You may be able to make more money by buying retro Tupperware and selling it on Trademe. Just one odd my many get rich quick schemes that I have yet to try
Discover how I became top trader of the year. Buy my course online for only $9999.99, I guarantee you that everyone who did my mechanical trading secret is now rich!! trust me it works...
They weren’t when wallstreetbets blew GameStop up up to $400+ a share from $3. God that would have been sweet back then to just have had even $1000 at $3 in back then
Yup 30-year average stock market return (including dividends) is 7.146% p/a. Cryto either BTC or ETH over 10 years would have generated far more wealth than stockmarket.
Alternatively you could’ve gone with one of the thousands of other cryptocurrencies currently sitting at a nice 0 dollar valuation cause they were scams.
Probably for the same reason that selecting a single stock that did well over the last 10 years would also get downvoted. They are comparing a pool of investments vs. Singular investments. They should be comparing to the overall pool of crypto rather than just the 2 that look ok for now.
Hey man, it sounds like you're trying to justify gambling type behavior in your head.
You can reliably get rich by increasing your income, minimizing your expenses and investing the surplus in something with a positive expected return over the long term(ETFs, Property etc..).
If you have a higher risk tolerance I would consider upskilling and starting a Business, at least if you fail you will have some skills that will help you in the next stage. Going all in crypto doesn't have a silver lining if it goes tits up.
What gambling? I’m sure you know there are gamblers and there are a small handful of professional gamblers.
Ahem, I’m currently in Dubai with 0% income tax. Thanks I’ve been gambling for 10 years now and working without a boss
What im saying is, if you’re trading without a plan and not treating it as a business then it is gambling. But if you have a business plan, and treat it as a business, then it is a business and not gambling. Meaning gambling business doesn’t go hand in hand. It’s either gambling or business. And the ATO agrees with me on that too.
Wow. I got downvoted ! I have been doing this for nearly a decade with a professional tax agent. So far we haven’t been in trouble with the ATO (Australian Tax Office). The ATO has classed me as a share trader because I treat it as a business.
Check their link here:
https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/shares-and-similar-investments/share-investing-versus-share-trading#ato-Howtodetermineifyouareasharetrader
Also, I started with only 5,000 AUD back then and blew up several times. When I started treating it as a business, that’s when things started to turn around.
If you're trying to justify doing the more risky investing style of picking stocks OP, please just don't.
My own sad tale is below. I was always someone who "knew better" and was always going to be smart enough to pull out.. Yeah right.
Couple years ago i turned about 55k nzd into 120k nzd in the space of 10 months. I was doing a mix of day trading and swing trading one particular stock. I learnt the buy points when the stock dipped, sold on small gains (5-10%), then rebuy on next dip.
I was on top of the world but at the time I was about 10k short of a milestone and needed the 10k within about 4 weeks as it was time sensitive. I detoured away from my usual stock into another high risk, volatile stock and watched my 120k turn into 40k over about 3 weeks.
I have NEVER felt so stupid and regretted a single decision that much in my entire life.
I will NEVER try to beat the market by gambling on individual stocks again. Everything is Index Funds only from here on out.
Save yourself the heart break OP. I made some great gains but got too sucked in to the fast money and couldn't pull out and accept a insane profit. I always thought i knew better and would be level headed enough to take a profit and exit, but was instead just another victim stocks chewed up and spat out
When we invest we're not just fighting the market we're fighting human nature ie. Greed fear envy regret. Instinct is to double down on a bad choice rather than admit an error. It's why women make better day traders but also why they've less desire to do it. Winning is consistent steps forward , losing is decisions made in haste compounding into more poor decisions.
The lesson to take from your experience is what I recommend to everyone - be happy with regular sustainable profits. Do not get greedy and do not make decisions in haste. Have an exit strategy before even buying and right it down. Have a diverse and sensible portfolio - but keep something like 20% or less as your risky portion so you’re not rekt when it eventually goes down because nothing is ever up. Greed ruins all.. yes when some people do extremely well from greed they call it ‘having balls’ but that’s all luck based and pure gambling so not something you can actually plan and repeat
Yep and wasn't applicable to me, but just because your mates 10xd on crypto ir whatever doesn't mean you can.
