You don’t have to be an expert to start trading in the stock. Just follow my below 8 steps with details. which gives you clear information about it.
how to get started trading stocks:
1, learn what is stock
2, choose the right broker
3, open a trade account
4, deposit the amount
5, select the stock to trade
6, buy a share of the stock
7, set stop loss.
8, set take profit
1, learn what is stock
If you start to trade stock without learning what is stock and what is happening behind the stock that you buy. Then there is a high chance you lose your all trading money.
So learn what is stock and how its shares work. Learn who gave you a share of a particular stock and who is buying your shares when you sell.
If you didn’t learn it. You can’t understand what you buying and selling. It seems like you’re doing something in the online chart. It makes no Sense.
You can learn this by using Google search by searching on Google or buying some book that’s related to stocks. Until you understand what is stock don’t start to trade.
2, choose the right broker
The second most priority thing for trade is choosing the right broker,
When comes to starting trading in the stock. Most of the trader fail to choose a suitable broker.
If you didn’t choose the right broker. Then you will likely pay a high commission or low commission with low support or high support with a scam broker extra…
So before choosing the broker
Consider three very important things: does this broker have a high support system 24/7? If yes. Then ask the second question yourself: does this broker have a normal (default) commission for every trade? If yes.
Note: Don’t choose the trade that offers you high commission and low commission. It always creates problems in any other part of the side. So choose the default broker. Who offers you a fair commission?
Then ask a third question yourself: does this broker have a good reputation? (which means this broker must want to have good reviews by real customers, and this broker must be at least 5 years old to choose and trust them for a long time) if your answer is yes. Then you selected the right amazing broker. Keep it up.
3, open a trade account
If you choose the right broker, then time to open a trade account with the broker. Before opening a trade account consider all the types of trade accounts’ advantages and disadvantages.
Most people suddenly open a trading account without considering its benefits and nonbenefits. Which leads to some frustration later. So now let’s consider some of the common problems traders face with trade accounts.
Individual, 401k, IRA, Roth IRA extra.. every account had different tax and trade benefits. So consider the rules and regulations of these accounts before opening any account by the side of your selected broker website.
4, deposit the amount
Once you open the trading account, then you have to deposit your amount to the trading account in which you like to trade that amount.
Note: most of the people who are beginners, don’t have high knowledge in trading. So beginning people’s always more greedy and they always try to deposit big money to trade.
So if you the one type of beginner then deposit a very small amount to your trade account. Otherwise, there is a high chance you may lose all your money in a very short amount of time. You know the stock market is one of the highest-risk places on the planet.
5, select the stock to trade
Now here is the challenge, choose the right stock to trade. Otherwise, you will most likely not make any money.
Just keeping the trade money in the trade account will not grow your money in the future.
So you have to choose the right stock.
There are millions of stocks worldwide to buy and millions of industries. So you have to decide which one you’re going to trade.
Warning: the people who choose the stock without any reason they likely not investing they are Gambling using the stock.
The people who speculate using stock which they never going to make money. So don’t do that, buy the stock at least with one reason.
If you don’t have any idea how to choose the right stock to buy then I recommend you learn the Warren Buffett way of investing.
6, buy a share of the stock
The next step, buy the amount of shares that you want to trade. When comes to buying shares people make one big mistake. So let’s see what it was so you will likely not make that mistake in the future.
Note: the beginner who buys shares of stock, buys it shares for all the amount they have. Don’t do that. If you risk every penny you have then you will likely have a high chance you may lose your all money in one trade.
Never put or bet all the deposit money in one trade. Which leads to a high loss in your account if you’re not right.
Quotes;
* the people’s who are more greedy in stock market they lose money.
* the people’s who are more fear in stock market they lose money.
* the people’s who are discipline in the stock market make money.
* the people’s who are more discipline than the rest of the trader become massive rich in the long run.
– shathir kaleem.
7, set stop loss.
The final step is to trade. You want to know about stop loss. Where you have a stop-loss option in your trade account. You can use this option to stop your loss in a certain trade amount.
This stop loss was very useful during the crash of the stock market. If you don’t set up a stop loss on your trade, you’re risking your total money from that particular trade.
8, set take profit
The take profit option is also included in your trade account, use that to take your profits automatically without selling shares of stock manually. Taking profit set up will help you to take your profits suddenly once the stock reaches your excepted spot.