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Trading?
Get more than you give?
Ambiguous questions get ambiguous responses
2 of your junky G.I. Joes for one good one.
Don’t. Invest in index funds via your tax shelters instead. Don’t be a sucker for the quants with insider knowledge on Wall Street.
Buy low, sell high
Paper trade a strategy to see if you can actually make it work before spending real cash.
Know your entry and exit points before you buy.
Invest in index funds instead.
Don’t invest more than you can afford
GameStop
Everything in gamestop
S&P500 index fund.
Meanwhile create several fake portfolios using fake money. Fake trade them over the next 5 years and see if your fake money does better than your real money.
Read Warren Buffett. Don’t believe everything he says, because he’s a liar, but read and understand it all. Go on from there.
Don’t trade. Invest.
Don’t chase single-day or very short-term trades. Invest with long term horizons.
Stocks aren’t for instant riches (although one can get lucky). They’re for long term wealth creation and preservation.
Don’t. The pros own the markets these days with high frequency trading and all of the other backdoor methods they have. Retail traders are just cash cows for the pros. Just give your money to one of those companies and let them manage it. Or better, put it in a 401k/IRA. Anything else and you might as well just be playing the lottery.
Dont
Trading stocks can quickly become a very expensive hobby. Even experts struggle to beat index funds, I see no reason to trade stocks unless you’re doing it for fun.
I know several people who’ve tried this and none it’s worked out for long term.
If your employer offers 401k matching, ALWAYS contribute up to their match, otherwise you are leaving money on the table.
Markets go up and down. Sometimes the lows take years to recover. Invest your money and don’t touch it. Many panic and sell when the markets go down.
Stay away from penny or meme stocks. Sure, you -might- get lucky and make some money, but more likely you will never time the market right and lose money when the company folds.
Always give something of more value to them than to yourself, and receive someone of more value to yourself than to them.
Orphans are cheaper but less threat to being caught.