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Discussion in 'What is Investing? (START HERE)' started by InvestOpen, Jul 4, 2018.

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  1. InvestOpen

    InvestOpen Administrator Registered

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    Ready? Let’s Make Your First Investment

    Preparation can take you only so far in investing. At some point you have to get your hands dirty and make it happen. It can be an exciting adventure. Here are a few things to consider.

    Demo Accounts: Many of the best investors use demo accounts to try out their ideas. If you’re not certain, why not build up some confidence with fake money? Using demo accounts can help you discover the mechanics of investing, and learn things you otherwise would have missed.

    Start Small: Unless you’re forced to, there is no reason your first investment has to be a big one. Start with small amounts of money and learn the ropes. Get used to researching, analyzing, purchasing, and tracking your investments with small amounts of capital. As you become more confident, you can use scaling strategies to add more to your portfolio.

    Qualitative or Quantitative Analysis: There are plenty of stories of people who trade and invest from looking at charts, and then there are icons like Buffet who invest in what they know. Both styles have merit. Which one you choose comes down to personal preference and aptitude.

    Know Your Price: When you go to the store to buy a chair worth $20, if everyone else is spending $50 would you? Investing follows the same philosophy. As price discovery occurs and investors send stocks higher and lower, sometimes they will be on discount, and sometimes they won’t. If you wouldn’t overpay for a chair, don’t overpay for an investment.

    Be Comfortable And Know Your Risk: This concept cannot be overstated. Everyone wants to make the most money as quickly as possible in their investments. However, if you lay awake at night worried that your investment may cause you to lose your home, you’ve taken on too much risk. Bad investments should concern you but they shouldn’t break you.

    Even Small Amounts Go a Long Way: Compound interest can drive enormous returns given one factor, time. If you start investing at age 20 with plans on retiring at 50, you have nearly 1/3rd more years working for you, and earlier than if you started at 30.

    If you think you're ready to make your first investment, below is a checklist and bullet guide to making sure you're ready to get started.
    Remember that investing has a lot of up and downs, just like the markets. You can make a lot of money but also lose everything. Only invest what you can afford to lose. Pick one investment vehicle to start and mast it. We are here to help so ask for help and be sure to start a follow along right now!

    Best of luck!
     
    Last edited by a moderator: Aug 1, 2018
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