Yes that’s right folks I’m here to tell you how to take your hard earn 1,000 dollars and turn it into about 5 dollars cash!
Ridiculous? Of course! Some lessons learned the hard way.
- First sign up with an online brokerage firm such as “E*Trade” or “Scottrade”. Both are actually fine companies I’m just spoofing here.
- Next send them your hard earn $1000 dollars. Wire it to them or send a check.
- Start searching for all those penny stocks that are hyped about hitting big. Buy all the ones you can.
- Now here’s the trick. When you get a little nervous, because your stocks are dropping in value, trade them for some other crappy penny stocks. Keep doing this until eventually you’re at about 5 dollars. The commissions on trades alone can eat you alive. If you’re really good try to go lower than 5 dollars!
Ok. Lessons learned:
- Don’t buy crappy penny stocks hoping to get rich. If you do play the stock market, it may be better to hold on to them and ride the wave.
- Always do your research, also known as DD or Due Diligence
- Only invest the amount of money you’re willing to lose, because this can be very risky!
- Start with a small amount of money until you get the hang of it.
- Try practicing buying and selling first on paper before you actually do it for real.
Day trading is a tough and risky hobby so don’t get sucked into believing its going to make you rich unless you really know what you’re doing and are willing to take the risk!