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Wall Street Survivor - Anybody else tried it?
Posted on 5/26/15 at 1:10 pm
Posted on 5/26/15 at 1:10 pm
So I'm thinking of trying my hand at the stock market and start making investments (I'm 27 and have been building my rainy day fund, paying off CC, etc) and thought before putting my real money in the market, I'd play with a simulator to get a feel for different strategies (diversifying the portfolio, which industries seem to do better, etc etc). I figured I'd give it a test run of 3-6 months before going in with my money.
Anyone else tried it for fun or to practice? what do you think? What have you learned from using it?
Anyone else tried it for fun or to practice? what do you think? What have you learned from using it?
6
Posted on 5/26/15 at 1:14 pm to JonaYolles
I'm guessing you want to day trade?
Posted on 5/26/15 at 1:25 pm to JonaYolles
You aren't going to figure out this:
In this:
What do you want to do? Invest or day trade?
quote:
(diversifying the portfolio, which industries seem to do better, etc etc)
In this:
quote:
a test run of 3-6 months
What do you want to do? Invest or day trade?
Posted on 5/26/15 at 1:28 pm to rintintin
Ideally I would like to do a bit of both. Mainly invest in some that have longterm growth potential, and do some day trading when I have the extra money to lose.
Posted on 5/26/15 at 1:29 pm to JonaYolles
I wouldn't recommend "Day Trading" as your first step into the investing world.
Posted on 5/26/15 at 1:31 pm to JonaYolles
Is your car paid off yet?
Why not tackle that first before risking (some people may say throwing it away) money day trading?
Why not tackle that first before risking (some people may say throwing it away) money day trading?
Posted on 5/26/15 at 1:33 pm to LSUengineer12
I'm 3 months ahead on car payments currently - and I'm absolutely open to hearing ideas and opinions on how to best invest my extra money.
Posted on 5/26/15 at 1:37 pm to JonaYolles
Where are you in terms of retirement? Also, don't day trade.
Posted on 5/26/15 at 1:46 pm to Lou Pai
Was contributing to a Solo 401K (self-employed), but was just brought on full time so I will be rolling that amount over in to a traditional 401k once that kicks in. Contributing to the limit.
Posted on 5/26/15 at 2:06 pm to JonaYolles
To supplement retirement savings, you may want to consider a Roth IRA account as well for tax diversification purposes. There is a 5,500 limit per year, assuming you are below a certain threshold of income.
For the car note bit, I wouldn't worry too much about paying down any debts early if not necessary. Basically like working with leverage you can use to invest.
I'm by no means an expert on daytrading, but I wouldn't use it as a casual retail investor as a means of understanding what happens in the market. People that do that trade on technicals, which can get a little granular and employ certain concepts and techniques that have more to do with volatility and buyers/sellers driving swings in prices than the underlying fundamentals of a security. If you want to be a more informed investor, honestly, just get subscriptions to WSJ and Barron's. In terms of what industries work best, it depends on your objectives. Industries are generally either cyclical (energy, consumer retail) or stable (staples, utilities), so your exposure depends on what your goals and risk tolerance are. There are no right or wrong answers for that, and a 3-6 month timeframe won't really give you much insight on that IMO.
For the car note bit, I wouldn't worry too much about paying down any debts early if not necessary. Basically like working with leverage you can use to invest.
I'm by no means an expert on daytrading, but I wouldn't use it as a casual retail investor as a means of understanding what happens in the market. People that do that trade on technicals, which can get a little granular and employ certain concepts and techniques that have more to do with volatility and buyers/sellers driving swings in prices than the underlying fundamentals of a security. If you want to be a more informed investor, honestly, just get subscriptions to WSJ and Barron's. In terms of what industries work best, it depends on your objectives. Industries are generally either cyclical (energy, consumer retail) or stable (staples, utilities), so your exposure depends on what your goals and risk tolerance are. There are no right or wrong answers for that, and a 3-6 month timeframe won't really give you much insight on that IMO.
Posted on 5/26/15 at 3:23 pm to JonaYolles
Roth man! $211 bi-weekly to hit the max. Good place to start.
Posted on 5/26/15 at 5:49 pm to JonaYolles
I recently tried out WSS. I did a couple of the free courses and really enjoyed them. I'm considering whether to buy the other courses as well.
Posted on 5/26/15 at 8:38 pm to JonaYolles
My suggestion is to watch CNBC regularly and google every term you are not familiar with. This should give you a base knowledge of the market without actually buying books. Also, I would advise going to youtube and looking at daytrading for beginners. You will need all the help you can get.
Posted on 5/27/15 at 12:34 am to Lou Pai
quote:
Where are you in terms of retirement? Also, don't day trade.
Exactly what he said^^^
Learn to invest (successfully) before you ever entertain the thought of trading. And learn to successfully manage longer term forms of trading before you ever entertain the thought of day trading. And then develop a drug addiction or maybe a gambling habit (using a mafia connected bookie) if thoughts of day trading keep coming into your mind.
Jokes aside, just develop good investing habits and learn the market before leaping into the deep end of the pool for right now.
Good luck.
Posted on 5/27/15 at 7:02 am to JonaYolles
If you want to come away with 50k day trading make sure you start with 100k
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