who here is an investor?

[chrome&paint]

As far as day trading goes. I know there are alot of online places with different fee's and such to do it yourself. Anyone have any recomendations. I know all the risks and all that stuff obviously. Just looking for some help as far as the websites go

[my305pony]

I trade frequently as im going to college for trading. But i have used http://www-us.computershare.com/default.asp

[OSUALUM78]

One here, but I can't help you out with websites. When it comes to investing, and me listening/taking someone's advice, I prefer to see them face to face

[DTMach1]

Originally Posted by my305pony

Im trade frequently as im going to college for trading. But i have used http://www-us.computershare.com/default.asp

Do they teach you grammar and sentence structure at this "trading" school?!

[G]

Originally Posted by DTMach1

Do they teach you grammar and sentence structure at this "trading" school?!

Gramer is overrateed, so bee spellin.

[machgsxr]

Originally Posted by G

Gramer is overrateed, so bee spellin.

Tru dat homie.

[DTMach1]

hahahaha

[G]

Over the years I have invested big bucks in beer and women. The rest of my money was just wasted. :ORANGE:

[Ralph Greene]

Me....I live off investment income. Mostly stock dividends from long term investments.

But hardly a day goes by where I don't buy or sell something, either stocks, bonds, or stock options. I've been selling a lot of covered calls and naked puts lately.

Use Scott Trade, E Trade, Ameritrade, or one of those. They have simple trading platforms with easy account opening process. And they are safe places to keep money in cash form as well.

[machths]

Originally Posted by Mach1Marauder

Day trading is just a step above casino gambling. I invest for the long term in the stock market and and dabble quite a bit in real estate.

Yep, day trading is a dangerous game. You need to invest for the long haul. If you start investing just $200 a month for 30 years when you're young (early 20's) in a moderate mutual fund or 401k, you can easily retire very comfortably later on in life, basically living off of the interest, which is great because then it doesn't matter how long you live as long as you never spend beyond the annual interest.

[65fastback2+2]

Originally Posted by machths

Yep, day trading is a dangerous game. You need to invest for the long haul. If you start investing just $200 a month for 30 years when you're young (early 20's) in a moderate mutual fund or 401k, you can easily retire very comfortably later on in life, basically living off of the interest, which is great because then it doesn't matter how long you live as long as you never spend beyond the annual interest.

yup....$2000 a year from age 20-25 will be roughly $2.3 million by the time you are 60.

I am investing about $3000 a year from 21-50 and I am retiring when I am 50 (at the latest)...I should have about $3 million in the bank.....and 50 mustangs in a garage haha

[65fastback2+2]

Originally Posted by Mach1Marauder

Day trading is just a step above casino gambling. I invest for the long term in the stock market and and dabble quite a bit in real estate.

I consider if just a step below.

If you put $20 in a slot machine, you will most likely get nothing but air.

If you put $20 into stocks....you own a piece of a company....basically

And, if you loose some money in stocks....then you have a nice tax write-off

Just remember though, if you buy stocks and they drop in price, you have not lost any money....you do not loose any money til you sell them.

[03whtpny]

Originally Posted by Mach1Marauder

A loss is still a loss. I know all those points Screech. This ain't my first rollercoaster ride.
A good example: You would have a heart attack if you knew how much money I made off Ford in the spring of 03.

$1

[bgrd351]

Originally Posted by Mach1Marauder

LOL!!!
Let's put it this way. For what I had to pay in TAXES on that investment. I could have paid for 2 Louises...................and a Focus fer a DD.

[E-MACH]

Some good advice given here. I will also add: Make sure you locate good funds to invest in, and diversify. If your employer has a 401K plan, that's just gravy, fund it up and watch it grow. ALWAYS invest a portion of EVERY paycheck. Next, set yourself up with an automatic withdrawel direct into your investments. Don't rely on doing it yourself every 2 weeks... it's easier if it's invested automatically BEFORE you get your hands on each paycheck. You can live without that additional paycheck money now, and you come to not miss it. Getting rich is very do-able with this simple plan and some time.

[MattN03]

Originally Posted by 65fastback2+2

yup....$2000 a year from age 20-25 will be roughly $2.3 million by the time you are 60.

I am investing about $3000 a year from 21-50 and I am retiring when I am 50 (at the latest)...I should have about $3 million in the bank.....and 50 mustangs in a garage haha

Does UK offer any general financial classes on investing, etc?

[machths]

Originally Posted by Mach1Marauder

Great advice!

[Ralph Greene]

Most of us don't like to get too personal on here, but if it help someone's resolve to grow wealthy, I will share my story.

In the early 80's, in my early 40's, I was divorced and dead broke with about $20,000 in credit card debt, 3 car payments, mortgage payment, 3 kids in school, and child support and alimony to pay. Things were bleak, even though I was making well over 100K per year at Merrill Lynch as a financial advisor to wealthy clients....people who had already made their money.

