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Week 2: Make it Slay – Stock Trading
This week it’s time for some action as a new investor. You’ll learn by doing when it comes to purchasing stocks and navigating the stock market to help you build a foundation for investing for years to come. No need to fear – We got you!
Exchange
An exchange is a place in which securities such as stocks, bonds, options, etc. are bought and sold. The most well-known in the United States are the New York Stock Exchange (NYSE) and the National Association of Securities Automated Quotations (Nasdaq).
Day 12 – Trading: Open the Trade
Any trade follows three phases: The open, activity, and the close. In order to open the trade, you simply buy stock. The activity is the movement of the stock price and the accumulation of dividends. At this point, you now know that the price of a stock will go up, down or not move very much.
Another thing you need to know is that being long in a position (once you buy the stock), means that you want the stock price to go up – all the way up, right?
Start the clock
You need time in the market in order for your money to grow. Therefore, you need to start the clock. If you are ready, then it’s time to buy your first share of stock. Use the information from the past couple of weeks and submit a buy order.
If you are not ready, ask yourself why. Is it because you don’t have enough money? Well, there’s an app for that. Is it because you don’t want to lose any money? Well, you can set an alert to notify you. Is it because you’re not sure what to buy and at what price point? Well, buy what you know and find a stock that comes within your price range. Is it because you want the market price of the stock to drop? Well, you can set a limit order to attempt to get the price you want.
Today’s Investing Activity: In your account, click on “Trade” and select “Buy” and place your order. If you are not ready to purchase your first share, then identify why and set a deadline to buy your first share.
STEP ONE:
In your brokerage, IRA, or custodial account, select “Trade”
STEP TWO:
Open the trade by entering the requested information for your stock. Submit your order and review for accuracy
STEP THREE:
Let us know how it felt to purchase your very first shares in The Stocks & Stilettos Society or in the comments below
Tomorrow: Day 13 – Saturday Skill Check
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Happy Investing!
Cassandra
I am wondering if there is a more preferred time to purchase stock. Example it is now 12:30am Sat morning. does it make sense to purchase stock when the market doesn’t open until Monday.
Unfortunately I have not placed an order as it is Saturday morning and I am just getting to this assignment the stock market is closed. No excuses, my day got away from me. I realize that time waits for no one and tie is not on my side. I don’t have much of an option to keep putting off moving forward. It is now or never for me and I know that the tie is now. I will take a thorough look at the companies that I am interested in having their stocks and make a move in this assignment. Even as I typing this I am nervous, unsure, and uncomfortable which tells me this is what I need to do to move forward with this process.