Can it be done? how fast?
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Archived from the IMDb Discussion Forums — Everything Else
/. — 3 years ago(December 29, 2022 09:24 PM)
Can it be done? how fast?
How do you buy stocks? Where do you go?
How do you trust someone who works in that field?
Who do you need?
Where do you find a good one?
Is $100 enough?
My password is password -
/. — 3 years ago(December 29, 2022 11:28 PM)
If there was a way to do that then everyone would be doing it. To turn $100 into $10,000 you would need to have a 10,000% gain which is essentially impossible to do quickly. Even over the long term it's incredibly unlikely. You'd have to get very lucky, like winning the lottery type of lucky. The closest thing I can think of that has potential for large gains is penny stocks. Those are low value stocks, less than a dollar per share, so technically garbage companies, but they can go up and down by large values. Routinely they will go up by 10-20%, occasionally some will go up 100%, and every once in a while you'll see them go up by 1000%. 10,000% almost never happens.
The problem is they can also go down by just as much. You never know what they will do. Even if you get super lucky it does go up by a lot you're not going to know when you should sell to collect your earnings because you don't know if it's going to keep going up or drop back down. The only real way to make big money in the stock market is to have big money to begin with. 89% of all stocks are owned by people with over a million dollars. $100 isn't going to cut it. If you are doing it well, really well, you could theoretically turn that $100 into $1000 in a years time. If you want to get to $10,000, starting at $1000 is a much better proposal.
My password is password -
/. — 3 years ago(December 29, 2022 11:31 PM)
Thank you!! Never heard of penny stocks!!
Oh I know when to pull out: I'm not greedy! I watched money shows and I'm like "NO!! NO DEAL!" I don't care if there's $400K at the end, I'm good with my $20K!
So ok, let's turn that $100 into $1000 and then into $10K much later.
Where do I go to buy 'stocks'? Who does that? Honest Q. Do I go to a bank? Here's 100 bucks, gimme stocks? Because I had always heard it's possible to do that.
Thanks for your input!
My password is password -
/. — 3 years ago(December 29, 2022 11:45 PM)
Just keep in mind it's not guaranteed money. 98% of day traders lose money in the stock market. Your strategy is a smart one though. Small gains will add up over time. If you want to begin investing then you will need a bank account with however much money you want to invest, and then you will need a broker. The best way to do that is to get one online and look for one that offers commission free trades. Some charge a percent on each share you trade, some don't. I would suggest
Fidelity
Investments. They are reliable. Once you sign up you can then transfer your money from the bank account to Fidelity and then you can begin trading. It sounds intimidating at first, but it is actually very easy. Here is more info about getting into stocks.
https://www.investopedia.com/articles/basics/06/invest1000.asp
My password is password -
/. — 3 years ago(December 30, 2022 12:09 AM)
There is a learning curve once you get started. Play it safe at first. Don't try for big gains. Get out with small gains. You're going to end up getting out too early many times, but it's a good habit to get into. Get the money when you can. You can also leave half of your portion in just in case you think it might continue to go up. Sometimes you will lose money. Don't sit around hoping it will come back. It will probably go lower. Cut losses quickly. Here is someone who made millions doing penny stocks that knows a lot more than me. He offers lessons. He's worth checking out.
https://www.timothysykes.com/
My password is password -
/. — 3 years ago(December 30, 2022 12:19 AM)
Wow, a lot to learn indeed. Yes, I have no problem with small money.
So I can make an account with Fidelity in my PJs outta my bed, now, if I wanted to? No need to go anywhere? And where's the broker? They provide him/her?
My password is password -
/. — 3 years ago(December 30, 2022 12:30 AM)
Fidelity is the broker. You do the actual trading. You type in the stock symbol you want to buy, then you type in the amount you want and buy it. When you chose a stock to buy, make sure you select to buy it at the "limit price" and not "market price." Market price is what sellers are asking for, commonly referred to as as the "ask price," which is always higher than what people are willing to buy. Generally you want to set your limit price to match the highest bid value or sometimes go lower than the bid value. You can do all of this from your computer or even a phone.
My password is password