If you’re new to investing and not sure where to start, this tip will point you in the right direction.
Your first investment is always a little nerve-racking. You’re about to put money in the market and watch it go up or down. The following steps will ease your nerves and allow you to get started with confidence.
1. Select a Broker
Before you start investing, you’ll need to setup a broker if you haven’t already. Tykr is a stock screening platform not a broker platform. A broker platform is where you’ll connect your bank account and deposit your first $1,000.
Click Here to see the list of brokers we recommend.
When you sign up for your broker, it may ask you if you want a Cash Account or Margin Account. Select Cash Account which means you’ll only invest the cash you add to the broker. Margin Account means you may borrow money from the broker similar to borrowing money from a bank (in the form of a loan). We don’t recommend borrowing money to invest, we recommend you invest your own money.
2. Setup Your Broker
When you sign up for your broker, it may ask you the “Purpose”. Some of the options may include growth, preservation of capital, income generation, hedging, active trading, and speculation. You can select any of these but the option that has the least follow-on questions is Growth. Overall, you want use your broker to grow your wealth. The primary focus is not to generate income although you can certainly withdraw cash if needed. You will also not use this account to hedge, trade, or buy speculative stocks.
3. Review this 21 Tip Investment Guide
The hard work is done! Setting up your broker is the most difficult part of the process. Now you can move onto the fun part, investing! Before you start investing, we highly suggest you read all 21 steps. This will teach you steps such as when to buy, when to sell, and how to reduce risk.
4. Join Tykr for Free
When you join Tykr, you have two easy places to start. You may click on “Sean’s Portfolio” which you will see if you are a Pro user. These are the top 10 stocks the Founder & CEO of Tykr, Sean Tepper, holds in his portfolio. This is essentially the “put our money where our mouth is” feature. You can literally invest side-by-side with Sean if you want. You may also click on the Top 50 which are a list of stocks with the highest scores (20 being the best and 0 being the worst). The higher the score, the safer the investment.
5. Buy Stocks
Now go back to your broker and buy the stocks you found in Tykr. When you buy a stock, your broker platform may have you choose between Market Order or Limit Order. Market Order means you’ll buy at the price shown. Limit Order means you will need to set a limit at which the stock will be purchased. We recommend Market Order as it’s much easier.
If you buy a stock and the stock goes down right away, just relax! If you reviewed these 21 Tips to Investing, and bought an On Sale stock, the chances of making money on your investment is very high. You have to remember that investing requires patience. You’re going to invest and hold for weeks, months, and in some cases, years. Now sit back, relax, and let the power of compound interest go to work for you.
Get your most burning questions answered.
Benefits and Features:
- Save time
- Reduce fear
- Learn all investing steps from A-Z
- Learn when to buy
- Learn when to sell
- Learn how to reduce risk of losing money
- Learn how to stockpile (Maximize returns in the stock market!)
- And more…