@@brikeps5465sounds like you didn't bother learning how to read either. If you don't have a good job, that should be your first priority. Not worrying about real estate that you cannot afford.
Every trader loses money including the ones in profit, but that’s why you have proper risk management, the market always has a pattern you can use to predict the future. matter of fact real estate is a lot like trading because depending on the time of year or the state of the current economy, cost of property will go up or down
Just let compound interest do its thing. Buy an S&p500 index. I've got friends who were engineers and MBAs and tried commodities trading. It didn't end well
Degrees have nothing to do with day trading. Literally meaninglessness. I see people that super analyze things that take me a few seconds at thos point. If you day trade the same thing for so long there's only so many different oatterns you can see. I cajt stand to listen to "intelligent people" try to chicken bawk theyr way through trading with fancy terms and concepts. Thr markets move in only 2 different directions. The question is how much will it move and can catch a little of it. Im wrong 70% of the time and still profitable.
My husband had a degree in economics and after we divorced he tried some day trading and he lost his shirt. I wouldn't advise day trading unless you can really afford to lose it all.
He must have done poorly in college then, the EMH should be ingrained in any decent economics students' mind and the clear implication of it is you can't profitably trade this way (compared to what you'd make in a passive index fund)
@@RandalC-hy5keshe is right nonetheless, most people aren’t prepared for the risks when it comes to day trading and how it can be just as addicting as gambling. The statistics are too high in risks. If it’s in your lane and you study it for a living then maybe the risk is worth it but if you’re going to jump in for quick cash without analyzing all the risks which many people do, gotta blame yourself, not the method, not the time, not the other people trading on the same platform, ect. Get rich quick schemes never end well for majority of society.
I think if you’re going to do day trading, you should work it into the budget as luxury or fun money. Similar to a gambling budget on a vacation. But don’t plan on it as an investment. Look at it as a hobby.
Dont even look at is as a hobby. at most its just something fun to do every so often. Its like drinking, dont make it a hobby but having some every so often isnt horrible.
Warren Buffett who is one of the most successful investors of all time takes a 5 to 10 year view on investments. His partner Charlie Munger is the same. Another legendary investor was Peter Lynch and he is also a long term investor. Those guys out perform most of Wall Street and the funny thing is they still cannot convince people to just be patient.
Day trading is almost a completely different animal than investing though. Peter Lynch actually gained a lot of money from Day Trading, he does/did both. Buffett and Munger said they didn't understand day trading so they don't do it.
I'v been trading since 2021 now ..I'll admit I took some losses in the begining but now i win about 80% of my trades,10-15% return on my Investment in 2 hours ..It takes a while to learn but really rewarding when done with the right mindset..
Real estate isn't a bad idea.Or he can simply invest more than the 15% to retire earlier or with a lot more money long-term. If your retirement accounts are maxed open up a brokerage account
I was thinking the same thing. It is 89% here in India since the pandemic. In fact, studies in the West have constantly generated a number upwards of 90%. If it is indeed 78%, then I would take it up myself.
You can't dabble or just have a go with trading. If you do trading, you have to do it properly, you have to get your strategy together, your back testing, your psychology, and its not a play with thing, its a serious business and when you play, there is no C grade, you are instantly playing against the worlds best A grade elite traders. Can you win if you treat it like a "I"ll play around a bit and try" mentality? (Answer: NO). It takes hard work.
I made $300 the first time I traded anything and had zero idea what I was doing. I know beginners luck when I get it. I took that 300 and added it to my IRA. I know if I got into day trading I'd lose big.
All of the studies actually say that more than 78% of day traders lose money. Most studies say between 89-90% lose money. Even on the Ramsey website, it says 97%, so I've always wondered why Dave always uses the 78% number.
Should be an automatic no. If you're one of the few who can day trade, im happy for you. Saving $ or buying a stock or index fund is good enough for me.
@@DLGNT I’ve been using inverse etfs on a cash account or use them as a hedge on retirement accounts. You can target gaps that are pretty far out and you can hold the position essentially forever without margin. Unlimited time and a 90% chance of gap fill I don’t have a reason to trade anything else anymore.
