Stock Market Investing: A How-To Guide
Unless you’ve been living under a rock, you have probably heard of all the new buzz around retail stock market investing. Forums like r/wallstreetbets have minted new millionaires with the AMC and Gamestop trends. But, how do you start? We’ve developed a step by step guide to help you start investing and turning profits.
Step 1: Open Your Online Brokerage Account to Start Stock Market Investing
The very first step to buying any stock is to sign up for your online brokerage account. This process is quick and easy and there are many different online brokerages to choose from. At cannin, we’re big fans of TD Ameritrade and their Think Or Swim platform.
To get started, you’ll need to have the following information available:
- Name, physical address, phone number, and email
- Your bank account and card info
- Two forms of ID
Within your online brokerage account, you can deposit funds to purchase you stocks. Of course, you’ll also have the ability to invest in other instruments like bonds and mutual funds.
Step 2: Understand the Types of Stock Orders BEFORE Investing in the Stock Market
Generally speaking, stock market investment jargon can make this process seem intimidating but there are only 3 main types of ‘orders’ you’ll want to familiarize yourself with:
- 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.
- 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.
- 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.
Step 3: Invest in Your First Stock
This will require some research to determine the best potential investment opportunities. Make sure you read the latest investment analysis and news from your sector of choice. The analysts at Cannin.com use 9 main categories when evaluating the best marijuana stock investing opportunities:
- Business Focus
- Business Size
- Market Opportunities
- Current and Future Operations
- Management Team
At Cannin, we prefer both long-term buy-and-hold approach as well as short term “in and out” intraday trades for quick gains. In fact, many retail traders will elect to leverage algorithmic stock trading whereby a trading “bot” will use technical indicators to provide a trading signal to investors in advance of a trade.
Services like CanninBot will help you 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. While relatively new, trading bots can help identify gains better than humans.
Step 4: Profit from Investing in the Stock Market
If you’ve successfully followed steps 1-3, you should be able to start turning profits. However, please keep in mind that a majority of retail traders lose money in the markets. You’ll want to do some serious DD and only invest money you are ultimately willing to part with.
After reading this article, we hope it’s now easier to open your online brokerage account to start investing in the stock market. As always, our team is available 24/7 with any questions you may have about investing in stocks. Drop us a line anytime at email@example.com.
Stock Market Investing: A How-To Guide
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