Ten tips to help you get started on the right foot investing in the stock market...
Educate yourself about the market ~
Do your homework and learn all you can before you start deciding where to invest your hard-earned money. Look at the history of the stocks you're considering and learn to read a prospectus.
Set investment goals for yourself ~
Decide exactly much much you're will to spend, and what prices (high or low) you will sell at. When you reach your goal, reassess. Don't be afraid to change what isn't working, but don't be to quick to judge either. Decide how many week/months/years you're willing to hold each investment, and then give the market a chance to sort itself out over that whole time period.
Don't gamble with the grocery money ~
Or the rent money, or anything else you really can't afford to lose. Always remember that the stock market is a gamble. Don't risk money that you need for immediate necessary expenses.
Invest for the long term ~
Stock prices will fluctuate, always! Don't panic if the short-term prices drop on a stable company. Always plan your stock investments to be held for at least five years. Over that time, the market fluctuations will have a chance to trend upwards overall. (Staring at the daily, or hourly, changes will drive you crazy!)
Diversify ~
Don't put all your eggs in one basket. You don't want to be in a position where one bad choice, or one bad turn of the market, wipes out all your hard work. Spread the risk around by buying in to several different kinds of securities. Some stocks, some bonds, some CDs, a variety of short and long term investments, and little bit of cash on hand for emergencies.
Consider an online broker service ~
But NOT the first months! If you're new to investing, it's worth the money to have a full-service broker leading you. Later, when you've learned more about how the market works, consider switching to a self-serve, or online service to help reduce your fees.
Get your money's worth ~
Consider stocks of companies that are still growing. You'll get more shares for your money, and have an opportunity to watch them grow as the company matures. The big name, prestigious companies are not always the best value for investors. Companies that are already well-known and successful may have higher initial buy-in prices and slower growth because the big 'spurt' is already past.
Don't get greedy! ~
The stock market is not a get rich quick scheme. Be very wary of 'hot tips' that are supposed to make you a fortune overnight. Take investment advice from reputable sources and always do your own research to double-check any claims. Remember the no one can guarantee how a stock will perform. Be suspicious of anyone who claims they can steer you towards a 'sure thing'.
Don't buy on impulse ~
Make an investment plan, and then stick with it! Don't get sucked into rumors and speculation about what the next 'great buy' it. Choose your stocks after calm rational investigation into their merits. Buying stocks when you feel desperate or panicky is like grocery shopping when you're hungry. You'll buy too much of the wrong things and regret it later.
Think about the tax issues ~
If you're not sure what they are, ASK! A few hours of a professional's time to go over your plans is worth the fee. Any benefit of your investments could be canceled out by poor tax planning, so don't go it alone on those details.
Happy Investing!!.
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