How Do I Start Investing in Stocks?
Yes, it is true that stock market investing can help you quit your day job. But how do you start investing in stocks? Follow our step by step guide to setup your online brokerage and start investing in stocks now.
Step 1: Get Your Online Brokerage Account
Getting your online brokerage account is quick and easy. To get started, you’ll need to have the following information available:
- Name, physical address, phone number, and email
- Your bank account information
- Two forms of ID
Once you’ve linked your bank account, you’ll be ready to fund it and start investing in stocks immediately.
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Related: A Cannabis Investment Guide for First-Timers
Step 2: Understand Different Types of Trade Orders
While the jargon can be intimidating, there are only three main types of trade orders you’ll want to use:
- Market Order: This is an order to buy or sell stock at the market price at the time the order is placed. This is the most standard way of executing a trade but, keep in mind, the market will dictate the price.
- Limit Order: This is an order which is executed at a specific price you set for a specific period of time. Note, you will only have the ability to buy or sell a stock when your set price is reached.
- Stop-Loss Order: This is an order which is executed as soon as the stock reaches a specific price you set. This is probably the most important order to remember as this may help prevent loss.
Step 3: Invest in Your First Stock
Buying your first stock requires plenty of research. You’ll want to understand if the company is strong from a fundamental perspective but also you may want to learn how to leverage technical analysis also. In fact, the best stock market traders use a combination of both fundamental and technical analyses before they start investing in a stock.
When evaluating opportunities to invest in a stock, you’ll want to pay close attention to the following metrics:
Related: How to Short a Stock with Your Online Brokerage Account
- Business Focus
- Business Size
- Market Opportunities
- Current and Future Operations
- Financials
- Management Team
- Branding
- Valuation
- Risks
In addition to evaluating these fundamental metrics, more and more retail traders use algorithmic stock trading whereby a trading “bot” will use technical indicators to provide a trading signal to investors in advance of a trade.
How Do I Start Investing in Stocks?
Algorithmic Stock Trading Services like CanninBot will help stock market investors to determine the best stocks to invest in during any given day. These bots are able to predict price movements of stocks in advance to provide traders with an edge.
Step 4: Profit
After following steps 1-3, you are now be able to start turning profits by investing in stocks. However, please keep in mind that a majority of retail traders lose money in the markets. You’ll want to do some serious due diligence and only invest money you are ultimately willing to part with.
If you have any difficulty opening your online brokerage account to start investing in the stock market our team is available 24/7 with any questions you may have about investing in stocks. Drop us a line anytime at info@cannin.com.
How Do I Start Investing in Stocks?
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