IRESS or intraday repurchase market is a stock trading platform offered by most online brokerages that allows investors to buy and sell stocks within a specified time frame. An intraday repurchase market (IRESS) trader is someone who uses the services of an IRESS trader to trade stocks. To become an IRESS trader requires setting up your brokerage account and trading on the right platforms. Read this article to learn more about how to become trader, whether you’re a seasoned investor or new to investing.
Step 1: Register for a Brokerage Account
Registering for an account with an online brokerage is the first step to becoming an IRESS trader. You’ll need a brokerage account in order to open an online trading account and place orders for stocks. If you already have an online brokerage account, you can simply log in and go through the next steps. To register for an online brokerage account, you’ll need to supply certain details about yourself, like your full name and address. Most online brokerages require you to provide your Social Security number in order to set up an account and trade stocks. If you plan to use your brokerage account to buy and sell stocks, you’ll need to verify your identity with a credit card or bank account. Most brokerage accounts also require you to confirm your account ownership by signing a user agreement and keeping your registered address current.
Step 2: Set Up a Watchlist
Watchlist is a great way to log your stocks that you’re watching but aren’t ready to buy yet. You can use your watchlist to keep track of stocks you’re researching to see if they’re worth buying. You can add as many stocks to your watchlist as you want and you don’t have to buy them all at once. When you want to move a stock from the watchlist to your active watchlist, you can go to the Watchlist tab and click “Move list items to active watchlist.” The watchlist can be a great tool when you first start investing. You can keep track of the stocks that you’re researching, but aren’t yet ready to buy. The watchlist can also be helpful if you want to buy a few stocks at once, but don’t want to manage all of them at once.
Step 3: Find Stocks to Trade
There are thousands of stocks to choose from when you start trading on IRESS. This can be challenging for new investors, especially if you have a wide investment horizon. You can start by narrowing down your search. What sectors do you like? Which types of companies do you find interesting? What kinds of stocks are you looking for? That will narrow down your search to the companies that you can find on the various platforms. Once you’ve found a few companies that you think have potential to rise in value, you can add them to your watchlist.
Step 4: Get Trading Familiarity
Many first-time investors make the mistake of thinking they can simply buy and sell stocks without any strategy. Even seasoned investors forget the basics of trading, like looking at charts and reading technical analysis. Start by reading a few investing books or finding investing forums or blogs to get a better grasp of what an investor does. You can also watch a few investing videos to get a better understanding of stock market trading. This will help you be better prepared to make educated decisions when trading stocks, and keep your losses to a minimum. NEVER trade a stock impulsively. Make sure you understand the structure of a stock, its price movement, and where it stands within the market. Investing is all about understanding the market and trading with the knowledge that you have about the market.