Shorty after that period, I happened to read a book by Thomas Stanley titled "Marketing to the Affluent" (basically who they were and weren't) and then he later wrote the book "The Millionaire next Door". I decided I wanted to be the "Millionaire next door" in my community. And I understood that what most people consider signs of wealth....are really signs of debt (big houses and fancy cars) ....not wealth. That's why it's important to live a simple life.

So I started saving and investing in every tax advanteged way I could. By the late 80's, when kids finished school, I was able to step that up with after tax investments. I retired in 1998 with 44,000 shares of Merrill Lynch stock worth $80 per share, and also had a large portfolio of other stocks, paid for house and cars. My biggest one time single investment success came when I decided to buy AOL in mid 90's. Bought 2200 shares around $25 per share, and within 2 years with splits it became over 16,000 shares over $70 per share, which I sold most of and as I recall paid $400,000 in fed taxes that year. So invest slowly and carefully, but don't overlook the value of a good "hunch".

So I'm now 66, retired. OK financially I think, but still basically living a somewhat plain simple life....like in the book "the millionaire next door".
If this small town Western North Carolina farm boy can do it, anyone can do it. Just get started now.

BTW....Edit addition.....Most millionaires (people will investible assets if one million excluding their home value) in this country are ordinary people, certainly mostly NOT Doctors and lawyers. They mostly own small businesses.... dry cleaners, gas stations, plumbing and electrical businesses, auto repair shops, stuff like that. Just ordinary folks....except they work very hard.

[bvysochin]

Very cool!! Thanks for sharing.

Do you have any advice/things to look at/other books to read for someone young that is wanting to get into this sort of thing?

Thanks.

[OSUALUM78]

I hear Don Lapre can help make you a millionaire. Or Carleton Sheets. Sounds like a good investment. Give them money :LAUGH:

Seriously, though, like Ralph says, live simple. You can't make money by spending it. Learn about things like a Roth IRA, etc. Learn the difference between good debt and bad debt.

[Ralph Greene]

Yes....Go read all of Dr Stanleys books.

And also understand that investment real estate, stocks, bonds, precious metals, cash, etc are investment classes. When everyone gets the "notion or belief" that you can't lose money in one of these investment classes, then look out, most likely investors are geting ready to lose money in one of them. Example is leveraged real estate now and tech stocks in the late 90's. Maybe Chinese stocks will disappoint next, since most folks think that is sure thing. You have to think a little outside the box and avoid doing the same as the crowd.

I also think you have to understand about business cycles. How long they usually last, what investments do well at each stage of the cycle, etc. IMHO the problems of the current investment markets are perfectly normal. We are currently ending a business cycle began in March 02 (I think). Stocks are struggling, leavereged real estate is collasping, Fed can't decide whether to raise rates to fight inflation or lower them to help investors....all this right on schedule I think. At some point the Fed will lower rates to avoid the next recession by encouraging folks to borrow and spend....it doesn't usually work. We will have a recession or business slow down usually lasting on average since WW11 about 18 months, then off to good times again with another beginning of a business cycle. It will be number 12 since WW 11, depending on how you count. And again certain investments will do well and poorly at each stage of this cycle. I believe you need to think this way first, before you think about individual investments....Where are we in the business cycle now?

That's how I look at it, and how I decide how to invest my money. I like cash right now (for uninvested money) making 5% or so in Vanguard (check out their web site....best low fee mutual fund company) money fund. I probably wont sell any of my long term hold stocks, the ones that raise their dividends each year at about the inflation rate, even though I think they will go down for a while. Good luck.

MHO

[chrome&paint]

Originally Posted by Mach1Marauder

Day trading is just a step above casino gambling. I invest for the long term in the stock market and and dabble quite a bit in real estate.

I know. Thats not the only thing im interested in. I am 22 yrs old and have quit a bit in mutual funds. but im looking to be more agressive. I am almost done with my real estate degree as well. I have been looking for rental properties locally but the market is very poor here.

Originally Posted by Ralph Greene

Me....I live off investment income. Mostly stock dividends from long term investments.

But hardly a day goes by where I don't buy or sell something, either stocks, bonds, or stock options. I've been selling a lot of covered calls and naked puts lately.

Use Scott Trade, E Trade, Ameritrade, or one of those. They have simple trading platforms with easy account opening process. And they are safe places to keep money in cash form as well.

I was looking at E Trade last night, thanks.

[chrome&paint]

Im almost done reading a book by Robery Kiyosaki called the cashflow quadrant. its pretty good and I recommend it to everyone.

[G]

If anyone is interested in how to spend money like crazy, my wife is writing the book on that subject now.

Actually, she's still in the research phase.

[chrome&paint]

Originally Posted by G

If anyone is interested in how to spend money like crazy, my wife is writing the book on that subject now.

Actually, she's still in the research phase.

hahahaha