Does anyone make a living off the stock market?

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Forum -> Working Women

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amother

Wheat

Mon, May 22 2017, 9:05 pm

I know it's possible to make money off of stocks - day trading, particularly. I know it's risky, but I want to do it!

I just don't know how to get started. Is there a book or website anyone can recommend?

TIA

amother

Scarlet

Mon, May 22 2017, 9:08 pm

Why do you want to do this? Day traders don't make money.

If you want an adrenaline rush, work as an ER nurse. Your money will do better in an index fund.

doctorima

Mon, May 22 2017, 9:09 pm

Sorry, I don't know any books or websites, but as for advice, only play with money you can afford to lose. And before you start trading real money, first try a few days (or more) of simulated trades to get a feel for it.

marina

Mon, May 22 2017, 9:14 pm

day trading is worse odds than simply gambling. Learn to play poker instead.

pesek zman

Tue, May 23 2017, 4:22 am

My dad does but I have no idea how

amother

Lilac

Tue, May 23 2017, 4:39 am

Agree with everyone above. The failure rate is easily over 90%. If your only at the "can someone recommend a good book phase" I'd recommend to stay away.

Laiya

Tue, May 23 2017, 5:15 am

Not day trading, but Penny Stocks for Dummies by Peter Leeds was good. I haven't made any trades or bought penny stocks; just read the book out of curiosity.

There's no such thing as quick money. You still need to spend the time to research the companies and learn certain underlying principles.

And afaik, people who day trade are tied to the market every minute that it's open. It's extremely high stress.

gp2.0

Tue, May 23 2017, 5:50 am

The best way for a layperson to make money in the stock market is to invest in good long term stocks with a track record of doing well long term and then forget about the money for 15 years.

amother

Pumpkin

Tue, May 23 2017, 7:49 am

Can someone suggest a good trading platform, both to practice and to eventually invest?

self-actualization

Tue, May 23 2017, 8:09 am

amother wrote:

Why do you want to do this? Day traders don't make money.

If you want an adrenaline rush, work as an ER nurse. Your money will do better in an index fund.

LOVE this post. Index funds are the way to go - preferably the S&P 500.

mirror

Tue, May 23 2017, 4:47 pm

amother wrote:

Can someone suggest a good trading platform, both to practice and to eventually invest?

TD Ameritrade. Here is the problem. You can follow the news and think you can predict where the market will go. Let's say there is another bombing in Texas. You think you can predict the market will go down, but by the time you get in, the market is on its way back up.

Let's say the news announces better than expected job growth. You think the market will go up. By the time you get in, the market started going down.

Let's say you read Google is doing well. You buy options on google, and just that day there was an attack on Syria (as an example) and the market goes down. With options, it's all or nothing so you just lost your ENTIRE investment.

There is someone in our shul who was day trading. He made as much money as he lost. Guess what? He just got a job.

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