• 24 year old turns his $1,500 life savings into $1,000,000 trading in the stock market with penny sto
    56 replies, posted
[QUOTE=kuydna;43202897]Warren Buffet 2.0[/QUOTE] Not at all, Warren Buffer was very smart and didn't rely on trends, he always looks at long term potential.
I traded once. Made $10. Bought myself a Combo 1 at Mcdonald's right after in all the pretty colours.
eh not really all that amazing when you consider that he essentially did what a stock broker does but worked completely on speculation. he has a promising future if he can keep the pace up but he is sorely missing a long-term plan
i trade my stock randomly and without thought, like a badass
Pink slip trading is really sketchy, this guy must be really lucky.
I have been buying stocks that get dividends since I graduated high school. I don't have anything crazy into it but Ive just put the payout into more stocks. Its a start but now that I'm paying off my student loans I'll get into it more by the next year or so.
[QUOTE=NoDachi;43202972]I'm 24 and my saving are currenty -£1500[/QUOTE] I'm 22 any my savings are currently -$24,000 dang student loan
[video=youtube;l91ISfcuzDw]http://www.youtube.com/watch?v=l91ISfcuzDw[/video]sorta relevant
[QUOTE=sloppy_joes;43202663]For every success story like this, there are literally thousands of failures. I hope people don't get inspired to throw their entire life savings into stocks a young age and lose it all in a desperate attempt to get rich.[/QUOTE] I had a buddy who did this, he got up to half a million but he got too greedy and lost most of it, should have stopped there.
Am I the only one who feels like the stock market and making money off of it in this way is morally terrible It's basically making yourself masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. Like, I'm not saying that this specific person is bad, but the system itself is fucked up by a moral standpoint.
[QUOTE=Helix Snake;43206928]Am I the only one who feels like the stock market and making money off of it in this way is morally terrible It's basically making yourself masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. Like, I'm not saying that this specific person is bad, but the system itself is fucked up by a moral standpoint.[/QUOTE] Not only this, but most of our money doesn't actually exist. Fractional reserve banking.
Wow - and all he had to do was eat some kava beans?
[QUOTE=Helix Snake;43206928]Am I the only one who feels like the stock market and making money off of it in this way is morally terrible It's basically making yourself masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. Like, I'm not saying that this specific person is bad, but the system itself is fucked up by a moral standpoint.[/QUOTE] It's not "contributing nothing." Money=time and effort, and putting your money into something like Tesla or some new company is a real contribution.
[QUOTE=Bentham;43202759]Day trading activities like this were always so appealing to me, I only wish I had the time to invest in actually studying this subject and engaging in it.[/QUOTE] just be careful, day trading can be extremely addicting apparently [url]http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/[/url] like that dude for example
[QUOTE=Helix Snake;43206928]Am I the only one who feels like the stock market and making money off of it in this way is morally terrible It's basically making yourself masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. Like, I'm not saying that this specific person is bad, but the system itself is fucked up by a moral standpoint.[/QUOTE] Stock trading is very important for companies to get capital.
The United States Stock market ladies & gentlemen.
[QUOTE=Helix Snake;43206928]Am I the only one who feels like the stock market and making money off of it in this way is morally terrible [/QUOTE] I don't see how
[QUOTE=Helix Snake;43206928]masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. [/QUOTE] How? Companies can't run on air. Its basically giving businesses money for part of the company so that they can provide a service for profit. It works great because the person redistributing the wealth has something at stake if it fails and something to gain if it all goes well.
i made more than 30000 with BTC/LTC trading this year, and last week i made 4k from DOGECOIN/BTC trading.
[QUOTE=Helix Snake;43206928]Am I the only one who feels like the stock market and making money off of it in this way is morally terrible It's basically making yourself masses richer while creating nothing and contributing nothing to society. And the entire economy is hinged on it. Like, I'm not saying that this specific person is bad, but the system itself is fucked up by a moral standpoint.[/QUOTE] Not really. A stock is a piece of the company. You are basically buying a part of the company that you are investing in. They use this money to operate and expand. It's like you giving them a loan, and they giving you a slice of the company as collateral. You could ask them for repayment (sell your stock) at any point. Where this goes wrong is that those slices aren't a set value. They are a slice of the company as a whole. So if the company is doing well, and it's value goes up, your slice gets more valuable. If they aren't doing well, and the company's value goes down, then your slice loses value at the same rate as the company. You're just buying a slice of their assets.
[QUOTE=Bentham;43202806]You make a good point. I think my major blockage is just getting started. Until I do it's going to seem like there's a giant ocean of information, the amount of which makes getting started incredibly daunting.[/QUOTE] Honestly as long as you go with the mantra of never invest more than you can afford to loose you can jump in at anytime really. [QUOTE=Silence I Kill You;43208006]Not really. A stock is a piece of the company. You are basically buying a part of the company that you are investing in. They use this money to operate and expand. It's like you giving them a loan, and they giving you a slice of the company as collateral. You could ask them for repayment (sell your stock) at any point. Where this goes wrong is that those slices aren't a set value. They are a slice of the company as a whole. So if the company is doing well, and it's value goes up, your slice gets more valuable. If they aren't doing well, and the company's value goes down, then your slice loses value at the same rate as the company. You're just buying a slice of their assets.[/QUOTE] Purely in stocks you're not only buying voting rights to the company (or dividends) but you're also paying extra for a belief that the company will do well in the future. Stocks can never be undervalued by the physical assets of a company, or base capital, but they can overvalue them in a sense.
[QUOTE=bunguer;43203340]Not at all, Warren Buffer was very smart and didn't rely on trends, he always looks at long term potential.[/QUOTE] Most overly successful investors do. You'd think the average person would wise up, but they never do. So much the better for the people that know what they're doing.
[QUOTE=wraithcat;43208576]Honestly as long as you go with the mantra of never invest more than you can afford to loose you can jump in at anytime really. Purely in stocks you're not only buying voting rights to the company (or dividends) but you're also paying extra for a belief that the company will do well in the future. Stocks can never be undervalued by the physical assets of a company, or base capital, but they can overvalue them in a sense.[/QUOTE] I know. I was just simplifying it (probably over-simplifying)
The Dow has been raising ever since it's inception, you can just dump money there and wait for a few years, and assuming nothing bad has happened recently, you'll come out with more than you started with, it's usually beats managed stocks too.
I wonder how much of that went to the taxman.
[QUOTE=cqbcat;43209284]I wonder how much of that went to the taxman.[/QUOTE] At most, a few thousand dollars, which still leaves him quite rich. Or maybe none at all since all the transactions were below $5. A lot of taxes don't kick in on small things like that.
Damn I wish I was a millionaire.
Sorry, you need to Log In to post a reply to this thread.