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Question: As a teen, how can i make money off stocks/mutual funds/investing?

(Posted by: brandon on 2009-10-27 10:11:19)

I was wondering if it was possible for me to become wealthy off doing stocks, having a mutual fund or investing or really whatever! Im not really all that educated on this stuff as to how to make money but am very curious. I dont have ANY money saved and i just work at target..Im 19 yrs old..my parents take care of me...is it possible to become rich or even just be comfortable by doing this, starting off with not that much money but being consistent...?Are there any other ways you can think of! i want to make money

Posted by: The Geek on 2009-10-27, 10:17:42

Hi brandon unfortunately there is no easy way out. real traders do hours and hours of research etc and still get the wrong prediction at times. one will need to research on the action and have proper money management

Posted by: Karen on 2009-10-27, 10:22:06

Save your money and educate yourself by reading lots of material on trading. Trading isn't easy, but its very profitable if you know what you're doing. I recently heard a statistic that 9 out of 10 traders fail. Learn all you can before you put down your hard-earned money. Good Luck

Posted by: jlf on 2009-10-27, 10:33:01

It's great that you're interested in investing - but PLEASE take the time to educate yourself first. This website is not the place for that. Start with a good beginner's book like "Investing For Dummies. " It's easy to read and written with humor. Well worth $15 or so.

Posted by: Dase on 2009-10-27, 11:09:43

Trading is easy. Being consistently profitable is not. I don't really think its fair to say easy vs hard for such a thing. There is a lot of luck, even with research. Read some books, they will help!

Posted by: Luke on 2009-10-27, 11:26:02

It's not easy to get rich in today's volatile markets but it is simple to make a good regular income if you have someone to show you how to do it and trade with you until you become good enough to do it by yourself. You will never be right on 100% of your trades because no one can predict the future but if you are right on 70% or 75% of them and you can risk-manage the other 30% or 35% of the loser trades, you can make $500 to $1000 a day in just 2 -3 hours a day by just grabbing one point out of the market. You can actually see it done live in front of you at LiveTradingDemo.com I believe.

Posted by: Josh on 2009-10-27, 13:14:15

I will say this, you can use sites like prooftrader.com to learn about stocks now, make picks and see how well they would have done, and then when you turn 21 or when you have enough money, you will be in a better position than if you hadn't played around with 'virtual' picks.

Posted by: Carlos F on 2009-10-27, 13:51:51

I would put my money behind Etrade financial. ETFC. They are due for a big pop soon. Here is a great blog that I use for ideas. Good luck. makingmoneyinvesting.blogspot.com/

Posted by: Telemachus on 2009-10-27, 16:20:18

You need to adopt a very simple strategy that you can execute without becoming overly emotionally attached to your trades. If you base your trades on a sound market philosophy you can be confident that the decisions you are making are the correct ones (but may not always be profitable), and will lead to wealth in the long term. My preferred strategy is to trade trends the moment they have a chance of developing, going with the market, as all the other traders are forced to act on their positions. This graphic explains it well. itradebreakouts.com/ why-markets-trend/ . Couple this with a decent risk strategy and you stand a good chance of getting ahead!

Posted by: Brocon on 2009-10-27, 17:58:16

Make money off stocks, currecncy what if your money made you 1 - 10% or 10% to 200% per month with no risk at all,what if you dont need to work and just enjoy life what if you can watch your wealth growing while you are having fun visit myfxfunds.com hsfxasset.com hgnfx.com forexearocks.yolasite.com