If you want to skip out on buying those new shoes and taking that vacation, it’s not wrong to use the little cash you have on the side to dabble in the markets.
Ramsey is wrong about investing in mutual funds over index funds. The fees that mutual funds take and the fact that 83% underperform the S&P makes them vastly inferior investments compared to index funds.
Dave himself said in a interview after he had so much money saved up. He just put it in a s&p 500 like VOO. Because it better then a CD. Now that's a index fund. He hates individual stocks.
@@MusicPhrase I think the initial commentator meant to invest in low fee index funds rather than some of the ramsey "partners" who put money in mutual funds, only to charge a high fee to "manage it"
I don’t think there is anything fundamentally wrong with day trading a stock you don’t mind owning if you have the discipline to hold it if it moves against you.
Day trading requires an extensive knowledge of investor psychology. Trading requires two parties, a buy and a seller. It is not a machine where you can always buy or sell at a given price You are competing against other individuals. If you can't predict accurately the decisions of others, you will lose your shirt.
@@Essays4College I have always wanted that. Weekly, biweekly and monthly can help having more data which allows you to make better bets. I think day trading is just a general term. Some of the most successful traders might as well be called weekly traders.
I mean, you can make money day trading but you have to do it every day and treat it like a full time job. You also have to stick to a specifc plan and be extremely rigid. You have to not be depressed about lossess and not be too happy if you make money. I use it to generate 2-3k per week for myself. It pays the bills. It's not making me rich and I don't expect it to d so.
Yes, you can do daytrading if it’s money you can afford to lose. It’s like gambling you know this you don’t need to call the Ramsey net work they’re never gonna tell you to go ahead and gamble your money. Lol. Take a percent of your income that you can afford to lose have at it. Good luck.
Speculating is just putting your money into something that you do not understand in the hope that it will return money to you. Investing involves analysis and testing that analysis against proven factors.
I only take trading advice from winning traders. (Yes, it is possible to win at day trading, but my standard advice is: Don't start if you expect to win in the first 3 years of day trading)
Justin isn't on the show to ask for advice or guidance. He just wants to brag how he got his financial ducks in a row. He said he use to work in the financial industry. If that is true, it proves he already knew the answer to his question before he called. That said; should you day-trade? Only and ONLY if you have a very large trading account that allows you to take advantage of a few pips movement. and of course if you know what you are doing and you are disciplined to stick to that plan.
Saying don’t use cc is like saying don’t use coupons or buy anything on a discount. It won’t make u rich but everyone likes to save a few bucks when they can
Obviously. He says it as an exaggeration to drive home the point he’s actually making not because he actually thinks somebody would say that. The point of that snippet is simply that people focus so much on the little stuff like airline miles and give it so much of their energy when it’s not ever going to be the difference of building wealth or not. So he makes the exaggeration to say people should stop getting so caught up on things like that that are never how somebody obtained their wealth when the focus should be on the positive everyday habits people had that actually did result in their wealth. For Dave he sees a CC as a tool that causes harm much more often than not for a lot of people and so for him keeping that danger around to chase the rewards isn’t a good trade off. If you’re Dave you look at it and say why take on a risk that harms people all the time to gain something that is never the driving factor to becoming wealthy and why is that taking your focus? I use a CC and have for 8 years and have never paid interest on it and use the 5-600 in cash back to pay for Xmas gifts for family members every year. It’s just what I’m used to by now but I’m also debt free, invest 15% and focus on the habits that build wealth. The rewards of the card mean zero in my overall net worth and aren’t my focus it’s just the way I’ve paid for things for long enough now handling it akin to a debit card (checking and paying the posted balance daily) that it’s just my normal. And I didn’t transition to that for rewards it happened after I began working in banking right after s huge data breach and was paranoid about my checking account being drained. But the rewards of the card get zero to my financial focus because in the grand scale they mean nothing to me ever becoming wealthy so why would they ever get mh focus?
What is Jade’s finance credentials? Her website said she was a voice coach. Be careful where you get your finial advice. Paying off a ton of debt does not make you a qualified financial advisor.
99% should not trade at all. the 1% that make it.. position trade. which looks a lot more like buying cheap houses and flipping them than day trading. it also requires about the same amount of timek, meticulous research, hyperfocused risk managment and working capital to do correctly. so yeah.
