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re: Advice for trading
Posted on 7/1/11 at 9:23 am to biwinning
Posted on 7/1/11 at 9:23 am to biwinning
I'll suggest what I tried when I was just out of school.
You don't have very much money yet, which is a good thing. Bet enough money that you lose sleep at night thinking about it. You will learn quickly what your risk tolerance is.
Eventually you will learn that people bet on stocks and such as simply another form of entertainment. That isn't a terrible thing necessarily but although you can get lucky (or not) you can't expect to consistently do better than billion dollar funds any more than you can successfully do brain surgery in your spare time.
I repeat - you will not beat the pros in your spare time. You can have fun trying and you may get lucky sometimes but that's it, and remember that you pay more to trade than they do on top of that.
It is boring to just buy a set of index funds but that will consistently do better for you financially in the end. But if you're like me at that age you don't really believe it and I suggest learning the hard way while the lesson is still cheap.
ETA: The "hard way" may not be all that hard or noticeable. More likely you will find that your porfolio has more volatility and a slightly lower return than a broad index. Still making money but not as much as you could have.
You don't have very much money yet, which is a good thing. Bet enough money that you lose sleep at night thinking about it. You will learn quickly what your risk tolerance is.
Eventually you will learn that people bet on stocks and such as simply another form of entertainment. That isn't a terrible thing necessarily but although you can get lucky (or not) you can't expect to consistently do better than billion dollar funds any more than you can successfully do brain surgery in your spare time.
I repeat - you will not beat the pros in your spare time. You can have fun trying and you may get lucky sometimes but that's it, and remember that you pay more to trade than they do on top of that.
It is boring to just buy a set of index funds but that will consistently do better for you financially in the end. But if you're like me at that age you don't really believe it and I suggest learning the hard way while the lesson is still cheap.
ETA: The "hard way" may not be all that hard or noticeable. More likely you will find that your porfolio has more volatility and a slightly lower return than a broad index. Still making money but not as much as you could have.
This post was edited on 7/1/11 at 9:26 am
Posted on 7/1/11 at 10:43 am to foshizzle
Thanks for the advice foshizzle. I've also heard that a lot of stock traders do it more for the sport than anything else. I will definitely look more into index funds now
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