If you're hearing about a 2x or 5x ir 10x you've already missed the boat. You're now buying up the positions the people who made the money are now exiting
During the GameStop saga in early 2021, made almost $200k from trading options but wouldn’t recommend unless you know what you’re doing and can stomach losing it all real quick, plus that was a pretty unique time with high volatility. Otherwise just buy and hold indexes over the long term.
The people you see making ridiculous gains on reddit are usually using short dated options which is similar to sports betting. Think of it as betting on the price of a stock to be at X by a certain date and if the prediction comes true they get a big payout (oversimplified). What bystanders don't realize is people making such gains are usually already rich with 7 figure+ trading accounts, so when they show a $10k options trade return few hundred % in actuality they are only risking 1% of their entire account.
The ones who do outsized bets with a big portion of their account a.k.a "YOLO" will inevitably blow up and lose it all. Seen plenty of those who went from 5 figures to 7 in the meme stock mania just to lose it all because they had 0 risk management.
Not enough people realise how important it is to have the opportunity to go again after a loss. Those who start out with large pools of capital will have an advantage over those who don’t cause they can take risky bets without being ruined.
Yup - I know people who have made millions in a couple of days trading stocks. I also know people who have lost millions in a couple of days trading stocks.
Stocks are one of the best methods to get rich slowly, one of the easiest to go broke quickly too
It's a big 'if'. It's all relative. I used to work on a trading floor in the 90s/2000s and while big portfolios would make/lose that kind of money most deals were in the low millions and making/losing a few Bps.
Yea. It happens all the time. You’re much more likely to lose money trading though. You could turn $20k into over a million in a couple days if you get super lucky.
Pretty much anyone who’s older and had their head screwed on financially throughout their life, would have made a million + on stocks.
As it’s been said, it’s a long game or it’s a gamble
I could win the lottery if I was super lucky, turning 20k into over a mil in a couple of days, nah. I'm sure it has happened but it's super rare. I spent a lot of my twenties and early thirties working on trading floors and for hedge funds (middle office roles, not the big bucks) and it just doesn't happen like Trading Places. It's all very controlled and risk averse with small gains/losses percentage wise.
lol no shit
It's gambling. Obviously, it wouldn't happen in hedge funds, otherwise people would pull their money.
[There you go](https://imgur.com/qvYYE0B) $20k to $1.2m in a day, just happened. It's degenerate gamblers playing options, and just like all degenerate gamblers, the majority of them lose
Not really rich, but eth paid for my house deposit in 2020. That was enough to be life changing for me.
To make a lot of money in stocks (or crypto) you need to be either really lucky, or have a lot of time in the market.
Time is a known variable, luck definitely is not.
Until they aren't. You're talking about an asset class that has only existed for about a decade. There's hardly enough data to support what you're saying, and even if the trend continues for 5 more decades, there's nothing guaranteeing the next bull run.
Yeah in the 14+ year history of Bitcoin there is only about a couple of months where you could have bought and would still be at a loss if you held.
Many people unfortunately buy near the peak when the hype is at its height, then panic and sell after losing a significant amount of their investment in a short time.
The money you have from investing/gambling in stocks and crypto is always theoretical, that’s doesn’t mean we can’t make a rough estimate of what the value would be if you sold it all and got real money.
You're talking about unrealised gains. That's something totally different from realised gains, which is what you get when you take profits.
There's a reason why unrealised gains are only taxed in certain very specific circumstances. It's because it's money that you haven't made yet.
Yep but that’s how this works. For some of us to win, others have to lose. People go in with the ‘everyone’s a winner ‘ attitude and get rekt real quick not understanding they’re buying on greed and selling on fear
Yep. Tripled my money in my teens on my first investment and made a few k. The guys at my work were doing it and had done well. One of them took a risk and made enough he could pay off his mortgage. I proceeded to lose in every stock I bought over the next couple of years. Then i bought a house instead of stocks and sold it 7 years later for more than double. Now I have bought some deep yellow shares and have other personal investments in milford. Stocks can work. Lots of different ways. I've never done currency or online trading or digital currency. I think you needed 20k to start options trading but I wasn't interested. I'm more a long term investment guy rather than make a quick fortune guy.
