I can give you a million reasons why now is the perfect time to learn about the stock market. If you aren’t familiar with stock investing, now really is the time to learn.
Stock prices are low AF! Everyone just got back their stimulus checks and don’t know what to do with them. Should I continue?
In this intra Coronavirus world, many of us have way more free time on our hands. I’ve been making great use of my time. I’ve stepped up my Youtube thumbnail game. I have researched a whole new skincare routine. Why not add a couple of money-making skills to the mix?
Now don’t get me wrong, don’t think that you can wholly learn how to invest in the stock market in only a few months. There are so many facets, tactics, and techniques when it comes to stock market investing. Patience is truly a virtue when it comes to investing.
In this blog, I’ll give you a few pointers on how you can start to learn about the stock market for free.
Find a Mentor That Will Help Guide You
Before I ever got comfortable with creating my first stock trading account, I made sure to find a couple of mentors. Find someone that has both the knowledge and the accessibility to help you hone your skills.
I was lucky to have two individuals in my life that were extensive stock traders. One mentor was into day trading and holding a select few stocks. The other was mostly interested in options trading.
It was great to get both viewpoints. Before talking to them, I never knew that there were different types of stock traders.
Join a Stock Market Investment Group
When you first set up your trading account, you will have lots of questions. The easiest way to find out about the basics will be for you to join a beginner’s trading group. I recommend that you do a Facebook search for an applicable Facebook investing group.
In the group, you will see all of the common questions that new traders might have and you’ll have access to a wealth of knowledge. If there’s something that hasn’t yet been addressed, you can ask in a pressure-free environment.
I also recommend that you find out if there are any local groups that you may join. Consider websites like Meetup or Eventbrite for these types of meetings. Not only is it a learning experience, but it’s also an opportunity to make friends with likeminded individuals.
Watch Youtube Videos to Help You Learn Stock Market Basics
Nowadays, you can learn anything by watching a Youtube video. I’ve learned a multitude of things from Youtube. I learned how to edit videos, how to make artisan soap, how to manage my hair, and how to do my makeup–all on Youtube!
Don’t forget to check out a couple of the popular stock investment podcasts. You can capture knowledge just as easily by listening to informative content.
There are a few basics that are explained very well in video form. So, head over to Youtube.com and do a search for the following frequently asked questions:
- Types of purchase orders.
- What is a dividend?
- Types of stock market traders.
- What is averaging down?
- How much are capital gains taxed?
Set Up a Practice Trading Account
If you’re still apprehensive about purchasing stock, you can do practice trading. Set up an account that let’s you trade fake money before jumping into the real thing.
Or, you can create mock trades by writing down the name and price of a stock. Watch this stock, to see if the price increases or decreases. Record data each data to see how it changes.
This is a great way to practice with the stock market without tying up actual funds. Remember, patience is a virtue when it comes to trading. There will be lots to learn. Think of it as an ongoing journey.
Start Trading Real Penny Stocks
Watch your free stock to see how it behaves over the next few weeks. Pay special attention to the value of the stock, any trends, and any news surrounding that stock. All of these will determine if the stock becomes profitable or not.
If you feel like you’re ready to start trading stocks, give it a try. Due to the current state of affairs, stock prices are at an all-time low. Lower prices mean less risk for you as a new trader.
You can get a variety of penny stocks for under $5 a pop. If you have the money, then now is a wonderful time to try your luck with investing.
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