In this article we're going to go over the top 5 stockbrokers for 2019 and beyond, I'm going to try to include brokers for everyone on this list so if you're us-based or you're international or if you're looking to do some long term investing or maybe you're trying to do some day trading. options trading, penny stocks, whatever it may be I think this article will be helpful for you
1. Robinhood
This broker offers free trading which may sound kind of strange at first but Robin wood is a very legitimate brokerage firm with millions of investors using their services every day. I'm going, to be honest, I was extremely skeptical of Robin hood at first because it just seemed too good to be true like someone told me oh you can invest into the stock market with zero commissions
You don't need to pay anything and I was like man that is not possible but it's true and I'll you tell that a lot of people on wall street are probably getting scared of Robin hood because they continue to grow very quickly and they're totally changing the game when it comes to how people invest
One of the downsides of Robin Hood is that because they don't charge you any fees they definitely do cut costs in certain areas
They don't have physical office location so you can't just walk in and talk to somebody but they have great customer services
2. TD Ameritrade/TD Direct
They do charge $7 transaction fees for every time you buy or sell stocks but I had to leave it on this list for one reason and that's for the fact that they acquired stock trade which means that they now have over 360 physical office locations throughout the United State and I think that is something I would personally be willing to pay a few extra dollars for
Having that branch location near you is something that I believe is going to be worth of that cost especially if you're a beginner investor and you may have some questions and you want to speak to someone who is fluent in your language that you can easily understand, sit down at a desk with and they can walk you through exactly how to use their investing platform
I think that's a great option and that's something that really is invaluable to have somebody who helps you out, they also have thinkorswim which is good day trading and different types of short-term plays
3. Fidelity
Fidelity is a great overall brokerage firm but the reason why I'm really putting it on this list is due to their research capabilities on this platform, so Fidelity has one of the best research platforms and this is not going to be something that you're going to want to overlook
A lot of people these days have stocks brokerage apps like RobinHood for example which is great, but it's extremely important to do an in-depth analysis on each company before making any investment
Fidelity charges $4.95 per trade which a few years ago would be considered probably extremely low fees but these days it's probably somewhere middle-of-the-road in term of fees but the reason why I like fidelity is beacuse it gives you a lot of flexibility
4. Vanguard
I really wanted to mention this financial institution first because I think that regardless of what type of investor you are, i think it's really important for everyone to have that retirement account or some type of account for long term investing, even if you're doing day trading I think it's important to have that separate account for long term investing, that's definitely what Vanguard is best known for
Vanguard is definitely the brokerage firm that you'll want to open up a brokerage account with and set your IRA or some other type of retirement account with and then continuously invest in the index fund or mutual fund, or ETFs for the rest of your life
The average expense ration on Vanguard fund is 0.12 percent and the industry average is 0.62 percent, so that's definitely the best part about Vanguard, the fact that you can really invest your money with such a low fees
They also have a decent investor education page which is something that I would deem to be pretty essential to any beginner investors.
If you want to do day trading Vanguard is definitely not the option for you.
Before we move on to the next brokerage firm I do need to mention that Vanguard is probably not a broker that you want to be actively buying and selling stocks on, simply because they're not really meant for that, they're meant for long-term index funds, mutual funds, those type of long-term investments
5. Interactive Brokers
This is a really great broker for anyone who's looking to get into trading on a regular basis or considering getting into penny stocks or even options trading,
They have considerably low commissions and fees, you'll end up paying about $0.05 per share in commissions if you want to do any options trading you'll be about $0.07 per contract which I would consider being low in terms of fees for that
Their trading platform is excellent but maybe a little bit too excellent for beginner traders because there's a ton of moving parts and if you're new in investing you may find Interactive Brokers to be a bit overwhelming at first but they also have reasonably low margin rate so that's something that I would personally avoid altogether just buying on margin but if you're someone who's experienced
It is nice to know that Interactive Brokers can definitely supply you with a low rate for when you're trying to buy on margin.
