Poll
Question:
Which is the best way to make some money?
Option 1: $600 worth of penny stocks
votes: 1
Option 2: $600 worth of lottery tickets
votes: 1
Option 3: Summit
votes: 0
I've read books and watched The Wolf of Wallstreet, so I'm almost ready to toss some money in and see what happens.
The biggest lesson to learn from Wolf of Wallstreet is that penny stocks are terrible, but selling penny stocks for huge cuts can be very profitable. So take the $600 and start selling penny stocks.
Buy low, sell to the clueless
On a side note, I'm getting an LLC, but I can't think of a good name. The only thing I got is "Wee, LLC" (or Oui, LLC). Pronounced, "We'll see."
Don't bother with penny stocks. Super volatile, hard to read, have to sift through way too much bullshit doing your DD.
Commission and fees tend to be higher on penny stocks as well.
Ok, screw penny stalks.
Dollar stocks?
And I don't hace the money for day trading, but a few trades per week, ja.
Starting a small weed grow is your best bet.
Not that I'm advocating that. Weed is illegal and Jesus hates weed. Don't grow weed, heathen.
Quote from: Submariner on November 17, 2015, 03:15:44 PM
Starting a small weed grow is your best bet.
Not that I'm advocating that. Weed is illegal and Jesus hates weed. Don't grow weed, heathen.
I was really hoping that Ohio legalized it so I could start a smuggling business and sell it to KY teenagers.
I don't care about weed. I'd smoke it if it was legal, but I'm not a weed enthusiast.
I would like to be more of a money enthusuast, however. If I cared about it, I might end up with more of it.
From my meteorology experience, I am good at interpolating a subjective analysis around statistical trends, and playing conservative. If I can apply this to trading stocks, I can make a little extra money. Perhaps. Or do tons of drugs and end up in jail. Whatever.
Quote from: Eye of the Tiger on November 17, 2015, 03:55:57 PM
I don't care about weed. I'd smoke it if it was legal, but I'm not a weed enthusiast.
I would like to be more of a money enthusuast, however. If I cared about it, I might end up with more of it.
From my meteorology experience, I am good at interpolating a subjective analysis around statistical trends, and playing conservative. If I can apply this to trading stocks, I can make a little extra money. Perhaps. Or do tons of drugs and end up in jail. Whatever.
If you're actually looking to start investing, low-cost index funds are the way to go. Studies have shown that the percentage professional traders that consistently outperform the market is actually lower than random chance.
EDIT: Actually, I think that was the number of mutual funds that consistently outperform the market, which also takes into account the fees for the fund. So I guess if you're doing it yourself and thus have no fees, it's slightly more likely.
Still though, low cost index funds are your best bet.
Quote from: BimmerM3 on November 17, 2015, 04:08:35 PM
If you're actually looking to start investing, low-cost index funds are the way to go. Studies have shown that the percentage professional traders that consistently outperform the market is actually lower than random chance.
Boring.
So how does any professional trader have a damn job if a monkey would statistically outperform them?
Quote from: Eye of the Tiger on November 17, 2015, 04:12:29 PM
Boring.
So how does any professional trader have a damn job if a monkey would statistically outperform them?
Because less informed people *think* professional traders are better at their jobs than they really are and buy their funds anyway.
Also, see my edit.
Quote from: BimmerM3 on November 17, 2015, 04:16:01 PM
Because less informed people *think* they're better at their jobs than they really are and buy their funds anyway. Fund managers basically just make a percentage of the value of the fund.
Also, see my edit.
Or I can buy a stock, wait for it to go up, then sell it when it stops going up. So simple, yo. :lol:
Quote from: BimmerM3 on November 17, 2015, 04:08:35 PM
If you're actually looking to start investing, low-cost index funds are the way to go. Studies have shown that the percentage professional traders that consistently outperform the market is actually lower than random chance.
EDIT: Actually, I think that was the number of mutual funds that consistently outperform the market, which also takes into account the fees for the fund. So I guess if you're doing it yourself and thus have no fees, it's slightly more likely.
Still though, low cost index funds are your best bet.
I'm not sure if that's talking about a different kind of fund than the one I have, but I get a couple percentage points more than the S&P 500. Just a Vanguard (or Fidelity or something) medium risk thing.
Quote from: CaminoRacer on November 17, 2015, 04:30:28 PM
I'm not sure if that's talking about a different kind of fund than the one I have, but I get a couple percentage points more than the S&P 500. Just a Vanguard (or Fidelity or something) medium risk thing.
1. The returns you're seeing probably don't include all of the fees.
2. This was looking at all funds over a long period of time. In any given year, some funds over perform and some funds under perform. But the likelihood that it will consistently outperform the market year after year after year is pretty small.
Any opinions on wealthfront vs betterment?
Ok, lettuce pretend.
