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- Thread starter SoapyCy
- Start date
Buying all of the cannabis stock I can. I’m a big pothead but never invested in it. States are going to have to find a way to refill their coffers after this is all done and all the grow companies are stretched due to rapid expansion over the past couple of years. I’m just feeling the boom. Probably some that go under and some that skyrocket.
I bought some in 2019 when hemp bill passed and took like a $6,000 loss on it. I sold it and rebought 400 shares of MJ in my IRA last week.
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I have buys in below the lows of the past couple weeks. I am still a bear. Thanks Amazon, Zoom, Caseys . I have been fortunate over the last 2 weeks. Only 12% off 2 months ago! I sold my gains on 6 stocks today. I was 27% down March 23rd. So yes I am a bear. 30% cash right now. From 3% cash 5 weeks ago. I feel very fortunate.
It seems like this would have been asked recently and likely in this thread but I searched and found nothing. I'm probably just bad at searching. I'm considering buying some stocks for the first time. Any general tips on a good route to go to get started? Is Stash any good?
If there is already a conversation about this around here, feel free to point me in the right direction. Or just give me a relentless amount of **** for asking. Let your mood decide. I'm in.
If there is already a conversation about this around here, feel free to point me in the right direction. Or just give me a relentless amount of **** for asking. Let your mood decide. I'm in.
What is your background? Have mutual funds? done board of trade? Studied stocks before?
Background makes a difference.
I have no background really. I have a very general idea of how stocks work. I want to do quite a bit of research on this stuff before I get started which is pretty widely available but I'd like some input on the app to use from a non biased source. I'm starting pretty small with around $1,000 and I'm not looking to be crazy active with most of it.
I personally use Fidelity. When getting started I also looked into E-Trade and TD Ameritrade, and they also seemed like good options. If you are interested I can also recommend some reading material/research that I’ve found helpful over the past few years.
If you plan to day trade (read the rules on that) I suggest you rethink it. If you make 4 day trades in a week you will get labeled a day trader and your margins are jacked up. Personally I suggest getting a free trade account (basically all are) and then do a stock of this and a stock of that to learn the research side and how things work. Take a month to get a feel.
if you buy one day and sell the next, or vice versa, that’s not a day trade and you will be fine.
I’m set up with Vanguard and 95% of the time I’m buying mutual funds and ETFs. I put some money in a few funds every month on direct deposit, and then buy in with larger separate purchases on dips in the market. I tried some individual stocks but I’m not good with picking them so I generally stay away from them.
That’s really boring advice but it works well for me.
I would highly recommend m1 finance as a brokerage. Get an ira going there and invest in vti. It’s a total stock market fund so you are extremely diversified and you will more than likely outperform just investing in individual companies
Thanks, guys! Very helpful. I’m not looking to day trade. I’d like to pick 2-3 of my own and maybe dump the other half in some mutual funds. I don’t know. Need to read up a lot more. It’s just kind of a daunting start. cyfanbr, I’d definitely be interested in any suggested reading.
If you are interested in reading material I would highly recommend this book: https://jlcollinsnh.com/2016/06/18/the-simple-path-to-wealth-is-now-published/ (you can get it on amazon)
Its a really good read and is the book that got me into investing. It’s a excellent book for beginners.
Start here and explore the wiki and forums
https://www.bogleheads.org/wiki/Bogleheads®_investing_start-up_kit
If your company does it look into an employee stock purchase program. They pull out a little from each of your paycheck and it buys your company stock. That's mainly what I do and if I see something I want to put a little into I sell off a little of that and put it into another stock. Really though investing in the market is like going to the casino without the second hand smoke. Short term you can really lose your shorts but unlike a casino eventually almost every bet you place will make you money.
What is your goal? Long term investing or making a profit now? For long term like retirement, I would get a vanguard account. For short term stuff, I have no idea. Whatever charges the lowest rates.
