It seems that more people than ever have an interest in learning how to make their way on Wall Street, and modern technology has made it possible for anyone to manage their own investments. The appeal of the stock market makes sense considering that since 2007, the stock market has been the leading source of wealth in the US. In fact, in 2014, twice as many made their wealth from investing than tech or any other sector!
There’s no denying the potential that lies on Wall Street. So, how do you actually get started? It might not be as complicated as you think.
Here are 7 simple steps to placing your first trade!
1. Consider Your Goals
Why do you want to start trading? Are you hoping to quit your day job and pursue a full-time career trading stocks? Will your trading business be one of multiple streams of income for your family? Are you looking to grow your retirement account? Think about your stock market goals as they’ll affect how much time and money you invest in learning the skill sets needed to trade and how quickly you’ll pursue #2 on our list. It’s also important to know how much of your total money you want to use for short-term trading. We recommend using a small amount, no more than 20%.
2. GET EDUCATED
First of all, jumping into the stock market blindly just isn’t a good idea… Second, controlling emotions is really important when trading, and lacking confidence in yourself and your skill sets might be the only thing keeping you from reaching your goals! This isn’t the time to learn from experience. Find a mentor, take a class, read a book! Of course, we recommend our “Step 1: Start Your Journey Event.” In our Step 1 class, you’ll learn how to accomplish everything on this list and so much more!
3. Find A Good Charting Resource & Start Learning How To Use It
You have a few options here, and you get what you pay for. For example, you can view charts on StockCharts.com for free, but unless you subscribe, your capabilities are pretty limited. For example, you can only view a limited amount of a stock’s history, and you can’t see stocks in real time. You also can’t save charts and lines you’ve drawn – things that are pretty important if you’re serious about trading and making good use of your time. TeleChart is another great option. It has all of these capabilities and many helpful tools, but it’ll cost you $29.95/month. Like any business, stock trading will require some money to get started. Putting together a simple business plan will help you stay on top of how much you’re investing in your education and tools. At our Step 1 Event we teach several stock patterns you can start looking for once you’ve picked a charting resource!
4. Find A Brokerage Firm
Finding the right brokerage firm will depend on your personal needs, preferences and how much money you’re starting out with. We have a helpful video, to watch just click here!
You can always call or e-mail our awesome customer support team if you have any questions about choosing a brokerage firm: firstname.lastname@example.org, 877-877-0703
5. Decide What Kind Of Stocks You Want to Trade
6. Research Stock & Create A Watch List
Ok, so here is where some time and effort comes in! It’s important to invest in fundamentally sound stocks. But figuring out which stocks are fundamentally sound is a pretty complex process. Although we do teach how to research stocks at our Step 1 class, we also give our students the opportunity to subscribe to our watch list by becoming an Insider. The Insider’s watch list consists of stocks our founder & CEO and his team of experienced traders have already researched and believe to be fundamentally sound stocks to trade, and the watch list can be easily imported into TeleChart. You’re probably thinking, “that sounds great, but how much is this Insiders thing?” We’ll be upfront, it’s $49.95/month, but it comes with more than just the watch list. If you don’t want to become an Insider, we’ll teach you how to research stocks at your Step 1 class!
7. Start Practicing!
It's good to start with what we call "paper trading" or trading without actually risking your money. All you have to do is find a stock that’s making a good pattern, pick your entry point, stop out, and your exit point, then watch the stock to see how you do! Once you feel comfortable with your skill sets, start using real money!
There is a lot of potential to create wealth in the stock market, and our goal is always to break down the confusing world of finance so that anyone can understand it! We hope you find these 7 steps beneficial! Don’t forget to check out our other articles, and click here to learn more about our “Step 1: Start Your Journey” event!