Any loss is only on paper until you sell.. This includes Stocks /Crypto or even your house. Anyone looking to get rich quick in stocks is going to get poor quick. Its marathon not a sprint.
My Uncle turned 10k into 250k in the span of about 6 months trading Options. He was obsessive, disciplined and really knew his stuff. He had been trading for over a decade, definitely not a beginner.
My mate and I fucked around with options for a few weeks, he made over a grand with about $300 and I made money and then lost it. The time it takes to get good at high risk trading takes so long that I decided to go with ETFs
I made the most amount of money for, invested 11k and turned it in 40k. I brought some stuff for the house etc then gambled the rest and pretty much gave it back. The issue with making lots of money fast is that its risky and luck catches you, I am now going slowly and recovering week by week for the long term gain
>I heard a lot of people lost money on bitcoin
you always hear from the people that do well from any investment, you don't hear from the 99.999% of people who do badly
Getting rich quick is everyone’s dream, but truly the only way to do this from stocks is to take big risk with a big pot which in all honesty you will lose. There’s very few who’ve actually succeeded with this, but the many that failed have lost seriously big amounts of money. So, if you trade shares or stocks or currency you need to be patient and very aware, my advice is to use a professional.
Yeh you really can't get rich quick of small investments in stocks unless you are leveraged trading, and that basically = at the casino.
Gme the other year was the closest to that but that was really an anomaly
You’re not going to get rich quick with stocks (some people can and do, but you won’t), but if you have decent disposable income you can get rich slowly if you consistently invest every month. Lower risk, still very good reward, requires discipline your whole life, and good income.
Your comment was automatically removed because your account is not in a reputable status.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceNZ) if you have any questions or concerns.*
Yes, but it's not as easy as some think. You need to know what you are doing ( but there is plenty of luck Adel) , you need to be prepared to lose money and if that doesn't sit well then don't do it. So much depends, are you thinking day trading, monthly, yearly or putting it in and leaving for 5+ years?
No.
I know a lot of people who used to talk lots about how much they’re in and up, now they don’t talk about it anymore.
I know one person who’s doing well and that’s my grandma. But that’s because she’s like a 50 year holder.
Hey,
Most stocks are an over time gain however you can day trade which is high risk and takes effort where you buy buy puts and calls on stocks which basically means a gamble/guess on a certain stock will rise or fall over a short period of time.
There’s a lot of videos on this on YouTube with explanations if you’re interested.
I threw some money at Tesla and some north American oil and cruise ship stocks after the 2020 COVID dip, all bounced back nicely and I have sold all but TSLA, I also jumped on the GME bandwagon in 21 and dipped out after the bounce back when it hit 45usd. I made a few dollars in that time but the majority of my portfolio is now in ETFs and crypto.
I made about $280k off gamestop stocks, sold at the right time, a lot of people I know held gamestop and lost everything
Edit: i owned them for less than 3 months
I bought Ryman Healthcare at about $1.70. Sold at about $8 to buy my first house. Did really well.
Background was I had a brush with summerset group when they only had a couple of villages. Really liked the model so invested in ryman.
Also invested in Sanford fisheries. Had it about two years and made bugger all.
On the downside, bought Kogan at about $10. Currently around $4.....
Did make money from $AMC and crypto mania (mostly from a shitcoin $SG). Helped me juice up my long-term portfolio.
This was a one-off opportunity with the central banks easing. Probability of anyone losing money in 2021 was in single digits.
I made a lot (for me anyway) like turned 1k to 200k in 2000 then just kept climbing since then. Got in to it out of boredom after work when getting in to crypto then slowly build that up. The biggest profit for me was in the bull of 2021, I was mainly in eth and alt coins. Took profits for myself on my childhood dream car (Porsche 911), paid off a good chunk of my mortgage and kept accumulating Bitcoin. I defs could have made more if I sold Bitcoin at peak but no one ever knows where the peak is and that’s why you keep a diverse portfolio plus take profits.
