Are you worried about not having enough motivation to really get your investing off to a good start? Then you need to really think about going to an online investing club. The reason is simple: accountability. An online investing club takes away your first excuse that you could think of — lack of interest in your local area. Even if you’re not surrounded by people that are interested in what you want to do, you can find plenty of interest online. Investing is one of those things that you need to be fully committed to. If you find that you’re not as committed as you would like to be, this is the perfect time to make a change. After all, it’s your money. If you aren’t interested in growing it, there’s no one in the world that’s going to care about it more than you will.
Keep in mind that online investing clubs aren’t always sunshine and roses. There are just times where you’re going to need to really make sure that you think about the type of experience that you’re ultimately trying to have. For example, if you want to be a long term investor, then you will need to align yourself with an investing club that focuses on that. Of course, just because you’re long term doesn’t mean that you aren’t going to be picking up stocks here and there. It’s just a matter of really figuring out what you want to do and following through from there.
The best indicator of a good online investing club would have to be activity. You don’t want to go into a club where nobody really wants to talk about anything. If investing is a passionate topic for you, then you want to be surrounded by like minds. There’s just no getting around that point. However, you will find that in the investing world, many people are dreamers and not executors. They’re not taking action — they’re talking about taking action. Those things are very different from each other. You want to ensure that you’re around people that are interested in active trading. Even if you’re only trading on paper and not really taking the plunge, you still want to be able to talk about setting up your portfolio properly.
As an aside, make sure that you’re not waiting too terribly long to invest seriously. You don’t want to find that you’re only getting things done when it’s at the last minute. Rushing isn’t good, but you don’t want to hesitate forever either. The truth is that you’re going to have to take risk in order to get any type of rewards in the world of online investing as a whole. You can’t run in this crowd and hope that you’ll keep all of your money all of the time. There are going to be times where you lose money. There are going to be times where things don’t go your way.
But it’s how you react that truly shows your character as an investor. Never forget that.
There are a few places to find good clubs. You can go to Meetup.com, Yahoo Groups, or even just typing in “online investing clubs” can lead you to a wide listing of groups. If you’re stuck and need help, ask questions first before becoming a full-fledged member. In fact, they should let you have some sort of a trial membership before you have to commit fully. Some of these clubs are application only, while others accept just about anyone that they can find. There are some that are completely free, and others that require you to pay a subscription.
Where you fit depends on how serious you are as an investor. You can believe it that the paid-subscription groups are pretty serious. After all, why would someone want to just throw their money in the pot and get nothing in return?
Overall, good luck with all of it — no matter what you decide!