Day trading becomes easier (not easy) when you stop "dabbling". Im tryna use that to become free from a job later on. You're either in it or you're not
@@kenyattaknox5163 it’s no different than people that vacation at Vegas casinos or bet on horses or sports. 100’s of thousand of people do it everyday. Just need to understand it’s pure gambling.
@@stevetren9248I wouldn’t consider those things analogous to trading. You have far less control over risk and rewards in typical gambling. Trading you can always decide how much you want to risk and how much you want to make. In casinos you must risk what you want to earn. Also you in trading you can develop market strategies and backtest those strategies, which means you can know with high confidence that overtime if you follow that rule based market strategy, you will remain profitable.
Day trading is not gambling when it's done properly. It's a skill to make income like anything else. Study the charts, stick to one or two trading plans, and develop good risk management
People lose in trading because the lack of a strategy , also they are buying incorrect stocks, as well they’re trading in the wrong time. The lack of knowledge in the markets and doesn’t understand . Don’t put the strategy to work in a simulator and understand this a long term commitment to your self. Understand and successful traders build wealth by starting slow and learning as they go. Ross Cameron is perfect example , he made 215,000 last month so someone do it right
If he wants to take a hundred bucks and play around with day trading because he enjoys that form of gambling as a form of entertainment, and self-regulating isn't an issue then sure why not for a little fun here and there. It's not a way to invest though, why would he think Dave would tell him to?? Is he trolling for the attention?
This is stupid. My buddy says he will never invest cause is is not ok with losing anything. What you should do is invest 15% of your income in retirement and have that money invested in index funds.
Get all your investments and savings contributions laid out, and then with any additional entertainment extra dollars you can play around with stock picking, day trading, etc.
You can be successful day trading, but most people don’t understand the time and work that goes into it. If anyone wants to get into it, I would say this: are you obsessed with looking at charts, all day every day? Does pattern recognition fascinate you? Because that’s what it is. It’s a grind. Don’t do it for the money, you’ll quit or go broke before you ever see it.
I am experimenting with 100€ budget, buying good actives and never sell on red and i am very happy when i do 10€ in one mouth. Never hurts doing experiments if you are not a idiot and have a good day and think if you put 1000 and you will be doing 100 alot more instead of thinking you can lose mutch more
@@amireallythatgrumpy6508 like anything in life you have to put in the work to develop the skill. I thought this form of common sense was implied. If you open up a trading account and don’t put in hours of time to learn it you deserve to lose your money. Because sharks like me take your money from you.
@@theenlightenedsavage1436 yeah exactly, the actual number is about 8- to 90 percent of traders lose money. Alot of people dont take into account though that most of the people that statistic takes in opened an account for a month or a few months and had no idea what they were doing and then just proceeded to throw money at a screen hoping theyd make something. Not saying day tradings easy but like anything you gotta be patient and develop and grow that skill slowly.
The fact that you did not have any of 10,000 millionaire that made their money day trading means you did not pick any successful day traders. They exist, they are rare, but they exist. It is just another fault in his magical study that only reports exactly what he says. Also, hate to break it to him, but the average networth millionaire is middle class.
who is going to become a millionare just by trading it, thats just a high income skill, you will invest the profits into cashflow assets its like a buissness good sesaosn and bad ones
Does Dave still look like a genius for not buying Bitcoin? He’s missed the greatest asymmetrical investment of his lifetime and a world-wide shift to digital money. Giving investment advice is his profession. This isn’t just stupid, it’s malpractice. “It’s ok to be wrong, it’s not ok to stay wrong.” “Bitcoin is an IQ test.” Dave hasn’t done the work.
I don’t think Dave understands that when he says 78% of traders lose money he is simultaneously saying that 78% of new contracts created net a profit to the seller. He is inherently proclaiming that strictly selling premium will net a 78% chance of being profitable.
Statistically, anyone above millionaire doesn't really exist. They are so rare. Please share all of the great advice to become worth tens and hundreds of millions? Should I focus on inventing Windows or Amazon or Facebook? What is your advice, since Dave is so "middle class"?