One of the downsides of Interactive Brokers is that there is a good chance that you will need to have an account minimum of at least $10,000
If you're just starting off, it's probably not that easy to put in $10,000 into your account but if you're under 25 you only need $3,000 to open up an account with Interactive Brokers, although that still may be a high number for some people
But this is definitely a brokerage firm for more advanced traders and people who are going to be trading every day or maybe every week and very active with their investments.
That is the top 5 stocks brokers, you can check them out to see which one work best for you.
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In this article we're going to cover the 4 investing mistakes that so many people make when they first start investing, I know I have made all this 4 mistake when I first started investing so I thought I just share these with you
1. Trying To Time The Market
The first mistake a lot of people make when investing and that is that they focus too much on the macro and not enough on the actual micro within the actual business that they're analyzing
A lot of people try to time the markets, but relying too much on the macroeconomic predictions can really hurt your portfolio growth in the long run, that's something that Warren Buffett and many other expert investors preach all the time that timing the market can be a huge mistake for people
It's nearly impossible to accurately predict where the economy and the stock market will be in the future and that's why Warren Buffett said don't try to time it, just find companies that are truly undervalued
Just remember that no matter where the economy stands at the current moment there will always be a certain company that is undervalued regardless of the current economic situation.
In 2008 when almost every company crashed in the fall of 2008, some companies rose during that time so there will always be certain companies that you can find, so don't focus too much on trying to time the market as a whole, that usually just don't work out for people
2. Relying on Other Opinions
The other mistake that I think is very important to understand is when people don't do their own research but instead rely on other opinions too much
What happens too often is that new investors will hear this stock prediction sort of and then immediately they just go out and buy shares of the company without doing enough of their own research
It would be very foolish for someone to hear someone talk about a stock and then immediately just go out and buy it without questioning anything, it's very important to do your own research on every single stock that you may hear from friend, family, it doesn't matter where you're getting this hot stock pick from
3. Emotions
The other mistake people make is that they let their emotion have an effect on their investments and this is something that's really not easy to control whatsoever but I can significantly hurt your portfolio in the long run
For example, when Facebook stock really dropped like 4% or 5% percent back in November, some people sold their share because they sort of lost sight of the long-term growth of the company but they instead let their emotions get the best of them with that thought that oh my god maybe the stocks can go down to zero
It's understandable when you're losing 4% or 5% percent, very scary but it's important to be able to stomach some of this volatility throughout your investment career
The market is always going to have its ups and downs and it's important to you as an investor that you can look at your portfolio on any given day and see a 3% or 4% of loss without really panicking and selling everything
4. Trying To Get Rich Quickly
One of my favorite Buffett quotes of all time is
successful investing takes time, discipline and patience, no matter how great the talent or effort something just takes time,
It's so tempting to fall into these get-rich-quick schemes that so many people promote but if you can have the discipline to actually invest into truly undervalued companies for a long term, you're almost guaranteed to accumulate wealth throughout your lifetime
That is about it for this article, hopefully, you learn something new
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Let's talk about 5 different investments that you can consider getting into for this year. Without wasting more time I will quickly get into the 5 best investment you can make for this year
1. Stock Markets
Stocks, ETFs, Mutual funds are the very generic basic investments that most people think about when they think about investing. I'm not going to spend too much time on this specific investment route because I talk a lot about this on this website, I want to get to the other topics
If you are more interested in learning about the stock market read
- How To Become A Stock Trader
- What To Invest In - Stock Market vs Real Estate
2. Peer To Peer Lending
Let me just sort of explaining what peer-to-peer lending is, it's actually very self-explanatory, you as a person are lending money to somebody else and they're going to pay you back, you're sort of acting as a bank so you're cutting out the bank and you become the bank
One of the most common lending opportunities out there would be something like lending club, this is a very large company and one of the largest within that space for peer-to-peer lending
I'm not an affiliate with them anyway, I've never used peer-to-peer lending and I'm not going to pretend like I have, but I thought it was worth enough to put it on this list because I have heard some really great things about it and I have seen in person some of my friends where they've made about five, six or seven percent returns annually on peer-to-peer lending
You certainly can make money with it, there is a lot of risks involved with it but you just have to be smart with what you're doing, when you're doing peer-to-peer lending there's going to be people that you can choose who have good credit and then people who don't have such good credit
3. Investing In Yourself
There's actually a couple different ways you can go about this but let's talk about the first one which is going to be
Investing Into Your Human Capital
This is going to be something like reading books, investing into online courses, some courses can be total scams and just a complete waste of money, you will pay $2,000 and it's not going to bring you a return
But there are some courses out there that can be very effective and very useful and really can teach you so much that you can go out and actually make more money from that $200 that you might have to spend on a course, you can flip it and make $20,000
Investing in Your Physical Appearance
Another round you can go about investing in yourself is by investing in your physical appearance. You probably know the very common saying Dress for Success and this is actually so incredibly true.
