New investors taking their first steps towards learning the stock trading basics should access multiple sources such as investing online, investing for beginners. As trading is lifetime, investors have the opportunity to develop and hone their skills over a long period of time.
How to start?
1. Open a stock broker account
Investing online, investing for beginners starts with finding a good online stock broker and opening an account. Become familiar with the free trading tools and research offered to clients only. Some brokers offer virtual trading which is beneficial because you can trade with play money.
2. Read books
Books provide a wealth of information and are cheaper than the costs of classes, seminars, and educational DVDs.
3. Go through articles
Articles are a fantastic resource for education. Stay updated with them.
4. Find a mentor
A mentor could be anyone – a family member, friend, colleague, co-worker or anybody with a fundamental understanding of the stock market. A good mentor is willing to answer questions, help, recommend useful resources, and keep spirits up when markets are shaky and the going gets tough. All successful investors ever have had mentors during their early days.
Forums can be yet another source for resolving queries. The vast majority of participants are not professional traders, let alone profitable traders. So, take their advice with a pinch of salt and do not, under any circumstance, consider their views to be final.
Television is another great way to monitor the market each day. Don’t let the lingo or the style of news be a nuisance, simply listen to commentators and follow the discussions as they unfold. During the process, you may find that a lot of the investment shows on TV are more of a distraction and overall full of junk recommendations but this is part of natural evolution through which everyone novice passes.
7. Consider paid subscriptions
Paying for research and analysis can be both educational and useful. Some investors may find watching or observing market professionals to be more beneficial than the DIYs. There are a number of paid subscription sites and the key is in finding the right ones for you.
8. Go to seminars, take classes
Seminars are real help and provide valuable insight into the overall market and specific investments. Most seminars will focus on one specific aspect of the market and how the speaker has found success utilizing their own strategies. Not all seminars are paid and some provide free entry and participation which can be a very beneficial, just be conscious of the sales pitch that will almost always come at the end.
9. Use simulator to buy your first stock or practice trading
Once your online broker account is setup, the best way to get started is to take the plunge and make your first trade, even if with 10 or 20 shares as you will get going.
10. Sign up for free daily market updates
Join thousands of other investors and receive daily news and updates via email by subscribing.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.