So I'm a 19 year old male already halfway through my undergrad. What was once a bright eyed male, eager to learn, has had horrible grades combined with a crippling mental state that has existed since childhood that has ruined my university experience so far. I can go on about my sob story but that's not why I'm here.
The Positives:
- I don't really spend my money on anything really, mostly fm games but I recently sorted myself out and I'm out of that trap.
- Have approximately 7,000 in my account right now with 3,000 in a TFSA
- Expect to make 10-12K this summer working the same job I did last summer, I actually have a decent resume and the only reason I got this job last year was because I'm enrolled in a post-secondary institution.
- Busted my ass off and made a real good impression cleaning, doing maintenance work, after receiving positive feedback and constructive criticism, made me realize how rewarding and valuable it is to have a job and be self sufficient.
So, I realized that sooner or later I needed to start investing because just letting my money sit in my account isn't doing me any good and I need to start getting an interest in investing, building back my passion about politics and investing.
My Questions:
- I'm part of ScotiaBank and would I just sign up and use their platform for trading? I'm sure their are ones out there that are superior and you don't have to pay as much in fees. I've seen TD's platform and I was impressed how you could learn different theories and indicators to study stocks and markets while everything being integrated. Which one should I use and why?
- I understand that there are the fundamental and technical approaches to investing that are both equally important when looking to invest in a certain stock. What sites are vital for understanding basic concepts about investing? And how much do I need to know before I start?
Just index
>>741703
So I would just do that through my bank? I read somewhere as well that you can purchase a fund that can track commodities or a specific market as well like Insuranc.
>>741701
Awesome, guessing you graduated high school a year early or are turning 20 this year.
Are you in Canada?
>>741710
I'm turning 20 this year, finished my second year of university last month, and yes I'm from Canada. For me investing is the only thing I want to focus on right now in my life, I feel that its a necessity and I need this in my life right now.
>>741712
Ah alright, well http://www.questrade.com/ is kind of the best for people in Canada, low fees, and not really many limits on what you can do.
Also they have a 30 Day trial for you to get your feet wet with fake cash
You should also do a few weeks of "fake money" trading on sites like investopedia and some android/ios apps
I'd also recommend a dedicated trading computer if you have/can afford one, and this computer would hold all of your trading only things / documents / presentations / research
Next, read the news religiously, i'm talking once every hour or 2 hours daily, in the morning when you wake up, and at night when you go to sleep
Also find an app that gives you news alerts, and flipboard / google currents are both great
Find your niche in where you want to invest, what are you passionate about?
for me its technology.
Read some books, just go to your local library, find some books about anything related to business, technology, and energy
(these are the fastest, most futuristic things)
start tomorrow all this reading
next you will need a computer capable of delivering you fast information, and capable of sending fast information as well.
day traders / investors all use more than 1 monitor, the minimum is 4-6, but the maximum can even be 20 for some people.
trading is a game of information, if you get information even 5 seconds after someone else, you're screwed. royally.
so invest a very good amount in a good system to start you off, because if you start off on a slower system it's going to suck when you're refreshing the markets constantly and your pc hangs suddenly.
http://ca.pcpartpicker.com/p/tgJzgs
^$5,300 CAD, perfect to start with, and lots of room to grow.
You can add any new graphics card that comes out later
i7 5820k just was released this year so it will be around for the next few years (5-6)
4 monitors, but you can get 6 or 8 if you want
>>741749
large 1300 watt psu for whenever you want to upgrade anything.
All of this is basically a one time thing for the next 5-10 years.
if you're serious about trading, you'll make a lot more than $5,000, so it's in my opinion, a great "investment"
check out the books:
The Magic of Thinking BIG by David J Schwartz, Ph.D
Why We Want You To Be Rich by Donald Trump and Robert Kiyosaki
-
First books I read about investing, and they really got me into it, simple to read and analogies young people like me / you can understand / relate too (im 21, but got started at 16)
So yeah, basically
READ READ READ
Get a very good setup for trading that you won't get bored or angry with
Spend your time shopping for a nice comfortable chair that makes your butt happy
Sign up for a gym membership, sign up for a martial arts class, and sign up for advanced driving lessons
(these things^ are just something most traders do, and its kind of been said that the best traders don't sit around all day, they go out and enjoy themselves, and think, and do, anything they want, but none of them sit in front of their pc staring at a screen from morning till night.)
eat a lot.
