Hey guys, as the title suggest i have about a grand sitting in my bank account that I dont need. Is it too late to jump on the cyrpto train? Any advice to learn about stocks and how to invest?
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InfamousMJ 8y ago
Learn about the market before you enter it. Or you'll just be paying to learn about it. There are plenty of Youtube channels and websites that talk about the basics of investing and many that go into technicals.
Before you start investing, ask what you want to accomplish through investing. Start a nest egg? Try to gamble and make some bank? Earn consistent but compounded returns over 10 years? Maybe you're just looking for a safe place to put your money with a decent return.
But if you really wanna just waste money (and hand it to others), try /wallstreetbets
DiggerClam 8y ago
No. 1 rule about trading/investing in crypto: Trust Nobody. Everyone just wants your money.
Learn what a good trade is and be confident in what you buy and hold, or else you might as well just go play blackjack.
fnordsnord 8y ago
deleted ^^^^^^^^^^^^^^^^0.0968 ^^^What ^^^is ^^^this?
growingstronk 8y ago
I'll definitely look into this. Thank you.
SuperCrazy07 8y ago
Go open an online brokerage account and buy SPY. Don't look at it, think about it, sell it. Pretend it doesn't exist.
Let it sit for decades and, as much as possible over the years, add to it.
You'll be grateful you did when you're retired.
UncleWarwick 8y ago
Do what /u/SuperCrazy07 said if you really want to play in the markets. I wouldn't suggest that though. You probably will end up losing all your money because you want to trade more.
Read the books that the finance subreddits suggest - stocks, investing, options.
Crypto could very well/probably will be a thing, but you have a better chance of losing all your money than making it.
Story time: Joe Kennedy - JFK's dad - sold out of the market right below the 1929 crash. Why? He was getting stock advice from his shoe shine boy. That told him there's a bubble. Correlated - you just got crypto tips from a 14 year old in this thread.
bickisnotmyname 8y ago
Started with crypto. Saw about 3x return on investment in about 6 months.
My honest advice is that crypto is a bubble. It has no inherent value. It’s fairy dust / a castle in the air. If you want to “invest” what you can afford to lose then sure, go ahead. The bubble will soon burst just due to the fact that it’s all speculation and none of it is real. It’s only worth something if someone else will pay you more. It has no REAL value.
Index funds are a much safer option but will never give you the type of returns crypto could. Maybe go 80% index, 20% crypto speculation. Just don’t dump all your eggs in one basket
M23W0OH7FV2t 8y ago
This, I don't understand why you're getting downvoted. I have my portfolio set up as follows:
~~20% equities
~~20% bonds
~~20% real estate
~~20% cash
~~20% high risk/high return like crypto, uncle's aluminium mine in Chile, etc.
bickisnotmyname 8y ago
Probably downvoted as most on here are mid twenties and likely to be invested in crypto as it’s better understood by that demographic than conventional shares and stocks.
M23W0OH7FV2t 8y ago
No, it isn't. It's just perceived to be. I have worked as a back office contractor in financial services for almost 15 years now. I say this, not to humblebrag, but to give readers a perspective of my career background.
The only thing to understand about the economy is that it goes from one bubble overinflating to the next. In terms of my allocation, I trust the ECB (through Danmarks Nationalbank, which is effectively part of it) to do its job fairly well. I know that holding cash is not a very good investment, as it loses value with inflation and our inflation rate was 0.3% in 2016. But, cash is a hedge against the others.
So, yes, in any given year, my portfolio will not do the best out of everyone's on asktrp, but it will never do the worst either.