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  • vol2smile vol2smile Mar 4, 2011 12:17 AM Flag

    Professional

    When you have a lot of money making money is easy (as you can stick to value investing and be comfortable with consistently making only 10-30% a year), but when you don't have millions, speculation to make 40% or more a year will be tough.

    Finding a job on Wall street might be a good start, you get paid well and you learn things on a daily basis, at least initially.

    Stock market is where people have money get experience and people who have experience get money, probably from Daniel Drew.

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    • #1 This is the most important rule. Learn to love saving. Do you have a monthly household budget? If not, figure one out that helps your pay down any bad debt like high interest credit cards. This is an important step because it sucks to make 10% in the stock market and then turn around and pay some credit card company 25%. It could take time, but it will allow you to save more of YOUR money. The less you have to give someone else, the more you can save for yourself to invest and put to work for you.
      #2 The first one is important because the more you can save each month the more you can invest. The more you can invest, the more money you have to set your portfolio up with a good combination of long term and short term investments of various risk. You don't want to have so little money that your entire investment is riding on 1 stock.
      #3 Patience. Rome was not built in a day. But if you start today with #1, then you will get to a point where you have put a decent amount of your income aside. Your investment pot will grow over time. It might be small today, but over time you will be shocked at how much you have saved. The more you can save the easier it becomes to turn a profit. Then it can snowball.
      #4 Practice. Practice. Practice. Go online and find you one of those places where you can run a fake portfolio. This will allow you to do research and put some of your ideas into practice. And you won't be risking actual money! But you will see how you might have done. You will see what you did that made you win and lose. Plus it gives you a chance to identify and follow stocks for a while. Then when your money is right you can say "I can finally invest in this stock that I have been learning about!"

      It can be exciting.

      But #1 is important. My wife and I both work right now. We try and put away as much money as can each month. The goal is that eventually our money is working for us so well that we don't have to work. #1 #1 #1.

      Vol2smile made a good point that goes along with all of the above. The more you can save, the easier it is to make money. You can see a great opportunity and drop $20,000 grand on it and make a quick $2,000. Having victories like that add up a lot quicker then dropping $1,500 and making $150.

      OH and research all the time. Keep your eye on the news, articles, talk to people. You might learn something today that will make you money next year. Keep a notebook and file folder on your computer of interesting articles and things you have learned. A log is important.

 
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