Whether you are working for someone else or in business for yourself, you need to save for your future. Setting up an Individual Retirement Account IRA is one of the best ways to put money aside for a secure retirement, and investing some of that money in the stock market can be an excellent way to grow your wealth over time.

If you are self-employed or own your own business, you can use a SEP-IRA to put money aside. If you have earned income, you can use a traditional deductible IRA or a Roth IRA.

Open an account with a brokerage firm. If you need help making investment decisions, you can use a full-service firm, but expect to pay much higher commissions for the privilege. Obtain an application for the brokerage account, at the company's website or by calling the customer service number and requesting one through the mail. Fill the form out completely and mail it back, along with your initial deposit.

Specify on the application that the account is to be an IRA. You can choose to open a traditional IRA, a Roth IRA or a SEP-IRA depending on your needs and circumstances. Read several high-quality financial publications, including Barron's, the Wall Street Journal and Investors Business Daily. These publications are excellent sources of information for stock market investors. Based on the information you learn, you can attempt to pick your own stocks, or you can choose a widely diversified exchange traded fund instead.

Exchange traded funds, or ETFs, hold many different companies, just like a mutual fund. But unlike a mutual fund, ETFs can be bought and sold in real time throughout the trading day, instead of being priced at the end of the day like a fund. Log on to your brokerage account and go to the trading menu. Enter the ticker symbol of the stock or ETF you want to purchase. Enter the number of shares you wish to purchase and review your order. Check the cash balance in your account to make sure you have sufficient funds on hand, then click "Confirm" to send the order for processing.

Be sure to print out a copy of your trade confirmation and keep it with your financial records. Track the performance of the stocks and ETFs you buy, but do not get too caught up in the day-to-day price fluctuations. Ideally, the stock market should be a long-term investment, and it is best to treat it as such. By its very nature, an IRA is a long-term investment, designed to provide you with a comfortable retirement when you stop working or close your business.

Log back on to your brokerage account and go to the trading menu. Locate the ticker symbol of the stock you want to sell. The ticker symbol, the number of shares you own and the current market value will be listed under your account summary. Enter the ticker symbol of the stock and the number of shares you want to sell.

Review the order carefully and click "Submit" to send it for processing. Print out a copy of the confirmation and keep it with your financial records. Because the IRA is a tax sheltered investment vehicle, there are no current tax ramifications of buying and selling stock. You will only pay taxes when you start to tap the money in the fund. Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since Her work can be seen on Credit Factor, Constant Content and a number of other websites.

Conrad also works full-time as a computer technician and loves to write about a number of technician topics.

Top 15 Questions about Trading in an IRA - Six Figure Investing

She studied computer technology and business administration at Harrisburg Area Community College. Skip to main content.

Things Needed Brokerage application Investment funds Financial publications. References 2 TD Ameritrade: Your Guide to IRAs IRS. Retirement Plan FAQs Regarding SEPs.

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About the Author Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since Photo Credits stock market analysis screenshot image by. Suggest an Article Correction. More Articles Non-Qualified Deferred Compensation Agreements Can a Sole Proprietor SEP Plan Still Make Traditional IRA Contributions?

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