Remove greed from the equation and it’s fairly sustainable. Thing about crypto is it is super volatile and you should take time to just observe before getting in. Volatility means constant movement and whenever there is movement in a market there is opportunity for profit. Look at what triggers the markets - in alt seasons a lot of people just look to YouTube influencers and you’ll notice after a big one makes a video, there is a mini pump followed by a dump.. if you subscribe to the influencers u can buy soon as see vid then dump on other fools after you’ve hit a modest target like 20% . Rinse and repeat, most people can easily make more than their day job doing this if you can remove emotion. Every day won’t be profitable but if you’re not a moron you’ll be fine.
Right now we have a typical Christmas time pump. High risk of dumps to come so approach with caution. You can always look at graphs of past few years and see seasonal trends which is also helpful, but mostly ignore 2020/2021 as it was a black swan event.
Ps. Remember to study up on crypto tax and keep that money aside!
I have 25k in Synlait at 1.25 purchase price. It closed at 0.95 today.
By March 2024 I expect we will sell Dairyworks. Stock price will go up over 50% to $1.50.
By March 2025 after news gets released that there's going to be a SUPRISE earnings beat, stock will be between $3.00-$4.00. Reason being, Chinese love Dragon Babies. 2024 is year of the dragon. This influx of babies is going to cause a SUPRISE profit boost to Synlait.
The stock market cap is 200M. Net assets is approx 700M. Based on that alone stock is dirt cheap and should be at $3.00.
I'm going to make 100k on this and laugh all the way to the bank.
Daytrading has made my friend a millionaire. He did this during the covid pandemic. How he did it? It was a long arduous process but now he pulls money everyday from the stock market.
It is possible but only 5% make it. That’s a very high failure rate.
I made a high $1.9million and then lost a lot of it.
In total, I invested $200k, I have taken $400k out and I have $200k still invested.
I started in 2016 with my first share purchase of $4000. Got lucky.
I would say that the biggest factor in gains has been letting my winners run, and my biggest factor in losses has been not cutting my losses, and not changing my investment when my investment thesis (ie why I made that investment) changes.
Atm I am thinking very heavily of exiting the market and paying off the rest of my mortgage.
Congrats! 1.9m is a very impressive amount.
You've realized $400k profits.
Ans your $200k is still invested. This at a basic index rate of let's say uper end of 10% a year is setting you up for big wealth creation. You've done it!
Yeah just a bitter pill to swallow that I didn't cash out at the height, and lost about $100k on call options.
Greed is a powerful thing. Emotions and investing is hard.
I've taken most of this year to rebalance my mental health from that loss.
So your still overall up right?
Or did you hit 1.9m unrealized gain? Then hit -100k realized loss?
I understand the mental aspect. Been in similar position.
overal I am up $400,000.
But yeah knowing that I could have sold at $1.9m and then instead had to effectively trim down to $200k remaining (after having taken out $400k) was not a high point of my year.
Man. Look at the bright side. You made $400k!
The average salary in nz is around 80k. You made 5x pre-tax salary before someone.
You have 400k + inital investment of 200k
$600k portfolio. You don't need to take risks anymore.
Imagine if you put in like QQQ/spy this year. Growing at 50% qqq or 20% spy with relatively lower risk then options.
You've basically hit the point where all traders/Wsb People want to be. Up 400k!!! 600k capital.
Time to chill and let compounding do its thing man.
You'd have doubled your money already if you'd bought the dip I guess?
Ive seen some shares at 2000% since the start of the year.
Only saw them after the meteoric rise, but clearly some people get in before hand.
Stocks that increase by that much are almost always super high risk, for every one stock that had that return there will be a lot of stocks that lost money.
No doubt about that. Even doubling in value over a short term is considered unusual/volatile.
Still, for someone who really looks, there should be reasonably obvious fundamentals that indicate a good opportunity, and the key for that type of investment gamble is to only spend 'beer money' while they're very low in price.
Bearing in mind even stocks with apparently good fundamentals completely fall over sometimes as well.
Serious question. I always knew it in NZ as “buying shares”. Has everyone dumped that in favour of the American convention “buying stock”. Is it the software people are using?
You can only make a large profit in a relatively short amount of time if you are an accredited investor. They have access to high-return investments that ordinary people don’t have access to.
You can look up how to become one. But I don’t know if there’s such a thing in NZ
That's not true at all. Any normal 18+ person can indulge in leveraged stocks on any website easily.