You can actually take some money and this is sort of an interesting way to think about investing because it doesn't appear to be investing, but you can take some of your money you can go out buy a suit and get a nice haircut
Look better, get a gym membership and make yourself look more presentable and it can really help you out in the long run, Dress for Success this means so much in the real world so keep that in mind
4. Real Estate
There's a couple different route you can take with this as well, probably the route that most people aren't going to be able to afford to get into something like "wreaths" these are real estate investment trusts, these are traded just like neutral funds, ETFs and stocks, where you can buy them through your brokerage account and you can actually invest into physical properties through certain real estate investment trust
You can read some of our article below
Consider getting into real estate is one of the most time-proven investments on this list I mean people have been investing in real estate for thousands of years and it's definitely a time-proven method for accumulating wealth, some of the most famous people in the world have accumulated their wealth by real estate
5. Start A Business
The number one way to grow your money is something you can go from literally $50 and turn in into $500, this is the only method on this entire list of 5 different investment routes that you can take that you can truly grow from almost nothing to so much money
Read: 7 BEST Businesses To Start in 2019
The other 4 routes that I mentioned on this article a lot of them take a lot of time to get started but starting your own business is the one route that you can take that can really have explosive of growth
Now you will also have to invest time into this so you're not just investing money but you're investing time and that's sort of a big thing that not a lot of people have.
But starting your own business can be an amazing opportunity for you especially if you're starting with not a lot of money I think if you're starting with $100 or $500 this might be quite possibly the best route to take out of all these different 4 options
If you already have a couple million dollar laying around maybe you don't really care about starting your own business, you just want to sort of maintaining your wealth you could go with some of the other options like a stock market, bonds
But I think if you're starting with almost nothing this is truly the route that you can take to really have explosive of growth and have the best chance at accumulating wealth
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In this article we're going to take a look at 8 different jobs that don't require a four-year college degree, I think we have a slight problem within our society where it seems as though 95 percent of high school students are being highly pressured into attending four-year universities, there's absolutely nothing wrong with that it's very important for people to go to four-year universities and get bachelor's degree
But there's a lot of people who aren't really being shown these opportunities for some of these jobs where you can get straight out of high school or after just two years of community college and you can be earning close to or upward of a hundred thousand dollars per year. That's what we're going to share in this article. 8 different jobs that don't require a four-year degree
1. Web Developer - $74,110
Web developer on average make about $74,110 per year and this typically will require you to have an associate's degree then you could become an apprentice under some other web developers but essentially you're creating websites and working on graphic design within those websites for clients mostly businesses that do need to have very professional-looking websites
The top ten percent of web developers are making upward of a $100,000 per year and it doesn't require a four-year degree
I don't want to make it sound like it's an easy job it's certainly something that takes a lot of skill and a lot of time to build up over time but you don't need to have that four-year degree in order to make some decent with a web development company
2. Real Estate Agent/Broker
Become a real estate agent it doesn't require you to go to college you do have to pass a couple of exams depending on what state you're in but it does not require a college degree and it's something that if you're extroverted or if you have a great personality.
