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Anybody trade stocks?

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95redturboawd

15+ Year Contributor
571
0
May 3, 2008
Kalamazoo, Michigan
I just started last week and it's addicting watching your money grow/not grow in real time. I know nothing about economics so I've been buying shares mostly that are under $10.

I'd like to know if anyone has any advice but would also like to recommend Scottrade if you plan on trying it. Like I said I know nothing about economics but the site is pretty straightforward. They charge a $7 commission per trade but the key is to use your referral code because you both get 3 free trades if someone opens an account with your code, essentially giving both of you $21 to work with. (Shameless self promotion, mine is OTXC5585)
 
Figure out what you are good at. Invest in yourself doing that. I have increased my net worth 10 fold in the last 3 years doing that.

Didn't you buy a shop in town? I assume you mean that since you have put your blood, sweat, and tears into working hard at a legitimate business, the money just follows your hard work.

For all others, stay away from day trading. Do the research about its actual success rate. You aren't going to win in the long-term.
 
My wife managed a franchise restaurant and was very good at it. She was moved to a store that needed some management help and the value of the store is based on its profit so we were able to buy into the store when it was doing poorly. She made a huge impact on the value of the store and it pays dividends based on profit. So not only did the value of our shares go up but the dividends have as well.

I also bought out a mechanic shop. It was dong fine before but the owner wanted to retire, and we are doing about the same as the previous owner.

I live in a $36,000 house and daily drive a $350 car.

I made the money to do all of this with old fashioned hard work and being a tight ass. My wife and I both grew up in houses with single mothers and don't have outside money coming in. We still live like we are poor.

Moral of the story don't expect someone to give you anything, go get it and make bets you know you will win.
 
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