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Votre première transaction : la checklist pas-à-pas

معاملتك الأولى: قائمة تحقق خطوة بخطوة

Your first transaction: the step-by-step checklist

Before you click: prerequisites

  1. Securities account open and funded with an AMMC-authorised brokerage firm (SGB).
  2. You have read the Casabourse fact sheet for the target company (lesson A-04) and understand its business.
  3. You have a written reason in one sentence in your journal (lesson B-12) — or the decision to wait.
  4. The amount is modest (often ≤ 5–10% of investable savings at the start).

The 7 steps — on your stock, not an imposed ticker

Step 1 — Open the fact sheet on Casabourse

Note: last price, daily change, 52-week range, market cap, dividend yield if relevant. Example read (June 2026, recalculate): BCP ~241 MAD, cap ~49 bn; Disway ~790 MAD, volume ~59 shares/day — two very different profiles for the same checklist.

Step 2 — Check liquidity (volume)

Volume (shares/day) indicates whether your quantity will trade without moving the price. Beginner rule of thumb: target a stock with sufficient volume for your order size; on a micro-cap, even 50 shares can be hard to sell at a fair price.

Liquidity profile (Casabourse examples) Indicative volume Impact on a small order
Highly liquid (Cosumar) ~78,743 shares/day 10–100 shares: execution usually easy
Liquid (BCP) ~8,130 shares/day Modest order OK; check the order book
Thinly traded (Disway) ~59 shares/day Wide spread risk and difficult exit

Step 3 — Observe the spread (bid / ask)

Check the order book on Casabourse or your SGB platform. If the spread exceeds ~1% of the price, reduce size or postpone. This is the hidden cost of illiquidity.

Step 4 — Choose order type

Type How it works First transaction
Limit order Maximum buy price set by you Recommended for beginners
Market order Immediate execution with no price cap Avoid at first, especially if illiquid
Stop order Triggered at a target price Rather after a few successful limit orders

Step 5 — Simulate then place the order on your SGB

  1. Select your ticker (the one validated by the checklist).
  2. Buy · quantity · limit order · max price (often slightly above the ask).
  3. Check the summary: gross amount + brokerage + TPCVM (see fees & tax lesson).
  4. Confirm only if the 7 boxes below are checked.

Step 6 — T+2 settlement

On the BVC: execution during the session (9:30 a.m.–3:30 p.m.) → shares credited and cash debited on T+2 (2 business days). Dividends follow the company’s calendar, not T+2.

Step 7 — After the order: follow the company, not the tick

Check earnings, press releases and sector news — not the price minute by minute. Keep a line in your journal: thesis, entry price, invalidation level.

Summary checklist — tick before every order

# Check How to complete ☐
1 Account funded Balance ≥ amount + estimated fees ☐
2 Business understood One sentence on the business model ☐
3 Volume suitable Modest quantity vs daily volume on Casabourse ☐
4 Spread acceptable Order book checked ☐
5 Limit order Max price set ☐
6 Fees included Breakeven > round-trip fees ☐
7 T+2 anticipated No need for shares before D+2 ☐

Practical exercise on the BVC

Choose one stock already on your watchlist (or BCP / Disway for the exercise). Fill in the checklist on paper. On your SGB platform, simulate a limit order without confirming. Compare your line’s volume in the comparator with a more liquid stock: is the checklist still green?

Key takeaways

  • First transaction = method, not a ticker imposed by the Academy.
  • Volume + spread + limit order = non-negotiable trio for beginners.
  • T+2 on the BVC — plan your cash flow.
  • Next: advanced orders (Level B) after 2–3 successful limit orders.

Self-check

  1. What are the prerequisites before the first click?
  2. Why compare Cosumar and Disway for liquidity?
  3. Which order type for a beginner?
  4. What does T+2 mean?
  5. What to follow after the purchase?