Hi guys, quick background: I'm 16 I have an income of 200-300 a month I have about 1500 bucks saved up and have deposited 1k into an OptionsXpress acc. Gonna add another 1000 bucks in the summer months Keeping a log of my strategies and P/L so if I'm successful maybe it will help other people in my position. Also writing everything down helps me lock in my strategy and have more discipline. Going to be making my first purchase this week when I feel the timing is right. Feel free to leave any feedback on my future trades. Thanks!
go all in with QQQQ calls.. its not allowed to pullback/correct or otherwise move any direction but up
Out of curiosity, where do you get your $200-$300 a month? When I was 16, all I had was the summer income. I had some lame job at a library teaching people how to use computers, but I only made like $20 a week doing that. But $200 while in high school? Where do you even find the time with school work and all?
that is only something like 45-50/week. between possible allowance and 5-6 hours weekly at Burger King, that is easily attainable. But, if you are like 50-60 yo, that might seem seem like a lot of money compared to your prom days
Haha, min wage was like $5.15/hr when I was in high school. That was 14 years ago. Prom at our school was held in some country club, and those f-s wanted $90. And that's not including the tux rental, transportation, etc. At 18, if I spent $90 on anything, I would've had to insist that sexual services and a sandwich be worked into the contract... because I had no money ever until -after- getting out of high school. Paying car insurance and for SAT prep classes took me to the poor house. This kid, rgilbert93, has it made. Cheap computing, easy market access, etc. There was -one- guy in my school who even talked to me about stocks, and he was on Yahoo Message Boards pretending to be insiders posting bogus statements from school computers.
To your questions: I currently don't have a licesnse, but I think I'll save gas money by biking to school anyways. And I'm not saying that I'm really put out- but comparitively to most traders I'm at a marginal disadvantage. I make money by cutting grass and things like that for people in my neighborhood.
Your focus right now should be reading everything you can get your hands on, saving your money, and practicing with a demo account. Are you planning on jumping into options right off the bat?
I've traded since the fall of last year.. I'm starting again after some very small losses/break evens. All of the companies I chose were at their lowest in February, when I got out of them. (c, pcs, etc) They then skyrocketed for the next two months. So because of this I've worked on my technical analysis more. I know enough about equities, derivatives, and trading to devise a sound strategy and function efficiently. I'm done reading for a while- I've done enough of it.
It doesn't matter how stock picks fare. It matters how they fare in comparison to the overall market. In other words, if the market shoots up at the same time as your picks did, that is not an indicator of skill on your part. If however, your picks shoot up 30% (unleveraged) while the market shoots up 15%, then it is interesting. But entering/exiting when things are at their high/low is almost purely lucky/unlucky.