What are the factors that help traders succeed? Many experts suggest that having up-to-date information about the assets you trade is the recipe for success. In this article, we will cover some of the assets that might be worth keeping an eye on in 2024. Keep reading to learn why they are important and how you can use this information to strengthen your trading strategy in the coming year.
Commodities
Many predictions from the experts are pointing to a strong year for commodities in 2024. The aggressive interest rate hikes seem to be in the past. According to the US Federal Reserve, interest rate cuts may be expected next year, which could drive commodity prices to new heights. This makes commodities potentially one of the best assets to trade in 2024.
Silver
While many investors and traders may turn to gold as their commodity of choice, silver might be an interesting option as well. The ongoing advancements in the tech sector, such as solar energy, 5G networks and consumer electronics require silver, making it an essential part of production. Apart from that, metals often attract investors in the times of geopolitical instability as a safe haven, which might also drive the price of gold and silver in the next few months.
Stocks
Stocks are also predicted to profit from the easing of financial policies and interest rate cuts. However, some experts point to signs of economic slowdown and potential recession, which would negatively affect most stocks.
Tech stocks have been on the rise in the past months, but it may be worth checking out other sectors as well to diversify your portfolio and expand your opportunities.
Energy Stocks
Even though the interest and support for renewable energy sources has been on the rise in the past few years, fossil fuels still play an important role in the global economy. Moreover, the economic slowdown may reduce investments in the clean energy sector. At the same time, energy stocks related to fossil fuels might profit from the OPEC+ cuts in oil production, which can lead to a reduction of the supply and an increase in demand.
One of the energy stocks to watch in 2024 may be ExxonMobil (XOM) – one of the biggest international oil and gas producers. It may eventually face issues related to price volatility and global transition to renewable sources. However, in the short run, it could remain a major player in the stock market in 2024.
Another stock that may be considered one of the best assets to trade in 2024 is Schlumberger (SLB). It’s a major producer of technology for the oil and gas industry. Experts are pointing to its strong fundamentals as a sign of potential growth.
It’s often useful to apply fundamental analysis when choosing stocks for trading and assessing their performance. If you haven’t used it before, have a look at this detailed guide to get started: Getting to the Bottom of Fundamental Analysis.
Crypto
The list of best assets to trade in 2024 wouldn’t be complete without crypto assets, which have been rapidly growing in the past few weeks. The key player to watch is bitcoin: its price has increased over 160% so far this year, with many experts predicting further growth next year.
Bitcoin
There are several factors that might support or impede bitcoin’s growth in 2024. While it may be worth keeping an eye on the upcoming announcements about interest rates, another major event could have a larger impact on its price. It’s called the bitcoin having event, which is expected to take place in the spring of 2024.
The bitcoin halving involves reducing the reward for mining to half of the previous value. This means that miners won’t create as many bitcoins as before in the same amount of time, cutting down the supply. Previous events (this will be the fourth halving in the history of bitcoin) have pushed the price higher than before, so it may be a good sign for crypto investors and traders.
However, as cryptocurrencies gain momentum and penetrate different spheres of our lives, more people are calling for strict oversight measures to deal with potential issues. So it might be a good idea to stay on top of the latest news to quickly react to changes and adjust your trading strategy for optimal results.
Consider consulting the economic calendar when planning your trading activities. You can do that directly from the IQ Option traderoom: just go to the ‘Market Analysis’ section on the left side of the panel.
Final Words
While many experts might offer their predictions on the best assets to trade in 2024, smart traders stick to facts and double-check any information they receive. To stay on top of your trading game and get the most from the trading opportunities in the coming year, consider using technical analysis and look for signal confirmations. It can also be helpful to use a trading journal to check your performance and avoid common mistakes that most traders make. Be smart and stay true to your goals in 2024!
