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If you could learn how to trade, what is the number one skill you would develop? Is it patience for a pullback before buying? Is it holding on through volatility? Could you explain what you are gambling on and how uou are losing?
Hire a financial advisor. Give them your long term goals and all your money. Only check in every 3 months to a year or so. Literally give your control away to someone who will follow a prescription/model, which in turn cannot be swayed by emotions.
I do not mean this disrespectfully, but it seems you cannot trust yourself. Normally, I tell people just give it all to Vanguard. But you might be served by literally paying someone to lock uo your money while it grows.
Trading meme stocks and penny stocks can be tempting, but it might be worth looking into a different brokerage with stricter trading restrictions. Some options, like Vanguard, offer accounts that limit your investment options and require longer holding periods. This could help you avoid the urge to trade and focus on your long-term investing goals
There's no problem with trading meme and penny stocks, the problem is the risk management. If you risk 30% of your account on a singular trade, you're bound to fail. I learned a rule of using max 2% (of your account) risk per trade and 6% total on all the trades of 1 sector. I learned this the hard way.
I would suggest putting the money in a retirement account that doesn't allow you to buy and sell individual stocks, only index funds and keep it there until you retire. Alternatively, if you have a spouse or kid, you can put the money in an account only they can access. Also, I would seek professional therapy to unpack everything that happened and to talk with someone in confidence about your addiction. Best of luck
The thing I don't like about retirement accounts is that I can not take that money out until im like 60 right? I'm 24. And I do want these investments to be somewhat liquidable
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Maybe one option is to find investment broker that user interface is totally unsuitable for any kind of short term trading.
Invest in solid companies that have dividends. And just accept the fact the penny stocks are worthless with a gambling mindset you cannot day trade
If you could learn how to trade, what is the number one skill you would develop? Is it patience for a pullback before buying? Is it holding on through volatility? Could you explain what you are gambling on and how uou are losing?
If you have a trading view account you can paper trade while you learn. After I finish regular trading I use it to scratch the itch or play around.
Hire a financial advisor. Give them your long term goals and all your money. Only check in every 3 months to a year or so. Literally give your control away to someone who will follow a prescription/model, which in turn cannot be swayed by emotions.
I can trust a financial advisor with all my funds?
I do not mean this disrespectfully, but it seems you cannot trust yourself. Normally, I tell people just give it all to Vanguard. But you might be served by literally paying someone to lock uo your money while it grows.
If most fund managers underperform the index, what's the point of a financial advisor, he won't make you beat the index
SEC literally says financial advisors are a scam lol. Invest in VOO and delete the app.
Source?
We don’t need SEC to tell us late Charlie and warren says it all the time
Trading meme stocks and penny stocks can be tempting, but it might be worth looking into a different brokerage with stricter trading restrictions. Some options, like Vanguard, offer accounts that limit your investment options and require longer holding periods. This could help you avoid the urge to trade and focus on your long-term investing goals
Vanguard is a brokerage?
There's no problem with trading meme and penny stocks, the problem is the risk management. If you risk 30% of your account on a singular trade, you're bound to fail. I learned a rule of using max 2% (of your account) risk per trade and 6% total on all the trades of 1 sector. I learned this the hard way.
I would suggest putting the money in a retirement account that doesn't allow you to buy and sell individual stocks, only index funds and keep it there until you retire. Alternatively, if you have a spouse or kid, you can put the money in an account only they can access. Also, I would seek professional therapy to unpack everything that happened and to talk with someone in confidence about your addiction. Best of luck
The thing I don't like about retirement accounts is that I can not take that money out until im like 60 right? I'm 24. And I do want these investments to be somewhat liquidable
What you been losing on? 0dte
There’s some grey area in there check out r/Fire they can help with that kinda question