All real estate agents make $400,000 per year, know, a good portion of them make a little bit less than that I think the average salaries for real estate agents is somewhere in the $45,000 range and the top 10% make about$109,000 per year as a real estate agent.
The next category is going to require a little bit more work with your hands and I tried to keep this list in a way where some of them are going to be desk jobs and others are going to be a little bit more manual labor
3. Boilermaker - $62,260
This is sort of like welding in a sense you're going to be making a lot of Vettes, ships, and the average salary for boilermakers is somewhere around $62,000 per year, the top 10% makes upwards of about $87,000 per year as a boilermaker
This is difficult work but it's something that you can learn through an apprenticeship, it definitely helps to have some welding experience as a background, so you go to a technical school for welding and then become a boilermaker and get some nice job offers out there and you could probably become part of a union as a boilermaker
4. Electrician - $54,110
This doesn't mean that if you start as year one as an electrician you're going to make $54,000. you're probably going to make less than that but over time you can build it up and that's probably why the top 10% of electrician make somewhere around $90,000 per year as an electrician
This is something you can do straight from technical school into the workforce, you can go from high school while doing technical school in high school straight into the workforce as an electrician and make a pretty decent amount of money
Definitely working with your hands you're going to involve a little bit more risk you're dealing with electrical currents obviously there's risk involved but it's certainly something that could pay pretty well
5. Become A Register Nurse - $70,000
There's a reason why I really think that this is an interesting route to go because a registered nurse is going to be growing in the future, we're talking double-digit growth in the next 10 years for register nurse, there's going to be a very high demand for register nurse
That's why they're going to be making &70,000 per year on average with some of them making upwards of $100,000 per year as a registered nurse and you don't have to go to a four-year school for this as you can get an associate's degree for nursing or you can go to other programs, you might want to look into this a little bit further
I'm not an expert on this and I'm not going to pretend like I am, but I know that you don't have to go for a four-year school to become a register nurse and make a pretty decent amount of money.
6. Elevator Repair - $77,130
We have millions of elevators in this world but most companies and most office owners are not going to want to hire their janitor or their custodian to fix an elevator, this is something that could really cause a lot of damage, it could kill people if you don't do it right so you want somebody who's professional and can take on that liability and the responsibility to fix elevators
You can become someone who repairs, maintains them, trust me if you've ever lived high-rise building, it sucked in terms of elevators, it breaking every other day and the elevator repair people come in every day to fix it and they were making a lot of money
That is why they're making about $77,000 per year with the top 10% making upwards of a $150,000 per year as an elevators repairmen or someone who is installing and maintaining them
How do you actually become an elevator repairman, one of the best ways is to become an apprentice for some of these companies, you can seek them out if you have some type of background in this area
7. Paralegal - $50,100
You're going to make about $50,000 per year, the upper 10% are going to make upwards of $80,000 per year as someone who is going to be assisting attorneys and lawyer, most likely doing some research for them maybe setting up a meeting for them, but in general, just assisting a lawyer,
How do you become a paralegal? You're going to want to go a two-year school probably in your local community college or your city college and get that associate's degree to become a paralegal
8. Dental Hygienist $74,000
In order to become dental hygienists you're generally going to have to go to school for two years in your local community college or your city college, there are people who go for four years and you could do that as well but a lot of them go for just two years and they'll get that associate's degree and they can become a dental hygienist
Like I said on average $74,000 per year, with the top 10% making upwards of a $100,000 per year
Those are the 8 on this list if you enjoy the article don't forget to drop a comment.
