As the outlook on retirement becomes more and more dismal for younger generations, the importance placed on investing increases significantly. Although it may seem like Millennials have plenty of time to save up for retirement, the unfortunate truth is that those who aren’t participating in the stock market are making a big mistake that could seriously cost them in the future. This is because high return investments are becoming key to the development of a solid retirement savings plan these days.

One of the biggest reasons Millennials avoid the market now is a lack of knowledge of how stocks work. Fortunately, there are plenty of tools to help and several approaches that can be taken to make the process a bit easier and more affordable. For example, working with an advisor is a must for newbie investors, but tech has changed the game to make advising more convenient and affordable with robo advisors. Nerd Wallet offers up an excellent list of the top robo advisors if this seems like the best option for you.

Once you’ve got your advising situation figured out, you’ll want to pay attention to advice from established investors to ensure optimal success from your efforts. Here are five of the best tips for stock market newbies.

1. Start where you’re most comfortable

Mutual fund rock star, Peter Lynch, is well-known among investors for his famous quote, “Invest in what you know.” On the surface, what he meant by this is that investors should invest in the markets and company stocks they are most familiar with. On a deeper level, Lynch has explained that what he really meant in the quote was that you should “Use your specialized knowledge to home in on stocks you can analyze, study them and then decide if they’re worth owning. The best way to invest is to look at companies competing in the field where you work.”

As you begin your initial research on the stocks you’d like to include in your portfolio, start with competitors within the industry (or industries) you work in. Maybe try picking up past, current, and potential future trends to see where the market has been, where it is now, and where it might be headed.

2. Diversify your investments

Another tip you’ll commonly hear as you build your portfolio is that you should “diversify your investments.” This simply means that you should choose different forms of investing to fill your portfolio with several different ways of earning/saving funds.

For example, if you’re investing the stock market, you might want to diversify into other types of assets, such as physical precious metals. Some options for first-time investors are gold krugerrands and silver bullion coins. Exposure to gold and silver is a good counterbalance for investments in paper assets, because they are not correlated. In other words, precious metals often perform well when stocks are tanking.

Another important investment to add to your portfolio is a retirement fund. If your employer offers 401(k) matching, this will be your best option as this will mean that you’ll essentially earn “free” money while your employer matches a percentage of every dollar you invest in your fund.

If your employer doesn’t offer a 401(k) program, you still have an option to start earning interest on a retirement fund through the newly introduced myRA program. This is a government initiative that helps individuals whose employers do not offer 401(k) programs start investing in retirement early on.

3. Don’t overuse your apps

There are many awesome apps out there to help you track your investments as they rise and fall in value…This could actually be a problem. Finance specialists say one common mistake first time investors make is to check the progress of their investments too frequently. This is because checking them prematurely can lead to the investor making a bad decision early on to avoid losing more money after a natural fall that would’ve made little impact on the overall result in the grand scheme of things.

This point is pretty short and sweet. Even though your robo advisor more than likely offers an app for you to check on your portfolio as often as you please, try not to check it more than once quarterly.

4. Invest regularly to minimize losses

The market for each of your investments will inevitably face its ups and downs. This is why you’ve diversified funds and chosen to only check your investments quarterly. Another important way to minimize potential losses is to invest regularly. Money Wise recommends dripping your money into your investments over time to increase your chances of investing at the “prime” time.

Investopedia echoes this sentiment, adding that “you should invest in your portfolio on a regular, disciplined basis.” Work with your advisor or robo advisor to determine the amount and frequency that will work best with your budget and your goals.

Now that you’ve got the basic guidelines to get started, it’s time to start investing in your future! For ongoing tips and advice, I recommend following financial influencers on Twitter, LinkedIn, and Facebook.