Once we understand the tools that we can use for our journey, we will need to start buying some products, whether shares, bonds or funds. The process to do it is quite simple. We will explain it here.
From the previous infographic we can see the following components:
A broker account. If your bank gives you the possibility of buying products, you will probably need to open an account where you will make the operations from. In this way you can have your savings account, current account, and the broker account, without any special particularity aside that when you buy the money will be taken from this account. Then, before the buy, you will need to transfer enough money to this account. Usually, you can do this from your own bank, but there are some types of companies aside banks that specialize in investments where you could also make the buys. They use to have a wide range of products compared to banks.
Money. Of course you need money to buy. You will probably have it in another account from your bank, but even if it´s not in the same bank as the broker account, you may be able to make a transfer to it. Once your money is here, you can go to the broker platform to look for the products.
A broker platform. Each bank has is own platform, where it gives you the possibility of navigate in it to look for different types of products. Usually they also provide some information about each product, despite most of the times it doesn´t cover all what we need for shares, bonds, and funds. Basicallly in here we look for the products that we want to buy.
Select the product. Once you have found the product you want to buy, we need set some basic paramaters, like the money or the number of titles we want to buy. We can do in either way. For example if we want to buy $2.000 of the product XXX that at the moment has a price of $10, we either can say buy $2.000 and automatically the broker platform will buy 200 titles, or we can say buy 200 titles, so the broker platform will spend $2.000. Usually you have the possibility of buy or selling in a specific price, or to whatever the price it is. If you choose a price, the operation will be done only if the product reaches this price. For example, if you want to spend 2.000 of the product XXX when the price is $9, then your operation will be held until it reaches this price.
Confirmation. After having selected the parameters, we will have to confirm this operation. We may be aware at this point of the fees that we are going to pay, that usually are related to the product and to the amount of the operation. If we have made the decision, we just have to make a click and the operation will be done instantly (if we are doing it in working hours, if not it will be done when the market is open).
Check. So after having confirmed the operation we have to check two things: that our broker account has discounted (if buy) or accounted (if sale) the operation, and that our broker platform is showing the new titles of the product (if buy) or if it has dropped the titles of the product (if sale).
That´s all. Next you should check the costs, profits, progress of your product to control the situation of your journey. With #imap this is done easily.
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