Once you have a strategy in mind you can try it out with paper trades on a free platform, www.prodigiorts.com is a good one and free for a month. after several months of honing your skills and treating your paper trades like real money (and focusing on your percentage gains) you can delve into the market with real money through a discount broker online.
Your first few trades should be very small orders and be prepared to lose a little, either by commissions or a stock not going your way. Using real money will make you fully engaged with the stock and you will gain true experience in trading equities.
After a while, you'll start to hopefully make some money but there are many ways you can lose your money especially if you don't set rules for yourself such as mental stop-losses and a trading plan before you enter a stock. Of course there are many other rules as well such as not chasing a stock and over trading but you'll learn more as you get involved.
Lastly, leave emotions at the door, you've got to treat it as a numbers game but without monetary goals. This is easier said than done but after a while you'll start to focus on percentage gains and risk management.
Good luck!
Yes you can invest to make money as if it is your day job. But the first thing is, you have to think about this very carefully. Do you have the right strategy for it. I've been doing this for more than 20 years.
Fool
? One who is deficient in judgment, sense, or understanding.
? One who acts unwisely on a given occasion:
Example: I was a fool to have quit my job and think I can survive without working
Get back to work and forget about all these get rich quick scheme. Lets run the numbers, If your employer offers 401k matching, take advantage of it. If you were to get dollar-for-dollar matching on the first, say, 5% of your contributions and you made $30,000 per year, you would get $1,500 in a bonus match deposited into your account. You already know that you saved $1,250 in taxes, so now, by simply putting $5,000 in your 401k, you have a total of $6,250 capital working for you – or $2,750 more than you would have had if you just took your regular paycheck, paid the taxes, and tried to money into a brokerage account! That’s nearly 79% more money at work for you!
Best of luck...Take Care
You can invest your savings in stock market and also take trading as your career.
No - actually it's down right dumb. You do understand your stocks can go down as well as up. Are you prepared to lose what you invest?
What will you LIVE on if you have no income?
The average income is about $50K....to reliably yield that from investments you'll need a portfolio of about a million bucks....
If you have a million to invest, I guess you will be fine!
I want to get into investing but I don't have a job and don't plan on working another day job. I wan't to make history and be successful. Would it be safe to invest without a job?
