Friend about to make a v. STUPID decision

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He wants to "play" the stock market.

The past couple of days, he's been telling me he's "read up" on the world of finance. He thinks he's ready to trade stocks and currencies on some trading app. This guy is prepared to use all his savings, around 6k. He works retail. He thinks it's some get rich quick thing.

The idiot won't listen to me, he's adamant he knows what he's doing. I asked him what resources he's been using and he mentioned some vague YouTube videos. He's been at it for 2 months!!! (Learning that is). I have moderate understanding of some aspects of finance (not so much in trading). And playing the stock market has never crossed my mind.

He's not interested in investing, this guy has been throwing around buzzwords like "high-frequency trading". I'm not even joking.

I've been telling him he's making a huge mistake, dude has wax in his ears. This is a really good friend of mine. If it was someone else, I would've told the that it's a bad idea once and left it at that. But I can't bear to see this guy lose his money.

What do I do here?
 

0117

Reborn
I think he's been sold a dream that you can become rich quick if you trade but this is far from the truth.Has he been trading with real money????
 

Benjamin

någon :)
He wants to "play" the stock market.

The past couple of days, he's been telling me he's "read up" on the world of finance. He thinks he's ready to trade stocks and currencies on some trading app. This guy is prepared to use all his savings, around 6k. He works retail. He thinks it's some get rich quick thing.

The idiot won't listen to me, he's adamant he knows what he's doing. I asked him what resources he's been using and he mentioned some vague YouTube videos. He's been at it for 2 months!!! (Learning that is). I have moderate understanding of some aspects of finance (not so much in trading). And playing the stock market has never crossed my mind.

He's not interested in investing, this guy has been throwing around buzzwords like "high-frequency trading". I'm not even joking.

I've been telling him he's making a huge mistake, dude has wax in his ears. This is a really good friend of mine. If it was someone else, I would've told the that it's a bad idea once and left it at that. But I can't bear to see this guy lose his money.

What do I do here?
There is no guarantee, you could even lose all your money. Let them do it if they don't listen to your advice.
 
He wants to "play" the stock market.

The past couple of days, he's been telling me he's "read up" on the world of finance. He thinks he's ready to trade stocks and currencies on some trading app. This guy is prepared to use all his savings, around 6k. He works retail. He thinks it's some get rich quick thing.

The idiot won't listen to me, he's adamant he knows what he's doing. I asked him what resources he's been using and he mentioned some vague YouTube videos. He's been at it for 2 months!!! (Learning that is). I have moderate understanding of some aspects of finance (not so much in trading). And playing the stock market has never crossed my mind.

He's not interested in investing, this guy has been throwing around buzzwords like "high-frequency trading". I'm not even joking.

I've been telling him he's making a huge mistake, dude has wax in his ears. This is a really good friend of mine. If it was someone else, I would've told the that it's a bad idea once and left it at that. But I can't bear to see this guy lose his money.

What do I do here?
He has probably been inspired by Larry the Puntite :ulyin:
 
I think he's been sold a dream that you can become rich quick if you trade but this is far from the truth.Has he been trading with real money????
Yeah, he wants to use his savings. I told him to use a dummy account, but he won't listen. He doesn't want to waste time
:faysalwtf:
 

Ras

It's all so tiresome
VIP
Losing 6,000 isn't life ending and it's his money so let him burn it if he wants to.

If he doesn't have the patience to start small then he won't have the patience to stick it out on most profitable stocks.

Most punts should take at least 5-6 months unless you're day trading.

Even those crazy tech stocks like Alphabet, Facebook and etc took over a year to grow 20%-30%.

Most like TSLA have already reached their price to earning limit.

If he's going for a 5%-10% win over a year then it's possible if he keeps his patience and picks punts he's knowledgeable on.

Don't let him even look at day trading and lol high frequency trading unless he built a decent trading bot and has access to high performance computing (not the plebian AWS stuff).
 

0117

Reborn
Let him be an adult. 6000 is a lot of money but depending on where he lives and circumstance he obviously knows he's able to save he same amount again.
true true
It would be sad if he were to lose that amount.
Nigga will have to delay his wedding day by a few years :russ:
 
Losing 6,000 isn't life ending and it's his money so let him burn it if he wants to.

If he doesn't have the patience to start small then he won't have the patience to stick it out on most profitable stocks.

Most punts should take at least 5-6 months unless you're day trading.

Even those crazy tech stocks like Alphabet, Facebook and etc took over a year to grow 20%-30%.

Most like TSLA have already reached their price to earning limit.

If he's going for a 5%-10% win over a year then it's possible if he keeps his patience and picks punts he's knowledgeable on.

Don't let him even look at day trading and lol high frequency trading unless he built a decent trading bot and has access to high performance computing (not the plebian AWS stuff).
He says he's looking for the next uber or PayPal?! He's not checking news or using google alerts. Just basing this decisions on the performance of the stock.
I don't know. I don't want this guy to lose his money (and then come to me for help)
 

GodKnowsBest

Somaliweyn Unionist
He wants to "play" the stock market.

The past couple of days, he's been telling me he's "read up" on the world of finance. He thinks he's ready to trade stocks and currencies on some trading app. This guy is prepared to use all his savings, around 6k. He works retail. He thinks it's some get rich quick thing.

