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How do i start getting into the stock business?
I want to learn how to get into the stocks and just making money in general what is a good way to start off my journey. #business #entrepreneur #finance
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Doc’s Answer
So you want to learn about the stock market Neiman… the financial industry can be really complicated. Investors, brokers, traders, lenders, borrowers, advisors, companies, banks, stocks, shares, funds, prices…is your head spinning yet? Stock exchanges facilitate stock trading among investors – they give investors the ability to buy and sell their shares. That’s why stock prices are constantly changing. If more people are selling (and therefore trying to get rid of) a stock than those buying it, the stock price will drop. If more people want to buy a stock than people selling it, the stock price will rise. Stock exchanges bring all these investors together, so that trades happen in a central and regulated place. Many brokerages offer their services online, so you can trade directly from your computer without any hassle. To open a Robinhood account, all you need is your name, address, and email. If you want to fund your account immediately, you will also need your bank account routing and account number.
ROBINHOOD – is the newest stock broker and the fastest growing. They were started in 2013 and already have over 10,000,000 users. They grew this fast by becoming the first brokerage to charge $0 commission. They also don't spend any money on advertising as they have a great referral program. When you open a Robinhood account, they give you a stock worth somewhere between $5 and $250. Then if you refer a friend, they give you and your friend another stock! They are a bare bones broker, you can only trade via their mobile app, and you can only trade U.S. stocks and ETFs. The minimum to open an account is just $10, so it is absolutely the best place to start (as long as you have a mobile phone). The company provides fee-free trading. If you are an experienced trader…you know fees can add up fast. Robinhood eliminates this cost. The service proves to be one-of-a-kind by cutting out nearly all costs associated with investing. For this reason, we think Robinhood is the best broker for stock market beginners.
Here's another online stock market brokerage for beginners can use to get started Neiman.
ACORNS – is a mobile-first robo-advisor that helps you invest, save for the future, and more. I like Acorns because it strips nearly all of the complexity out of investing. You download the app, link a bank account, answer a few questions, and you’re an investor. Acorns is unique in that you can connect it to any number of debit or credit cards and Acorns will automatically “round up” each of your purchases and invest that amount on your behalf. That’s clever if a bit gimmicky. Thankfully, Acorns handles regular automatic deposits, too.
ROBINHOOD – is the newest stock broker and the fastest growing. They were started in 2013 and already have over 10,000,000 users. They grew this fast by becoming the first brokerage to charge $0 commission. They also don't spend any money on advertising as they have a great referral program. When you open a Robinhood account, they give you a stock worth somewhere between $5 and $250. Then if you refer a friend, they give you and your friend another stock! They are a bare bones broker, you can only trade via their mobile app, and you can only trade U.S. stocks and ETFs. The minimum to open an account is just $10, so it is absolutely the best place to start (as long as you have a mobile phone). The company provides fee-free trading. If you are an experienced trader…you know fees can add up fast. Robinhood eliminates this cost. The service proves to be one-of-a-kind by cutting out nearly all costs associated with investing. For this reason, we think Robinhood is the best broker for stock market beginners.
Here's another online stock market brokerage for beginners can use to get started Neiman.
Doc recommends the following next steps:
Thank You Andres. We may not have saved a lot of money in your lives, but if we have saved a lot of heartaches for other students, we can count us pretty rich men.
Doc Frick
Updated
Rebecca’s Answer
Firstly, you may need to understand investment and speculation is different. Investment is use your money to invest for profit in long term and against inflation. However, speculator is short term in the hope of a gain but may have higher risk.
For investment, you would need to find out and analyze the companies, e.g. Nature of business, the overall market status, competition in the company, the product quality, management quality, cash flow, long term strategy, etc. before deciding whether company is worthwhile for invest.
For speculation, as aforementioned, it may not do any analysis. It is mainly the hope to make the profit. It is more risky.
I would suggest you read more financial analysis theory and start your own analysis before making any investment decision. Alternatively, you can do a mock investment, i.e. invest without real money but assume you buy in a selected and review your investment status on regular basis. This is a good exercise to practice your understand on your investment skill and strategy.
Last but not least, please seek your parental guidance before making any real investment.
Hope this helps!
For investment, you would need to find out and analyze the companies, e.g. Nature of business, the overall market status, competition in the company, the product quality, management quality, cash flow, long term strategy, etc. before deciding whether company is worthwhile for invest.
For speculation, as aforementioned, it may not do any analysis. It is mainly the hope to make the profit. It is more risky.
I would suggest you read more financial analysis theory and start your own analysis before making any investment decision. Alternatively, you can do a mock investment, i.e. invest without real money but assume you buy in a selected and review your investment status on regular basis. This is a good exercise to practice your understand on your investment skill and strategy.
Last but not least, please seek your parental guidance before making any real investment.
Hope this helps!
Updated
Cassandra’s Answer
Hello!!! I'm a registered broker and that is a great question!!! First don't listen to people trying to get you on their platforms. They just want your money as revenue. Do your research!! If you don't like research stocks are NOT for you at all. Use platforms that are big on education like TDAMERITRADE or TASTY TRADE that want to educate you about trading first before you dive in. Ask tons of questions. Registered brokers love to share their knowledge with people and love answering questions if you let them know you are willing to learn. Stocks don't have to be difficult. Even bigger brokers like SCHWAB are doing things like stock slices where you can get into the market with $5. Just be willing to do that research and learn. You will be an expert in no time! Remember you do have to be 19 before you can open an account on your own. So ask an adult you trust to help you out if you aren't of age yet. In the mean time. There are tons of educational courses you can take online offered through major universities for free!!
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Michelle’s Answer
HI Neiman,
Motley Fool has some great books and podcasts. Essentially for a long term investor my theory from Motley Fool is to buy what you understand and education yourself to understand what you would also like to invest in.
Most of us know McDonalds, Starbucks industries to some extent if only from the customer side. But even from the customer side you know if you like then, see if they are growing or fading into oblivion. Then it becomes the game of learning some of the investing #s.
If you're talking broker/ day trader that's a whole nother ball game....
Motley Fool has some great books and podcasts. Essentially for a long term investor my theory from Motley Fool is to buy what you understand and education yourself to understand what you would also like to invest in.
Most of us know McDonalds, Starbucks industries to some extent if only from the customer side. But even from the customer side you know if you like then, see if they are growing or fading into oblivion. Then it becomes the game of learning some of the investing #s.
If you're talking broker/ day trader that's a whole nother ball game....
Updated
Sanjana "Sonny"’s Answer
Getting into the stock market is tough! I would start with buying shares of ETFs that track index funds like the S&P 500 so that you are relatively diversified. Then, start looking into companies and industries that you have an interest in and invest in and follow them (for example, some people into EVs followed Tesla and Rivian). I think the best crash course is taking a few dollars and using platforms like thinkorswim to invest.