Today I will pretend that I bought the following stocks. Fees not included:
DARA (NASDAQ)
200 shares @ 0.900 = $180.00
USEG (NASDAQ)
400 shares @ 0.310 = $124.00
ALU (NYSE)
50 shares @ 3.93 = $196.50
BORN (NYSE)
100 shares @ 1.13 = $113.00
Total investment of $613.50
I will monitor these stocks for the next few days and "sell" them as necessary. Fucking let's see if I can make enough money to make it worth the two hours that I spent browsing stock charts.
You could also get an app or use a paper trading website to practice and let the software do the work.
Quote from: giant_mtb on November 17, 2015, 09:14:31 PM
You could also get an app or use a paper trading website to practice and let the software do the work.
Yeah, I got an app. It's pretty comprehensive. I can even set limits and buy cocaine.
I've lost $14 so far. But I expect things to turn around in a few days.
-$12 as of today.
-$6 net as of midday. This is my new career.
Back to -$12. Meh.
So, I still need an LLC name. I'm drawing a blank.
Why do you need an LLC? Why do you want to pay taxes?
Quote from: giant_mtb on November 23, 2015, 06:41:34 PM
Why do you need an LLC? Why do you want to pay taxes?
To limit my liability. It is required. Don't you have one?
Quote from: Eye of the Tiger on November 23, 2015, 06:42:59 PM
To limit my liability. It is required. Don't you have one?
Yes. I have two in my name now, actually. It's just $25/year for the name in my state. And them 15.whatever percent income tax cuz self employed.
Well, I'd say none of the above....buy some drugs in bulk and then sell them individually. There's a good return.
Quote from: giant_mtb on November 23, 2015, 06:46:52 PM
Yes. I have two in my name now, actually. It's just $25/year for the name in my state. And them 15.whatever percent income tax cuz self employed.
Pfft. Taxes smaxes. I just need a name...
Wee, LLC
Period Correct, LLC
Well Oiled Machine, LLC
Qualitative Express, LLC
Rhymes With Orange, LLC
Search And Research, LLC
Wind and Rewind, LLC
Jesus, LLC
Better With Cheese, LLC
Do Not Touch, LLC
Power Band, LLC
Two Tens for a Five, LLC
?
Better With Cheese, LLC for sure.
Financial Year Analysts, LLC
(F.Y.A.)
I'm partial to Rhymes With Orange, LLC.
Quote from: Laconian on November 23, 2015, 07:06:17 PM
Financial Year Analysts, LLC
Oh, good one. But, I'd rather the name have nothing to do with anything specific.
The Tiger Element, LLC
Quote from: Eye of the Tiger on November 23, 2015, 06:59:41 PM
Pfft. Taxes smaxes. I just need a name...
Wee, LLC
Period Correct, LLC
Well Oiled Machine, LLC
Qualitative Express, LLC
Rhymes With Orange, LLC
Search And Research, LLC
Wind and Rewind, LLC
Jesus, LLC
Better With Cheese, LLC
Do Not Touch, LLC
Power Band, LLC
Two Tens for a Five, LLC
?
Date Palms LLC
Quote from: Eye of the Tiger on November 23, 2015, 07:14:47 PM
I don't get it
Nothing to get really I guess. But if I ever form a LLC to hide behind when buying a piece of real estate, that's gonna be it.
Quote from: BENZ BOY15 on November 23, 2015, 07:16:26 PM
Nothing to get really I guess. But if I ever form a LLC to hide behind when buying a piece of real estate, that's gonna be it.
I thought it might be some masturbation reference, but that was stretching it.
Quote from: Laconian on November 23, 2015, 07:06:34 PM
(F.Y.A.)
Looks like a pair of tits with an F and a A tattooed on them.
Quote from: CaminoRacer on November 23, 2015, 07:27:28 PM
Looks like a pair of tits with an F and a A tattooed on them.
Boobs Fuck Assholes LLC
Quote from: CaminoRacer on November 23, 2015, 07:27:28 PM
Looks like a pair of tits with an F and a A tattooed on them.
Total Recall tits, maybe.
Just made $15 by selling one stock. With a simulated $7 in fees, that nets me $8.
I turned around and bought 1240 shares of my next predicted price gainer.
Three of my stocks are up a total of $14.
But one is down $28. I knew that one was a gamble, as it was trending down for months.
Not quite enough to pay the bills yet.
Well, I made $458 in two days. The problem is it took $20K in cash to do it.
Takes money to make money.
Chicken:Egg
The hard part is building the first egg from scratch... chicken scratch.
Quote from: Eye of the Tiger on December 10, 2015, 10:29:18 AM
Chicken:Egg
The hard part is building the first egg from scratch... chicken scratch.
Hence the rising wealth disparity between the wealthy and everybody else.
Actually turned out to be $517 after market volatility and a fake comission.
Quote from: Eye of the Tiger on November 23, 2015, 07:17:55 PM
I thought it might be some masturbation reference, but that was stretching it.
It's totally a masturbation reference.