3 answers
edislandy
Student
1
Question
Asked
470 views
HOW DO YOU GET INTO STOCK TRADING?
CAREER GOAL IS FINDIND OUT SOMETHING IM GOOD AT AND GETTING MONEY OUT OF IT.
Login to comment
3 answers
Chirayu Rupani
Data Analyst
295
Answers
Frisco, Texas
Updated
Chirayu’s Answer
To get into stock trading, you can follow these steps: educate yourself and learn about the stock market, stock trading basics, and different strategies. Open a brokerage account and choose an online broker that suits your needs and requirements, and open an account. Fund your account and transfer money into your brokerage account. Start trading and choose the stocks you want to invest in, and place an order through your brokerage account. Monitor your investments and keep track of your investments and make adjustments as needed. It's important to remember that stock trading involves risk and you should always do thorough research before making investment decisions.
Jackie Chan
Software Engineer
3
Answers
Seattle, Washington
Updated
Jackie’s Answer
Great question! First, I'm assuming you're talking about trading and not investing. With trading, you are trying to time the market in buying stock and selling stock as best as you can to maximize your profits while balancing some level of risk, whereas investing is about adding some money to your investment account(s) periodically and letting time do its thing (more of a buy-and-hold strategy). There are a few trading strategies such as day trading and swing trading. You could read up on these different strategies to see which best fits you.
After you've identified what kind of trading you'd like to get into, you can go on YouTube, Reddit, or even find books related to it at the library to learn the basics of it. There are a bunch of trading "gurus" online so you'll have to take their advice with a grain of salt. One particular trader I follow is Saty (https://www.satyland.com/) who uses the thinkorswim platform I'll mention in a bit. You're a student so I'm going to assume you don't have a whole lot of money to spend on resources which may or may not interest you. It's also likely you're going to lose money in your first trade since you're just starting out.
When you're ready to try it out, make an account with TD Ameritrade and download thinkorswim (https://www.tdameritrade.com/tools-and-platforms/thinkorswim/desktop.html). Make sure you open a Paper Trading account which is free but comes with delayed data (like 20 min) but that's fine, especially if you're swing trading on a longer timeframe. You'll basically play with fake money but it's the perfect tool to experiment and practice without personal risk. Once you've identified a profitable strategy that works for you, make an account with WeBull, TD Ameritrade, Robinhood, etc. and deposit some real money (however much you wish to risk) to try it out for real.
Identify what type of trading works with your schedule (day trading or swing trading).
Find resources for the trading strategy you wish to try (books, online, etc.)
Set up thinkorswim and try it out with a Paper Trading account.
Once you've identified a profitable strategy, deposit money into a cash account and trade for real.
After you've identified what kind of trading you'd like to get into, you can go on YouTube, Reddit, or even find books related to it at the library to learn the basics of it. There are a bunch of trading "gurus" online so you'll have to take their advice with a grain of salt. One particular trader I follow is Saty (https://www.satyland.com/) who uses the thinkorswim platform I'll mention in a bit. You're a student so I'm going to assume you don't have a whole lot of money to spend on resources which may or may not interest you. It's also likely you're going to lose money in your first trade since you're just starting out.
When you're ready to try it out, make an account with TD Ameritrade and download thinkorswim (https://www.tdameritrade.com/tools-and-platforms/thinkorswim/desktop.html). Make sure you open a Paper Trading account which is free but comes with delayed data (like 20 min) but that's fine, especially if you're swing trading on a longer timeframe. You'll basically play with fake money but it's the perfect tool to experiment and practice without personal risk. Once you've identified a profitable strategy that works for you, make an account with WeBull, TD Ameritrade, Robinhood, etc. and deposit some real money (however much you wish to risk) to try it out for real.
Jackie recommends the following next steps:
Aaron Holloway
Mortgage Operations-Closing Specialist
33
Answers
Detroit, Michigan
Updated
Aaron’s Answer
Hello,
You could could study investment banking if you plan on attending college, or you could take stock trading classes online or in person to learn how to trade stocks. According to US News "All you need is a bachelor's degree and to pass the licensing exams required by the Financial Industry Regulatory Authority (FINRA), your state and your employer." Depending on your state licensing varies regarding how many hours or licenses you must have to be considered a financial advisor or be able to trade stocks. Many people try Day Trading which in a version of trading stocks but this is a high risk form of trading stocks. Most stock brokers work for investment banks or brokerage firms. Stock investing typically involves picking the right stocks and holding them over a long term for appreciation. I would suggest reading about Warren Buffet who is considered the best investor in US history.
Good luck.
Study finance in college
Take training courses and pass state exams
See link: https://money.usnews.com/investing/articles/how-to-become-a-stockbroker
https://www.wallstreetmojo.com/warren-buffett-books/
You could could study investment banking if you plan on attending college, or you could take stock trading classes online or in person to learn how to trade stocks. According to US News "All you need is a bachelor's degree and to pass the licensing exams required by the Financial Industry Regulatory Authority (FINRA), your state and your employer." Depending on your state licensing varies regarding how many hours or licenses you must have to be considered a financial advisor or be able to trade stocks. Many people try Day Trading which in a version of trading stocks but this is a high risk form of trading stocks. Most stock brokers work for investment banks or brokerage firms. Stock investing typically involves picking the right stocks and holding them over a long term for appreciation. I would suggest reading about Warren Buffet who is considered the best investor in US history.
Good luck.
Aaron recommends the following next steps: