posted
I need some desperate help. I have been making .5% on my savings for years and losing my butt. I want to make a good return on my money but want the availibility of liquid funds and be able to pay the bills with the money. Is there any accounts that are set up similar to savings/checking accounts? Also, should I stay way clear of pink sheets if I am brand spanking new to investing? If so what might be my best bet for my total investment of about $3000 (note: this is all my savings and checking account). Any help would be greatly appreciated. Thanks in advance.
posted
Keep your money for now. Paper trade, paper trade, paper trade. Until you feel confident.
Posts: 412 | From: NYC | Registered: Aug 2005
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posted
When you say paper trade, you mean real stock like NYSE stock? And in regards to the other questions, any ideas?
Posts: 47 | Registered: Dec 2005
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posted
Other questions? If you have three grand and you want to pay bills with that... don't put it in the market... Don't play with anything you can't afford to lose
-------------------- Spend Word For Word With Me And I Shall Make Your Wit Bankrupt. Posts: 1326 | From: Here | Registered: Oct 2005
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posted
What boards might you recommend? Is there any accounts that are set up similar to savings/checking accounts?
Posts: 47 | Registered: Dec 2005
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posted
Whatever stocks you're looking at; depending on what kind of return you're hoping for.
Write them down, research, DD, track them, and see how you would've have done. Do that until you feel like you can make some educated buys.
Posts: 412 | From: NYC | Registered: Aug 2005
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posted
Trading accounts let you put money in and pull money out into a checking or savings account... other boards mean the off topic board on this site.
-------------------- Spend Word For Word With Me And I Shall Make Your Wit Bankrupt. Posts: 1326 | From: Here | Registered: Oct 2005
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posted
Emigrant bank online pays 4% and your funds can be deposited or withdrawn whenever you want.
Then, pay off your credit card, pay additional funds against the mortgage until you can get rid of private mortgage insurance, build up 6 months cash for emergencies, and pay off the car. If you're 50 years old, put 50% of your total assets in something safe, about 45% in mutual funds or something with a little more return, 4% in one of the top 100 stocks from barchart.com, and then trade on paper for a log time in the pennys if your determined to do this, and then buy one penny and keep your figures crossed.
Posts: 352 | From: Marietta, GA | Registered: Nov 2005
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posted
Pinksheet trading is like the bottom of the barrel. Fittingly, that is why I invest in these stocks. The risk is severe, but the rewards can be exhilerating.
First, define your goals -- long term or short term investing. Next study the markets and determine where you want to trade (NASDAQ, AMEX, OTC, etc.) to meet these goals. When you clearly define your needs, educate yourself on how to conduct Due Dilligence on stocks.
Next, do some paper trading to hone your skills and to discover where you need to learn. When you are confident, open a brokerage account that meets your needs and only invest what you can comfortably afford to lose.
Don't put your heart and soul or emotions into any stock, don't let the stock control you, you control it. Don't get greedy! Greedy people get conned out of money on the market.
-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1 Posts: 476 | From: East Texas | Registered: Dec 2005
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posted
Take half of your money and bury it in a mayonnaise jar in the backyard and take the other half and put it in CWFG. ROTFLMFAO! Just kidding.
-------------------- Flip stocks. Never invest in them. Take your profits. All is my opinion. Do your own DD. Posts: 948 | Registered: Aug 2005
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posted
Skyman must be the Clark Howard of pinksheets.
-------------------- Do not boast about tomorrow, for you do not know what a day may bring forth -- Proverbs 27:1 Posts: 476 | From: East Texas | Registered: Dec 2005
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Once I was broke. I decided to follow a checklist that would take me back to lavish riches. I followed the above list and I'm not living in lavish riches, but things are looking pretty good. Not only am I learning more about how to invest, but I keep thinking "if going public on the pinks isn't so hard, then why don't I do it myself with my own company"? Hmmm, stay tuned.
Posts: 352 | From: Marietta, GA | Registered: Nov 2005
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posted
Don't invest in anything. You've only got 3 thousand bucks. You'd probably lose all of it here and could lose a good chunk of it on any of the bigger board stocks. Be conservative until you've got some money you can afford to lose.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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posted
lieutenant 8 months ago I started off on the big boards with a vow not to get into sh.t companies. One day I decided to place a tiny bit of money in penny stocks. The first penny stock I bought went up 1300% within a half an hour, and I was blinded. Blind I lost well over 50% of my money on penny stocks. Now I can see again, and am back to the big boards and sound companies. I still own some penny stocks with long-term potential, and once in awhile I might trade some that I've been monitoring for months, but I have 8 months of experience with this extreme-high risk crap.
In the end, I must agree with Upside.
Posts: 1468 | Registered: Jul 2005
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quote:Originally posted by Skyman: Emigrant bank online pays 4% and your funds can be deposited or withdrawn whenever you want.
Then, pay off your credit card, pay additional funds against the mortgage until you can get rid of private mortgage insurance, build up 6 months cash for emergencies, and pay off the car. If you're 50 years old, put 50% of your total assets in something safe, about 45% in mutual funds or something with a little more return, 4% in one of the top 100 stocks from barchart.com, and then trade on paper for a log time in the pennys if your determined to do this, and then buy one penny and keep your figures crossed.
LOL Thank you for saving the rest of us a lot of typing.
That is damn good advice.
(I don't even let my clients know I invest ANYTHING in penny stocks. I don't want them to think it is a good idea! LOL)
-------------------- I just want to make enough money to be eccentric. Posts: 2412 | From: Atlanta | Registered: Aug 2005
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posted
There are a lot of jokes here L7 but a lot of truth too. Don't put your money here unless it really doesn't matter what happens to it. Everyone here is looking for a big payoff but only one in ten thousand find it. And there is no way you will make stable enough profit with pennies to pay your bills.
My advice, get a second job/quit smoking/drink three-two beer instead of guinness/disconnect the cable/deactivate the cell phone/cut costs wherever you can (especially on entertainment items.) Use this money to pay down your debt and follow the steps Skyman lined out for you. You would be surprised at how quickly your financial picture turns around when you don't clutter your life with excess amenities.
Easy advice to give, harder to follow. Totally worth it if you can make the switch.
The Foot
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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quote:Originally posted by lieutenant7: I am brand spanking new to investing? If so what might be my best bet for my total investment of about $3000 (note: this is all my savings and checking account). Any help would be greatly appreciated. Thanks in advance.
-Marc
Dont invest more than you can lose. penny stocks are the most risky but If you do some home work,and get lucky; it is possible to flip it for a profit. $3000 isnt a bad start to put into your brokerage account, but if thats your rent money; then **** that. Just put a grand in there and dont worry about trying to take it out. If there is an emergncy you will be able to get to it. well thats my two cents try and turn it into a dollar
Posts: 722 | From: Asheville, NC | Registered: Dec 2005
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Thanks for posting that archived thread! I think everything I learned in my first year of trading was summed up in a couple of those posts along with a few things I still didn't know! I understand a little more why Ric has a lot of respect from this group.
Thanks, The Bigfoot
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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