Step 1: Open an account
Open a brokerage account and start to journal
If you’re just getting started with investing (or even if you’re a grizzled veteran), my recommendation for a brokerage account is Robinhood. Zero commissions is a game changer. You can get started with one share. The next step is to keep yourself accountable. The easiest and fun way is to journal. Hold yourself accountable. It does not matter how many people see it, it is the process of writing it down that matters.
Step 2: Lose money
Lose money on a trade
Seriously, just do it. The biggest impediment you’ll have to becoming a competent investor/trader is the fear of losing money. So just get it over with. Buy a share of your favorite company on Robinhood, then sell it the next day. Keep doing that until you lose money. (It won’t take long.) Once you understand that losses happen, you’re ready for the next step.
Step 3: Get a coach
Get a mentor/coach
Investing is about managing your behavior as much as anything else. To invest or trade well, you need to develop the right habits, perspectives, and methods of reasoning. You have to be ready to perform when an investment/trade appears that will make your year and possibly your career. Finding stocks and buying stocks is easy. Holding the right stocks is hard. Get a coach and mentors in your corner and build your investing network to help speed your education and improve your process.
Here are three coaches who are absolutely worth your time and money. You’ll get trade ideas from them, but more than that, you should watch and learn how they think about investing. There are hundreds more…my point is spend the money on yourself.
Run by my friend Ivan, Ivanhoff Capital gives you access to swing trade ideas, a model portfolio, and Ivan’s incredible brain.
JC at All Star Charts has a great newsletter, trade ideas, a monthly conference call, and more. He’s one of the best in the biz.
Our portfolio company Koyfin is my favorite product for keeping up with market prices and fundamentals; and now news.