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In this article, we're going to cover 3 different businesses that you can operate primarily online this year. Some of these are going to be businesses that are more home-based while others on this list are going to be that type of business where you can operate from anywhere in the world, it doesn't matter where you are in the world you can make money through some of these businesses while like I said others might be a little more home-based
1. Subscription Box
This is something that I've seen really emerging in the past few years especially and that is by operating your own subscription box services, just to give you a couple example of this, Dollar Shave Club, this is not an advertisement for Dollar Shave Club but they have a very interesting business model where they have box subscription services
Every month people who subscribe to Dollar Shave Club are going to get razors maybe some other shaving material within a box and they're going to get that in the mail every month or at least I believe that's how it works
I don't actually have Dollar Shave Club or you can look at Tai Lopez, if you're familiar with Tai Lopez and his mentor box, this is where he'll send you multiple books and different packets and paper every single month in the mail and then you can read through all these materials and gain a lot of knowledge through that mentor subscription box
- What you can do here is find a niche that hasn't really been tapped into and then create your box for that, and there are a lot of boxes out there already, but there are still plenty of areas where they haven't really been fully tapped into
For example, you think of anything maybe a coffee box where people get multiple bags of coffee every single month, and I'm not going to lie it's really fun to get something in the mail every month
Read: 7 BEST Businesses To Start in 2019
You can get a lot of money out of customers because this is a monthly subscription and some of these people are going to have these subscriptions for years to comes
2. Social Media Marketing
This is something that you can primarily operate remotely online but sometimes you will have to actually meet with the client and that is by starting your own social media marketing agency or your own social media management firm
You can actually market people's product especially with Facebook advertising, a lot of businesses just don't know how to actually reach customers and generate leads, you can reach out to them, you can call them or email them but what I found best is actually going out in person and talk to some businesses
Once you get some client then you can actually do most of the work remotely by generating leads for them, you can do a lot of this from your own home or even a couple hundred miles away at sometimes
If you don't want to start a market agency you could just manage social media pages for other businesses who might want some help growing their pages or maybe they're not able to post a lot of pictures all the time, not able to respond to comments and concerns of customers through their Facebook pages or their Instagram, their Youtube Channel, you can manage those pages for them for a certain amount of money per month
3. Drop Ship Clothing
Start your own clothing brand. This is something that a lot of people find themselves failing, and there's a big reason for that, I'll get into that later. But it seems everybody trying to start their clothing brand and that's because people really overestimate the desire for somebody's brand
If you can operate this and grow it at the right level that's when you can see a lot of success, Somebody like Brett Conti, some guy from New York who ended up starting fortune New York and has a very successful clothing brand and the reason for that is because they focused on one specific target market
If you want to start a clothing brand you can do it, you can succeed in it, many people do succeed in starting their own clothing brands but you have to focus on one specific target market
Maybe that's going to be college fraternity guys, maybe people who love boast or people who own Chihauhaus, something very specific that you can market your product to and that's how you can create a very successful clothing brand
The reason why I'm putting clothing on this list is because nowadays a lot of these different clothing brands can be operated almost entirely online, so you can actually drop ship these products which means that you do not have to physically make the t-shirt, you can get somebody else to make the clothing for you and then they ship it out for you and you just operate your own website
Maybe you can do it through something like Shopify or Teespring and you can do this entirely remotely from anywhere in the world
This is the top business idea you can do anywhere in the world in 2019. Hopefully, you find it helpful
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In this article, I'm going to talk to you a little bit about investing for a beginner, how to get started, what's the best way to get started and what advice do I have for people who are brand new
To give you an idea I got started when I was 18 years old at the time I didn't know anything about investing but I was reading these self-help books and I read some books on finances and I just learned some basics about investing and I realized the most important thing is to start as early as possible because the earlier that you have to start investing then the more beneficial it's going to be later in your life
Because then you could take advantage of compounding, Warren Buffett all these investment gurus all talk about the power of compounding
I learn some basic things about that and so I knew at 18 years old I needed to get started and of course the earlier that you start then the sooner you can make mistakes, you can learn from those mistakes, you have higher risk tolerance because a mistake that you might make is not going to be as costly as opposed to if you're in your 30s, 40s, 50s or 60s where you got to be a little bit more cautious and more conservative in your investment strategy
What I'm going to share with you can definitely help you for just getting started, it can take time of course but I'm going to show you some basic principle that is really important for you to understand
1. Pay Yourself First
That is the first thing you are going to learn in any investment book or financial book out there because you need money to invest, you need money that you can put aside to save or invest or whatever it's, and if you don't have that, if you can't take a percentage of what you make and put that aside, then there's no hope for you to be able to grow your net worth and be able to make more money
Whatever amount of money that you're making right now whether it's $1,000 a month $2,000, $5,000 a month, or more, you got to make a decision the most important financial decision of your life which is that you're going to take a percentage of what you make and I recommend 10 percent at minimum
Take 10% and you're going to put that aside and you're going to put it in a saving account or an investment account or some other account that you're not going to touch
Now you might be saying well I don't have the money to do this I live month-to-month, well, you've to manage your money, you've to manage your finances and you've to pay attention to it on a weekly and a monthly basis because you should never be in a position where you're living months to month, that's a horrible position to be in, that position means that you're never going to be able to get ahead in your life
That means whatever income that you're making is going right toward your expenses, and for most people, the best thing to do is to lower your expenses, cut down your current living expenses.
