Everyone
A look at the most reliable forex brokers online reveals just how popular this type of trading has become. One broker alone has helped more than 635,000 new investors trade forex since 2015. Today, there are over 200 platforms regulated in Canada, the UK, and internationally, all with the aim of giving everyone access to currency trading options. From there, online trading sites provide access to gold, silver, stocks, and even cryptocurrency trading options. So why does this matter? Because we’re all used to price fluctuations in life.
Even without any trading experience, we know the value of shopping around, watching for the best time to buy, and getting the best value whenever possible. Trading is no different, and developers know this. That’s why online trading has become so popular. Broker estimates suggest that over 9.6 million now trade forex online. When other trading options are included, the number is much higher.
The reason the market has grown, other than accessibility, is the fact we have an inherent ability to trade. Software developers have simply picked up on this and given us a way to make it a reality. The next time you’re at the pumps, just remember that the thought process you went through to choose your supplier is similar to the one traders uses to make investments. Keep that in mind and you may just find a new side hustle.