SprinkleBit is a powerful platform with a variety of tools and features. If you are just starting out and feel overwhelmed or, intimidated, don’t worry, we’ve all been there. I want to take this opportunity to give everyone a quick guide on how to use the power of SprinkleBit to the fullest.
1. Make Browsing the News Feed a daily/weekly habit.
After you have created a SprinkleBit account, you should make it a daily or weekly habit to browse through the SprinkleBit news feed. You can view the news feed as your “window” into what’s going on in the financial world. I promise you that our users learn a lot and gain a tremendous amount of information just from following the activity in the news feed. As time goes by, you will get an overview of what stocks people are trading and what goes on in the financial markets on a daily basis. We have many great users in our community that share valuable articles to learn from, which can help you take your trading and investing to the next level. All in all, the news feed is a fast way to improve your financial literacy, learn the lingo and get familiar with individual stocks.
2. Make sure you read our weekly Word on The Street Newsletter
Every Friday after the market closes, we create a weekly newsletter called “Word on The Street” which goes out every Saturday morning. If you are not receiving the newsletter, just click here and sign up with your preferred email. In this newsletter, you can get a quick overview of the past week’s top stories and how the markets performed during the week. If you are busy with work or school, and do not have the time to follow stocks on a daily basis, our newsletter is your best bet to stay informed. In addition to an update on top news and market performance, you are also able to see our most discussed post or stock, and “The Trade of The Week.”
As strong performing stocks tend to stay strong, the newsletter is a helpful guide to picking stocks and evaluating trade ideas. The newsletter also has both an Earnings Calendar and an Economic Calendar for the coming week. The Earnings Calendar ensures that you won’t be caught by surprise and find out that your stock dropped 10% because earnings were a disappointment.
If you are an earnings player, the Earnings Calendar is a great tool to help you stay up on the most important companies that are reporting financial results in the coming week. Lastly, the Economic Calendar informs you about the macro events that can possibly move the markets in the week to come.
3. Follow us on Social Media
Whether you prefer Instagram, Facebook, Twitter or SnapChat, we got you covered. It is through our social media channels (as well as the SprinkleBit News Feed) that you will get breaking news such as earnings report and macro happenings throughout the day. On our social media platforms, we post a lot of educational and motivational content such as SprinkleTips and Technical Thursday posts. Following us on social media is a fun way to learn about the financial world as well as staying up on breaking news. If you have an extra 5 minutes on the bus or in the grocery store, take the opportunity and scroll through our feed. This will help you feel more informed as well as learn something new.
4. Enroll in SprinkleBit University
Now that you have your foot in the door, and your financial literacy has started to increase, lets take it one step further. SprinkleBit university contains a handful of free chapters that will teach you the ropes of trading and investing. I have an MBA in Finance, and I can guarantee you that SprinkleBit will give you the proper education to become a profitable trader or investor. After enrolling in SprinkleBit University, start by going through all the free chapters and soon you will be miles ahead of most people out there.
The best investment you can make, is investing in yourself. So why not invest in some proper financial education. I always say that you have to learn before you can earn, so what are you waiting for?
5. Treat SprinkleBucks as Real Money before Signing up for Brokerage
At this point you have probably checked out the stock simulator and placed a couple paper-trades. Perhaps you bought some Apple shares because you think the new iPhone is a great smart phone and believe it will sell well in the near future. Paper trading is an important first step in starting your journey towards becoming a trader or investor. In my opinion, the stock market simulator is the single most powerful tool on the SprinkleBit platform. I would not recommend ANYONE to start trading with real money before they can be a profitable paper-trader. Of course you can start trading with real money right away, but most likely it’s going to be an expensive and painful learning experience. The simulator lets you get comfortable with the platform as well as helps you learn the different types of orders and strategies. Just as people have different personalities, people also need to have different trading strategies. Use the simulator to find a strategy that fits your personality and trading style. Through the simulator you can find out what works for YOU, before putting your hard-earned cash in the markets.
Think about it like this… Would you try to jump onto the NBA court without shooting some hoops before-hand? I don’t think so! Hence, I don’t think you should try to outsmart the wizards of Wall St without practicing first. After all, they’re also professionals.
6. Make a Watch List, Follow some Traders, and set some Stock Alerts
I recommend that you create a personal watch list for stocks that interest you. You can start by adding companies you are familiar with, or products you like. The world is filled with products and services from publicly traded companies, so your imagination is the limit. Perhaps you watch a lot of Netflix ($NFLX), shop on Amazon ($AMZN) or can’t live without your Starbucks ($SBUX). If so, then add these names to your watch list so you can start getting familiar with how they trade.
The SprinkleBit Premium package includes some very powerful and helpful tools. Smart Alerts is available to Premium subscribers and one of the most helpful features that any trader or investor can use. Just like you can get an alert from eBay when your favorite lamp shade reaches a certain price, SprinkleBit Smart Alerts will let know you when a stock falls or rises to a specific price. As we get busier in our daily lives and deal with information overload, push notifications straight to your computer, phone or watch is a tremendous aid.
You can also get notified when certain traders buy or sell a stock. Chances are that there is someone in the community that has the same trading style and follows the same stocks as you. Setting an alert on a traders or investor helps you stay ahead of the game and can give you the confirmation needed to execute a trade.
But remember, don’t just follow someones trade blindly and think that the job is done. Following someone else and placing the same trade as another investor or trader is just one step of the process. Here are some tips when copying another investors trades; Make sure you know how long you will hold the stock, know when you plan to sell the stock for profits, know when you plan to exit the stock if it doesn’t go your way, and finally, make sure that you have taken the proper position sizing.
7. Download our App
If you haven’t already downloaded the iOS app, I highly recommend doing so. The SprinkleBit iOS app for iPhone is your best friend on-the-go. It allows you to stay up on the markets and trade stocks practically anywhere! You can even get push notifications straight to your iPhone or Apple watch when the price of a stock you are following reaches a certain level, or a trader you are following makes a trade.
Times have changed, and it is no longer necessary to be staring at your computer screen all day to trade stocks. Don’t tell your boss, but it is totally possible to work a full-time job and be a successful trader on the side using the SprinkleBit App.
What about the people with Android phones? No need to worries folks, our developers are working hard with developing the Android App and it will be hitting the Google Store soon.
If you are using SprinkleBit strictly on mobile, then take some time to check out the SprinkleBit on the web as well. Trading requires proper research and sometimes it can be good to put on the analysis hat and sit down in front of the lap-top. Ultimately, utilizing a combination of the mobile app and the web is my personal recommendation for achieving the best of both world.
Now it is up to YOU!
At SprinkleBit we are striving to put financial freedom in the hands of everyone who is willing to work towards it. We are doing our best to educate, inform, and offer useful tools on your journey towards financial freedom and independence. Our community is full of different people at all different skill and education levels. What we all have in common in the SprinkleBit community is the willingness to learn continuously and help others do the same on our way. There is no doubt in my mind that we have a very powerful community, and that by utilizing all the platforms features you will have a bigger chance of success in the financial markets. I hope this guide was helpful and that you feel a little more equipped to tackle the challenges of stock trading. Please feel free to reach out on the chat if you have any questions or would simply like to strike a conversation about stocks.
Continue the discussion!