I love Motley fool and have been their follower since 2007, they did described the steps for investing by calling ” imagesInvesting Foolishly” but the steps make a lot of sense :

  • Change Your Life With One Calculation the eighth wonder of the world goes to… the formula for compound interest! it’s Your money x (1 + i)^n.
  • Trade Wisdom for Foolishness: When you’re plying your trade in the investment world,calling yourself Foolish (note the capital “F”) is normally inadvisable. As you’ve probably surmised, we think quite the opposite.
  •  Treat Every Rupee as an Investment
  • Open and Fund Your Accounts
  • Avoid the Biggest Mistake Investors Make : Fools are investors, not speculators. We’re buy-to-hold, business-focused investors with a long time horizon
  • Discover Great Businesses : Stocks aren’t pieces of paper, but stakes in a living, breathing business.look for well-managed companies.
  • Buy Your First Stock : You’ve paid off your credit cards, open and funded your brokerage account, and done your research. It’s business time.
  • Cover Your Assets: Don’t forget the rules for asset allocation: Don’t invest money that you’ll need in the next year.
  • Invest Like the Masters : Growth guru Peter Lynch is a legend around the halls of Fool HQ. Quotes of his adorn our walls — “Never invest in any idea you can’t illustrate with a crayon” and “Although it is easy to forget sometimes, a share is not a lottery ticket … it’s part-ownership of a business.”
  • Don’t Sell Too Soon : Selling a stock is just as big a decision as buying.
  •  Retire in Style: Retiring in style rests on making the most of tax-advantaged savings.
  • Pay It Forward: Foolishness doesn’t stop with you, friend. Pass on the good money-saving

The detailed version of the above is on the web http://www.fool.com ( Source for the above article)