How to Get Started Investing Online
Part of the Investing Online For Dummies Cheat Sheet
Do you just want to get started investing online right away? Can’t wait to find an online broker, find out about mutual funds, peruse online databases, buy government bonds, and analyze potential stock buys? Here’s a quick step-by-step list to get you investing online quickly:
Save your money.
You don’t need much to get started investing, preferably $50 or more. Just find an online broker with no minimum deposit. (They do exist!)
Learn the terms.
Investing is full of jargon. You’ll need to know basic words just to get started. Get up to speed with websites like Investopedia and InvestorWords to make sure you have a good grasp of the language of online investing.
Practice with fake money first.
Before you start playing around with your real money, take a dry run by entering stock trades using the Investing Online Resource Center’s Investing Simulator Center. Next, test your investment strategy with fake money using online trading simulators like Icarra or TradeMonster’s paperTrade.
Choose an online brokerage firm.
Your online broker should be your wingman when investing online, so pick one you like and can trust. No one broker is best for all investors.
Keep saving money.
You’ll want to keep adding savings to your brokerage account so you can put more of your money to work.
The steps above will get you online and investing online. But there’s so much more to it if you want to be successful