Originally Posted by Ryan6789
You're young you can take gambles. Study the stock markets and if you're smart you can make a killing. Start studying trends and learn how to map charts, and watch news. Pic a few stocks that you are interested in and study them closely. many stocks ill fluxuate a few % throughout the day. If you can get in on the low and sell on the high(obviously everyone wants to do that) you can make a living just by day trading, the key to this is stop losses and buy minimums. Or you may want to invest in a start up company or take a gamble on a volatile stock.
For example roughly 2 months ago Fannie Mae was starting to get A lot of interest in the news, before the collapse of the economy it was trading at over $100 a share iirc. So I took a chance and bought $5000 worth of shares at around $0.55 a share or roughly 9k shares. Within a week the shares were at almost $1.50 it was an obvious pump n dump so i got out at like 1.47 and made a killing. The next day the shares plummeted down to right around where I bought at. Last week the shares kept climbing and I bought back in at $1.70 and sold a few days later at around $3, made a killing again.
btw I'm 23 Im not rich, I have just made a few good investments since I was 18 and that brought me to where I am. I'm not saying that planning for retirement is a bad idea, just saying that you're still young and you can take the chance. Just be careful you can lose all of your money really quick.
Don't listen to him .
Charting is for fools . Timing the market doesn't work .
Index funds beat 90% of actively managed funds . Buy diversified holdings etfs & mutual funds based on different indexes and hold them for a while .
Getting rich quick is gambling . Acquiring wealth takes time .
Plus you will get raped in short term capital gains tax and transaction fees