The idiot won't listen to me, he's adamant he knows what he's doing. I asked him what resources he's been using and he mentioned some vague YouTube videos. He's been at it for 2 months!!! (Learning that is). I have moderate understanding of some aspects of finance (not so much in trading). And playing the stock market has never crossed my mind.

He's not interested in investing, this guy has been throwing around buzzwords like "high-frequency trading". I'm not even joking.

I've been telling him he's making a huge mistake, dude has wax in his ears. This is a really good friend of mine. If it was someone else, I would've told the that it's a bad idea once and left it at that. But I can't bear to see this guy lose his money.

What do I do here?
I support his decision to enter the stock market but I hope he realizes it isn't a get rich thing.

The best way to make money in the stock market is to know the market and that only happens with experience.

I used to play the stock market on a game and it really helped me learn a lot of valuable lessons in the stock market:

1. The market is incredibly volatile when it comes to items that will give you the greatest returns.

2. There are safe items to invest in that will almost always give you returns (a real life example would be anything owned by Mac or Microsoft) but it takes a significant amount of time to see these returns.

3. You're going to make the most money if you put in the most amount of money.

4.Never put all your money in the stock market.

5. Start off with a small percentage of your money in the stock market (around 10%) and gradually increase if and only if you see returns.
 
I support his decision to enter the stock market but I hope he realizes it isn't a get rich thing.

The best way to make money in the stock market is to know the market and that only happens with experience.

I used to play the stock market on a game and it really helped me learn a lot of valuable lessons in the stock market:

1. The market is incredibly volatile when it comes to items that will give you the greatest returns.

2. There are safe items to invest in that will almost always give you returns (a real life example would be anything owned by Mac or Microsoft) but it takes a significant amount of time to see these returns.

3. You're going to make the most money if you put in the most amount of money.

4.Never put all your money in the stock market.

5. Start off with a small percentage of your money in the stock market (around 10%) and gradually increase if and only if you see returns.
I sometimes play fake stocks and make tons of money but when it comes to real life it's better to research the businesses in peraib and get to know more about them. Stocks are too dangerous for a beginner without having an advisor. Ands it's also better to only use profits to reinvest instead of your own money.
 
@Genos Plainly tell him you don't think he's smart enough to play his cards right, yet. He'll be super sensitive at first but it's for the best. :ufdup:
 

Ras

It's all so tiresome
VIP
He says he's looking for the next uber or PayPal?! He's not checking news or using google alerts. Just basing this decisions on the performance of the stock.
I don't know. I don't want this guy to lose his money (and then come to me for help)
If he's after risky shares with a lot of potential then the stock market isn't the place for him.

It will take him 2 years if he's lucky to turn 6k to 10k.

He should look into Angellist and co-invest in startups with a hundred other dreamers.

Less than 2% of startups get past series A but if he does get in on one then he'd have a much better chance of getting a 10x return than the stock market.

Plenty of options to sell private stock in secondary markets.

Minimum timeline is still 6 months though.
 
I never watched YouTube videos or followed some get rich quick trading decks.

Here's 3 simple geeljire way to learn trading.

1. Your stock is your Xoolo.

Before you buy the neef make sure you do a walk around. Look at the legs that hold up the neef, i.e the earnings reports, cash flow. Look at the body I.e what the the company owns and what makes it unique in the market. Look at the neefs face and eyes; I.e where is this neef headed in the next quarter and what are analysis saying about it.

2. Hold your neef.

I purchased shopify in December and I wish I dumped my life savings into it. Sometimes you have to diversity but some company's are long term holds for 8-12 quarters.

3. Invest in an index of neefs.

People make investing complicated period. Invest in an index like a geeljire would invest with another mans herd.


$6K is a decent start. People need to be prepared to lose it all and not panick when slides take place. There aren't many Somalis who invest and ones who are interested seem to always get sucked into these currency and binary trading YouTube videos.

The next time a Somali asks me about forex trading im going to sock umm.
 
He says he's looking for the next uber or PayPal?! He's not checking news or using google alerts. Just basing this decisions on the performance of the stock.
I don't know. I don't want this guy to lose his money (and then come to me for help)
Let your buddy do his thing and learn.

Investing is new to the diaspora and wasn't something our parents looked at or taught us. The next generation will have more representation through Somali YouTube channels that discuss the challenges without selling people a strategy or a platform promising year-over-year yields.

But if you have never traded yourself, I don't think you should advice him what to do with his risk.
 

El padrone

Hedonist, Depressive realist, Existential nihilist
I support his decision to enter the stock market but I hope he realizes it isn't a get rich thing.

The best way to make money in the stock market is to know the market and that only happens with experience.

I used to play the stock market on a game and it really helped me learn a lot of valuable lessons in the stock market:

1. The market is incredibly volatile when it comes to items that will give you the greatest returns.

2. There are safe items to invest in that will almost always give you returns (a real life example would be anything owned by Mac or Microsoft) but it takes a significant amount of time to see these returns.

3. You're going to make the most money if you put in the most amount of money.

4.Never put all your money in the stock market.

5. Start off with a small percentage of your money in the stock market (around 10%) and gradually increase if and only if you see returns.
:obama:

somali gaal girl :ahh:

financial analyst :ahhhh:

virgin :lawd:

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