The reason why they say pay yourself first is that you're supposed to pay yourself that money before anything else before you pay your bills, your rent or anything else
2. Have Emergency Fund Of Savings
If you don't have that then you're going to be in trouble, if your expenses every month is $20,000 a month and by the way you've to know what those numbers are, you've to know exactly what you're spending every month and what you're making every month, if you can't tell me those numbers you're going to be in financial trouble
If it's $20,000 a month that's your expenses then you need to put aside at least $6,000 to $7,000 in savings as an emergency in case something happens to your job, in case disability happens, something happens to your business
Who knows what can happen but you got to have that emergency fund, very important
3. Invest In Yourself
Once you have that emergency fund of 3 to 6 months, you're going to have an extra positive cash flow, now, what do you do with that money, how do you invest it? Well, you got to explore the different investments that exist
The number one investments that you can make according to Warren Buffett the multi-billionaire investors, the best investment you can make is not in real estate, not in stocks, not in your business, it's in yourself
That's the number one investment that you can make, what I mean by that is investing in your knowledge. Developing skills, your confidence, your beliefs, self-development, learning about finances, about business, about marketing, Read books, go to a seminar, going to the course and products, video training and audio training, etc,
You've to invest in yourself, all the most successful people in the world all understand this and the truth is is that if you could invest in yourself that's what's going to bring you the highest return out of anything else
because if you continue down the path you are and you don't invest in yourself then you're going to continue getting what you've always got and investing in yourself you're going to be able to learn the skills and the confidence, the habit etc that can help you make more money and make better decisions in your life which are going to make you a lot more money
4. Your Own Business
Another most important thing that I think you're going to get the best return from beside yourself is your own business. A business is something that has a high potential for a reward because you are in control of the business, in fact, it is directly related to you the more you improve yourself the more your business will succeed and always want to bet on yourself more than anyone else
Investing money in your business whether it's an online business or whatever it is, that has a higher potential of growth and it's going to be a lot less risky because you have more control over it as well.
Read: How To Start Investing in Your 30s
When investing the best advice that I have is to invest long-term, have the long-term mentality, don't be caught up in the whole get-rich mentality because that's what's going to lead you to make a lot of bad decisions and you're going to get into trouble
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I'm writing this article for anyone that's looking to get started in trading and has no idea where to start. So I'm going to go through a few steps with you and explain how to get over the learning curve.
You've probably heard that stocks are very very complicated they're very hard but in reality they're really not, it's just like anything else, it looks hard at first but once you kind of get into it, it becomes easier within time but you have to put in time and effort to actually get to that comfortability.
Now these are the steps you should take to become a confident and successful trader
1. Educate Yourself
You have to properly educate yourselves to know the topic very well. You have to understand things such as
- Technical indicators,
- Price action
- Moving Averages
- Chart Patterns
- Exponential Moving Averages
- Candle Stick Patterns
- Volume
- MACD
- RSI
- Support and Resistance
- Trendline
- Fibonacci Retracements
You can search out these topics and look them up, the great way to learn about these topics, you can read books, you can actually research these topics, go online, going Investopedia and multiple websites and actually learn about these topics
2. Paper Trading Account
After learning about these topics, the second step you can do is go and open up something called a paper trading account.
