To start investing you need a brokerage account.
Brokerage accounts work in a similar way to a bank account. You set one up with a broker-dealer that suits you, then you deposit funds into the account. But, unlike a bank account, your brokerage is only for trading stocks. Once you have your funds in the account, you can buy stock in a company that you have decided to invest in.
Once you have bought your first stock, you will notice the value of your stock increases or decreases on a daily basis. This is how you make (or lose) money. The more your investment's value increases, the more money you make when you decide to sell your stock position. The more it decreases, the more money you will lose if you sell whilst it is below what you originally paid.
Here at MyWallSt we are long-term investors. This means that we buy stock in a company that we 100% beleive in and we hold for the long-term. The aim is to hold your stock for 10+ years. by doing this, short term volatility does not affect our original investment because we know that the volatility will eventually pass and the value of our stocks will continue growing as normal.
Can I set up a brokerage account with MyWallSt?
Unfortunately, brokerage account services are not currently available through our app.
The majority of our subscribers use our app for stock research, whilst carrying our their investing actions through an external broker-dealer of their choice.
If you want to set up a brokerage account, you need to find a broker-dealer that suits your needs. Please make sure you find a broker that operates in your country and allows you to invest in the U.S. stock market. You might also want to check the commission fee's for trades made on your brokerage's platform.
Once you have chosen a broker-dealer to suit your needs, you can then set up and fund a new brokerage account with that company. Once your new brokerage account has received your funds, you should be able to start investing.
You can email us via firstname.lastname@example.org in order to ask any further questions.