Hey, it’s great to know that you have opted to invest in Stock Market.
Let me tell you, every successful trader today, was once a beginner. Stock trading is not about being the beginner or newbie, it’s about how well have you prepared yourself. Claiming profits in trading solely depends upon your analytical skills and belief in your strategy landprime.
Now, let me tell you the steps which will help you in getting ready for your first trade:
First of all, you should decide the amount that you would be investing. Make sure that your are not digging too much in your savings. You should also calculate the expected earnings and the expected time to reach the earnings target.
Now, you need to read few articles and watch videos for learning the basics of trading. NSE Pathshaala has a whole section for beginners. This section have loads of articles and videos to help you trade. You can also join some online or offline courses offered by reputed trading academies. My only suggestions would be, do not learn too many techniques and strategies. Learning too much will create confusion. Hence, learn few techniques, get proper command over them and build a strategy around it. Also, when you have built your strategy, have faith on it. Do not switch between strategies until they prove inefficient for six months. Also, you can watch few free videos on YouTube on Trading Strategies.
Once you are done with the above steps, you should analyze your skills and on the basis of that, you should select a stock broker. E.g., if you have not knowledge of trading and will need frequent tips with a personal guidance, you should opt for a traditional broker. But, if you are confident that you want to trade on your own, then go for a discount broker. Discount brokers will provide you Demat account and trading tools. You can use the tools for placing your orders in stock market. Also, when it comes to the brokerage charges, traditional brokers will charge you way higher than discount brokers. The lowest charging discount broker that I’ve come across is Trade Smart Online. My suggestion would be to go for a discount broker and try your own luck. It’s better to blame yourself than some other guy, who knows nothing about the kind of sacrifices you have made to earn money.