A paper trading account is an account where you trade the real markets with fake money, now the great thing about a paper trading account is you get to get a feel of the markets without investing real money, without investing money where you're risking on losing money at this point because you have no idea what to do
That's the great benefit of a paper trading account, you're dabbling in the stock market you're not risking any money and you're learning at the same time, so that's a great thing about having a paper trading account
One great platform for a paper trading account is thinkorswim by TD Ameritrade, go to https://www.thinkorswim.com/t/index.html
You can play with the platform and once you're done with paper trading you can actually convert over to a real account as well.
Something to keep in mind when you are paper trading when you paper trade with thinkorswim I know thinkorswim they start you off with $200,000 account. Make sure your account is the same size as you would start with real money, because if you start off with $200,000 account and then you switch over to opening up a real account with $5,000 or $2,000
Guess what, there's a huge difference in risk management, there's a huge difference of strategies, a huge difference in the stocks you're touching, you want to make sure when you open up the paper trading account your account is actually to the same amount of you're going to invest
Read: Forex For Beginners - How To Trade & Make Profit
Take the $200,000 that thinkorswim get you and change it to $200,000, $300,000 or whatever you're going to start off with, just so you're kind of playing with the same numbers and you're comparing apples to apples when you do start with the real account
Once you do have the paper trading account going on I personally recommend that you start practicing for at least one to two months, get comfortable with price movements, get comfortable with stocks, get comfortable and see how the market moving etc
3. Trading Plan
A trading plan is very very crucial in you becoming a successful trader, this is a huge thing and a high way many traders actually fail. They don't do well if they don't have a trading plan
In your trading plan, the first thing you should have is
- Risk Management
- Position Sizing
- Entry/Exit points for each day
Once you start trading more you are going to see what I mean
you have to have a solid risk management strategy, I'm going to write a risk management article as well with position sizing but that's something you can look up and try to understand it, I would create an article on that soon
4. Open Up A Real Account
Once you open up a real account how much money should one start with? Me personally I recommend starting with if you're opening up with TD Ameritrade, for example, start off with $2,500 or $3,000
When you first start out my personal advice is to start out small, put in maybe $1000 to $2000 into the market and work with that. You're not going to make a lot of money if you start out with $1000 to $2000 you're not going to turn that into million or 100k or 200k
When you start small, the purpose at this point is for you to educate yourself with real money because when you paper trade it's completely different than real money, the reason for that is when you have real money in the market there's more emotionally involved and I'm very sure you have heard trading is 80% psychology and 20% technical indicators and skill sets
With that being said the only way you're going to learn these psychological aspects, the only way you're going to learn how you get emotional, fearful is by you having real money
when you have a paper trading account you're not going to feel any of that, you're not going to get any emotion, you're not going to really care about getting up in the morning seeing if your stock is up and down because it's not real money
When you start out with real money, do not start with a lot of money, that is where a lot of people messed up they start out with so much money. If you start with $1000 to $2000 and you're not putting all your money into one trade you're puting $100, $200 to $600 into one trade
You're still in the learning process, once you get to that stage and you are profitable for let's say a month or two, that's when you should add more money, now how much money should you add, that's on you depending on your finances and how much money you can actually put into the market and not really worry about
If you're putting money into market it should be money you don't really worry about, if you're putting in money and you have to pay rent next month do not do that, make sure it's money you're not really worried about and you can actually put it into the market and everything else is covered
A very important thing that I want to mention to everyone, trading is something that takes a lot of time you are not going to start and make a huge amount of money right away, it's going to take a lot of time
When you're starting out have the mindset understand that this is going to take time this is not going to happen overnight, it's a game of constant learning and improving as you start out, put yourself in that situation of, you're constantly learning and improving, don't think about money for the next six months
Even if you make money don't check it out, for six months just focus on working on your trading, you can't quit after a month of not seeing the result or 12 weeks.
That is it folk, hopefully you fully understand how the stock market works
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