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Stock market investments play an important role in planning of your finances. Profits and bonuses from such investments can go a long way in adding to your regular income and meeting expenses. Once you have decided to invest in the share market, there a number of steps that need to be taken before you can make your first transaction.Here are the most important ones:
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You can open an online account, which is linked to a depository participant and your bank account. An online account is less expensive and quicker.
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Determine financial goalsYour financial goals will help determine the type of stocks you should invest in.If you are after quick and aggressive returns, you may opt for volatile, high risk stocks. If you are a steady, long-term investor, you may opt for blue chip stocks.
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Get educatedLearn how the stock market works and what factors affect the movements of the stocks.Having the broader picture in mind will enable you to take better investment decisions.
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Open a demat/trading accountTo invest in the stock market, you will need to open a demat account. You can do this either offline or online.Offline account: This is a traditional brooking account, where you can place an order either through the telephone or by visiting the brokerage house personally.
While there are some advantages of this method like professional advise, personal service, etc. there are some drawbacks like longer execution time, high maintenance and service costs, etc. as well..
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Online account: You can also open an online account, which is linked to a depository participant and your bank account. You can place buy/sell orders directly, and the money will be accordingly debited from/credited into your bank account. Maintaining an online account is less expensive, and the execution
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Make your first transactionOnce you have identified the stock that has the potential to meet your financial goals, you are ready to make your first transaction. Note that the stock market is volatile and the stock prices keep changing every minute. Seek advice from your broker or a financial adviser before buying or selling any stock. After some time you earn money .
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