Stock Trading: How to Survive and Be a Winner

Prepare yourself thoroughly before taking the plunge when playing the stock market. You must know what kind of player you want to be. There are distinctions and you must know what they are before dipping your toes in the water. 

Decide whether you want to trade daily or if you want to be a long-term investor. The two have totally different operating techniques and require different personalities.

Keeping an eye on the market

It would do you well to log onto and scan all the news they have to offer. The Stock Dork has an analysis of what is happening in the market and this is continuously updated. Financial writers keep an eagle eye on market movements and how stocks are performing.

Do you want to start trading actively or invest long-term? It depends on what your aims are. Is this to be an extra-curricular activity or a full-time career? Don’t pretend you’re a Vegas high-flyer!

Choose a stockbroker

So, buy stocks. This is your first port of call. You will need a stockbroker who is licensed to purchase securities for you. There are different kinds of stockbrokers – the order taker or the one who provides you with analysis and advice. The latter will cost you an arm and a leg in most cases. If you are just beginning, most will require the order-taker.

Find a stockbroker online and talk to friends or in a community already trading in the market. Make sure you get the kind of stockbroker for your specific activity.

Open account easily

Communicate with your stockbroker online or via text. Costs are allocated per transaction and per share, so you can open an account easily and cheaply.

If you do not have enough knowledge to trade on your own, this is the route you should take. It will cost the least amount of money and should provide adequate returns. The whole exercise becomes more expensive as you use your stockbroker more for analysis and advice and take on third parties, like money managers. 

Try out on the simulator

Invest in simulated online broker accounts, and much like simulators that new pilots use when learning how to fly a plane, you can do several trial runs before doing the real thing.

Go slowly. Read The Stork Dork and see what’s happening in the market. Which shares are going up and which down? Do you want to trade for fun and make money on the side? This is a good place to start.

How to survive in the marketplace?

  • Take it easy. You can’t trade if you’re penniless, but pretend you are. Don’t expect to fly high on your first efforts. You usually have a full-time job. Don’t give it up. 
  • Learn the market. Expect volatility. At the least, ride the highs and lows, which is the nature of the market.
  • Check out what the best-performing stocks are. This is your safety net.
  • Spot the bogus “buy one get one free” kind of sharks. They’ll promise the earth and deliver nothing. Avoid like the plague.
  • There are taxes on investment gains and losses. Don’t have the IRS running after you. Ensure you are doing everything legit and pay taxes.
  • Get the best broker. These days, investing in the market has never been so easy. A lot depends on what kind of broker you have. Hopefully, you have friends who can advise you or check out what The Stock Dork is advising.
  • Attend seminars on how to invest in the stock market. Go to as many as you can and learn, learn, learn.

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