The first thing on your list should be to create a list of tasks for yourself. Number one should be to create an online broker account. This will get you started. Once you are booted up and logged in, you will be transported to another world. This world looks like numbers and charts and spreadsheets, statistics and everything else that makes up the stock trading. Now you should put other points in your task list and those are listed below.
Use Google search and roughly look up the most common terms that you see in your dashboard and learn what they mean and also look for other answers to basic questions you might have.
Find a Mentor
Please know that all successful stock traders had mentors in their early days. So should you. This person can be anybody, like a friend or a professor or anybody who has any clue about stock trading and who is passionate about the subject. It is this person’s duty to keep you motivated when the market is down and makes sure you see the vision that got you to get started with stock trading in the first place.
Study Successful Traders
In the industry today there are a few legendary traders who have done things differently and have found respect. Warren Buffett is one of them, he’s know as a person who became a billionaire by trading stocks. He has invested in huge companies back when they were small and he recognized the potential of their growth. He is also known as the person who was wrong about Apple and Amazon who are two companies who have exploded beyond anybody’s expectations.
Read the Finance News and Other Kinds of Finance Articles
This should give you an overview of the current situation that is ever-changing. New players come in to play while others give up. You will learn that you need a good stomach to trade as it’s not easy to see a stock go down and you don’t know where the bottom is. Well, clues of this can be found in the media, both written in papers or spoken of on TV. Sometimes news themselves influence the stock market.
Should You Pay for Research and Analysis of the Stock Market?
Yes, subscribing for quality analysis is a huge deal. You should expect to get out a lot of knowledge that you would not have a way to get otherwise. These types of services give you a new insight into the whole situation on the market and make sure you hear a second opinion before purchasing or selling your stock. But be careful, some say that 99% of those who claim to have fantastic returns are actually scams. Be sure to do your own research and read about user experience of your chosen service as they run from a few tens of dollars to hundreds of dollars per month.
Using Your Online Broker Account
You can either purchase your stock or just practice trading through a simulator program. These are very useful as you can practice while not risking your own money. Please know that trading in a simulator and trading with real money is not the same as simulator trading lacks the emotional engagement from your side as you simply don’t care, right?