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Investing is what you do when you have extra money that you can afford to lose.
You will lose whatever money you do have trying to day trade against algorithms and professionals. Don’t do it.
Get a part time
Job or side hustle, way less risk involved.
I recommend joining the wealth creation circle for info. Start investing in your 401k and participate in the ESPP and grow your knowledge from there.
The smartest people firms can recruit using the best technology money can buy working around the clock are rarely able to beat the market long term. Following a blog or taking an online course won’t make you the exception.
Don't have the right answer, 1 advice start with smaller amounts and scale as you grow in confidence.
D1 is correct. We need to evaluate your complete financial situation (income + spending) before evaluating investments. Trading stocks/options is effectively gambling if you're inexperienced. I can guarantee everyone has some fat to trim from their budget.
It’s effectively gambling if you’re experienced, too 🙂
Start with a simulation trading account to test whether you have what it takes to play this game.
Thanks for the advice everyone, I see why it's a silly idea in my position. I'm just gonna start tutoring and charge double my consulting rate lol
No joke, tutoring is a way better way to bring in extra income than day trading/options. You should still be investing, but not as a means to provide immediate short term income
Rising Star
The Plain Bagel is a really good youtube channel for sensible investing, including on how options works.
With that said, I have been trading options for years and have made a profit. But I am am very honest about the fact that option trading can be no different than gambling.
Especially the way I use options is defintely no different than gambling.
That means that if you have money issues now, gambling to make more income will probably result in bigger money issues.
I like using Robinhood. Let me know if you’d like a referral. With the referral, you’ll get 1 free stock to start trading.
Robinhood isn’t on the participating broker list. I had some major issues getting out of that mess in T&T. Get rid of it. That’s a pain in the ass too btw.
You can look for the Thinkorswim platform. There are elaborate YouTube videos showing the trading process.
Having done this for c 3yrs, I would advice you to simply index your savings with ETFs. The stock market is not logical enough to support an endeavor such as the one you’re considering, based on the resources you have available.
I would say if you see an opportunity or have a good idea for an investment that the broader market hasn’t picked up on, those are the best times to invest.
A good example would be how Peloton’s stock has more than doubled during the COVID crisis. It doesn’t take a financial genius to make the connection: people will spend more time indoors —> people will buy and use indoor bikes more —> stock will go up. The important thing to note is this investment would only work if the market as a whole disagrees and is still pricing the stock low (which was true back in March).
The other comments are right when they say you can’t make a quick buck overnight trading options, but I’ve had a lot of success in investing by 1. Practicing patience and waiting to find the right trade and 2. Listening to my gut and having confidence in my “thesis” (example shown above).
Best of luck, don’t stop learning along the way.