So, everyone wants to get in the game. But like everything there is a learning curve. The first time I heard about stocks I thought oh that’s for white people. Nobody I grew up with knew anything about stocks. My examples came from T.V. Then you have the News, which scares you from even wanting to learn. So, it was a bit scary for me. In this blog we are going to break down some things I learned so you don’t make the same mistakes I made.
Like I talked about on the podcast there are 3 apps that I used to get started. The one I like the most is Robinhood, because I feel like I have more control over what’s in my portfolio. What I didn’t know was how to look up a company and make an educated decision. What I was doing was more for day traders, but I didn’t have day trader money. I would buy the stock why’ll it was climbing and sell it right before it went down. If this is your strategy from the beginning, then fine. Here are a few tips.
To be a day trader, at the time of writing this you need to have $25K in a brokerage account. There are ways around this though. So, each brokerage allows you to do so many day trades in a 7-day period. So, what you would have to do is have multiple brokerages. Don’t exceed the allowed limits or they will flag your account as a habitual day trader. LOL
Something else you can do is setup a stop loss in your account. So pretty much you’re telling the computer that if it hits a certain number sell it for you. You can do that with buying and trading. I didn’t know that in the beginning, so I was sitting there watch stocks all day.
This blog was about to super long. But I’ll stop right there and continue on the next one. Those two tips will save you money, time, and a headache. Give them a try.
During the first period of a man's life the greatest danger is not to take the risk.