when i started i used to eat a lot, then suddenly i wasn't touching my plate, and now i force myself to eat every 1-2 hours
trading is so addictive that you just forget about everything, especially when you're learning, and not having your full energy capacity can be deadly.
lastly, trading is a mind game, not a luck game.
learn the laws about trading, browse forums, get help from people.
also dont tell anyone the trades you might want to make, when you tell people what you want to do, chances are it wont happen exactly how you planned.
lastly:
BE PREPARED TO MAKE MONEY.
tell yourself that you will make whatever % return today right when you wake up, and strive to achieve it.
remember, if you take a loan for $100k, the bank will charge you $10,000 in interest for 5 years.
that is $2,000 a year
>>741759
USE the banks money, not yours, because it is free money.
learn how to use debt, to make a profit.
(those two books i mentioned talk about debt for profit a lot)
take that $100,000 and take your time, making much more than $10,000 off of it.
lets say you invest $100,000 tomorrow morning on TD Bank TSX when its at $55.96, and it goes up lets say $0.30, that is 1,786 shares of TD:TSX, x 0.30 which is $535.8.
That is in one day, 5% of your $10,000 interest fee made.
do this another 19 times in 5 years... and you have paid back your interest, plus anything else you made in the other 1,805 days is YOURS to keep.
don't think of trading as a way to make some small money, think of it as a way to make A LOT of money.
if you can make even $535.8 every single day, for 1,805 days that is $967,119.00 after 5 years.
Can you find a stock that will go up 30 cents everyday? of course you can. you just have to want to find it.
hopefully i opened up some questions / awesomeness by explaining how simple trading really is to make money.
good luck man!
After you do this for a few years and have $1,000,000 + in cash/assets, the banks won't hesitate to give you even $5,000,000 in loans.
take that $5,000,000 and keep doing this.
instead of having only a measly $100,000 to play with, you now have 50 x that amount.
now to make $200,000 every single year all you have to do is find a stock that makes 0.30 / 50, which is 0.006 cents everyday...
If you've been finding stocks that make 0.30 each day, 0.006 should be EXTREMELY easy right?
right.
so fuck the 0.006
keep doing that 0.30 thing, or anything close, even 0.15, and you're at $48,355,950 in 5 years, using only $100,000 on a loan, which isn't even your money but some other idiots.
don't feel like finding 0.30? im sure you can settle for $24,177,975 at 0.15 per share.
still too hard? boring? want some kids?
fuck 0.15, go for 0.075 even, heck that is still $12,088,987.5
So, now you're 29, with a net worth of $13-$49 million dollars canadian, now you can do whatever the fuck you want.
build a hotel, rent out some houses, start a real estate company
>boom
family is set for life, future generations set for life.
and all it took was a few years of your time, to find a formula, to make you a measly 30 cents daily, or less, with an initial investment in terms of money, around $5000 canadian.
some of this MIGHT seem a little far fetched, because it is.
i did not include the few %'s of fees trading costs, and the right people you have to pay when you're making that much money, but in the end, you can get the point which is
LEARN YOUR SHIT
INVEST IN GOOD EQUIPMENT
BE READY TO MAKE SOME MONEY
>>741778
Not OP. And I don't post often. But damn dude you got me pumped to invest. I've been lurking biz for 6-8 months or so. Im saving all your info thanks for the info.
>>741792
Tbh, dont mind the guy above he is a retard. The banks money isnt free. No bank will give you 100k just like that, you'll have to put your house up as collateral, and if you dont, they will often make you sign a personal guarantee, and force a 2nd mortgage if you default.
You just went 100k in debt, as in you owe 100k.
You don't know pressure untill say you invest in linkedin "its tech right?!"
They lost 20% of their value before 10:00 am which is 6 billion dollars of market cap, gone in 10min.
Enjoy playing with a loaded gun.
Also, you dont need a super fancy 5k comptuer to trade stocks. What a tard
>Donald Trump
has filed bk what 13 times?
>Robert Kiyosaki
fraud
you gotta be a troll
>>741701
If you're asking these questions you shouldn't be actively investing. Buy an index fund, contribute to it regularly and you will have far greater success than your attempt at investing. Don't trade or do any stupid shit that you don't understand, just buy index funds. Seriously.
All of "sh+4pAsg"s posts are very intriguing, but sadly it doesn't really work that way.
>>741701
Trading != Investing
