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Keep in mind I am 17 years old. I’ve heard plenty of stories of those who’ve made millions through the stock market, but I don’t want to invest every free hour I have in an attempt to make money, which may not even be that profitable. Do you think the hard work and time involved in investing into the stock market is worth it?
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Keep in mind I am 17 years old. I’ve heard plenty of stories of those who’ve made millions through the stock market, but I don’t want to invest every free hour I have in an attempt to make money, which may not even be that profitable. Do you think the hard work and time involved in investing into the stock market is worth it?
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It is worth it if you pay close attention to whats going on in the market. of course it comes with its own risk.. as a starter take some advice from people who know about investing in stocks.. read some articles on how the market works and just ease your way out
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Profit potential is always worth it.
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Anything is worth it if you have the aptitude and ability. You never know until you try. If you’re afraid to fail you will never accomplish anything, Sir Edmund Hillary (the first person to reach the top of Mt. Everest) said it is better to aim high and fail than to aim for the middle and succeed.
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IMO, your time would be better spent learning how difficult it is to beat the market. Most professional fund manager under perform the overall market. Do you realize that only one US stock mutual fund made money in 2008?
For every one who’s made millions, there are a bunch of failures. They just don’t advertise themselves. Taxes and commissions eat up a large part of profits. Read the writings of Warren Buffett. (don’t listen to those who falsely claim he’s been wrong on issues). He would recommend that if you have a 10 year time horizon that you invest in stocks now by buying a low cost diversified index fund. This keeps costs low and will beat the majority of funds over time.
Don’t look at the day to day fluctuations, and don’t put in money that you will have to spend. You should be happy in 10 years, and it will take very little of your time.
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Yes, it’s worth it, especially now since prices are low due to the recession.
If you’re a rookie in investing or stocks, go to
.
Open up a portfolio without using real money. You can give yourself as much or as little money to try out the market. The stocks you want to focus on is consumer staples, consumer discretionary, and healthcare. These are DEFENSIVE stocks that will survive through good and bad times. Most of my positions are in these stocks. Some names include 3M, Procter & Gamble, Kimberly Clark, Exxon Mobil, Walmart, Costco. Everybody’s got to eat and wipe their butts regardless of the state of economy. Many of these companies survived through the Great Depression.
That’s the benefits. You can sleep at night knowing your money is doing well. There are NO guarantees that you won’t lose money. It’s just that these stocks are the best. They pay good dividends too.
Then once you’re comfortable and test the waters of the market, you can finally put some real money in. Go to Scottrade.com. They’re excellent for beginners.
If you’re new to stocks, DON’T DAY TRADE. You’ll a rookie in a world of professionals. I tried day-trading with Citigroup and AIG when they were a little bit over $1. I had some luck at first, making about $30 a day but I was way over my head. My luck didn’t last long and I had to rethink my strategy.
Day trading involves A LOT of commissions to the broker. With all the commissions deducted from each trade, you’ll be lucky if you only lose half your money.
I would just day trade using Yahoo! Finance. Open a stimulation account, give yourself $100 worth of fake money and play it in the stimulation format. You’ll see what I mean by losing money every easily.
Good luck.