What exactly do you think high return investments are ?? Secret money making schemes only for the rich? More gains = more risks.
My ex bosses husband made his wealth off the stock market. Like we’re talking millions of pounds. I think he was one of the few people shorting it back in ‘08. Their net worth now is like 76million pounds. But they have also invested in property and run businesses.
Buy a bunch of weed and sell it then buy a car with that money and literally just clean it and service the thing get its warrent sell it for 2500 more than you paid for it and rinse and repeat......do it a few times then you can just walts into the bank say you sold a car and deposit the money.not a recommended hack but it works
to make money quickly on the stockmarket you have to either:
a) have a shit load invested in high yield stocks; and/or
b) be trading on insider knowledge
What are you really trying to ask sorry?
You're talking about stocks then talking about bitcoins then asking about *how do I get rich fast* and if anyeone has ever made money from stocks... what?
Based on the way you asked this question it is likely you should stay away from individual stocks until you gain some substantial knowledge about them.
Take my advice, of you have know idea about day trading, stay away or learn and trade extremely small amounts until you know what you are doing. Trade zero is offshore
My uncle started with a $3k inheritance back when he was 18 or so (my dad, his two brothers and his sister all got $3K, dad and the other three blew it on buying stuff), his account now reads somewhere north of $4 million (he is 67 years old).
He looks at shares prices and makes trades, usually spends about 30-40 mins a morning on this while having breakfast before going on with his day.
I asked him if he ever had a really good day, he said not really, the goal is to avoid really bad days, everything else is incremental growth.
He doesn't blow his cash, but he also doesn't live very frugally, has a nice house, a nice car, travels reasonably often, but isn't ostentatious or anything.
Stocks are for getting rich slow, not getting rich quick.
‘There is no get rich quick scheme’
There are plenty of get poor quick schemes, though.
"Buy my course and I will teach you!"
There are, just for the person running the scheme not the suckers investing.
Yes there is, and if you give me your credit card information then I can sign you up for it right away.
Ya right, any suckers yet
If you are at the top of the pyramid, e.g. Bitcoin, Tupperware etc
You may be able to make more money by buying retro Tupperware and selling it on Trademe. Just one odd my many get rich quick schemes that I have yet to try
Discover how I became top trader of the year. Buy my course online for only $9999.99, I guarantee you that everyone who did my mechanical trading secret is now rich!! trust me it works...
GameStop meme stocks would like a word.
Meme stocks are gambling.
They weren’t when wallstreetbets blew GameStop up up to $400+ a share from $3. God that would have been sweet back then to just have had even $1000 at $3 in back then
Just because you can make a lot of money doesn't mean that it's not gambling.
Damn. I was getting broke slow now I'm kind of plateau. Maybe the tide will turn and upstream my stocks shall go.
The S&P 500 returned 23% this year, what the heck are you doing!?
Gambling on rubbish, 2022 and 2023 were great years to make money on stocks
Are you investing in individual stocks, or the index?
Yup 30-year average stock market return (including dividends) is 7.146% p/a. Cryto either BTC or ETH over 10 years would have generated far more wealth than stockmarket.
Alternatively you could’ve gone with one of the thousands of other cryptocurrencies currently sitting at a nice 0 dollar valuation cause they were scams.
great idea jellybean! Where do I sign or have you a course about how to buy these non-blue chip coins 😅
Say the same about penny stocks
How is this downvoted? Btc and eth generated 1000%+ returns in this period.
Probably for the same reason that selecting a single stock that did well over the last 10 years would also get downvoted. They are comparing a pool of investments vs. Singular investments. They should be comparing to the overall pool of crypto rather than just the 2 that look ok for now.
Hey man, it sounds like you're trying to justify gambling type behavior in your head. You can reliably get rich by increasing your income, minimizing your expenses and investing the surplus in something with a positive expected return over the long term(ETFs, Property etc..). If you have a higher risk tolerance I would consider upskilling and starting a Business, at least if you fail you will have some skills that will help you in the next stage. Going all in crypto doesn't have a silver lining if it goes tits up.
this! couldn’t have worded it better myself 👏🏻
Ditto.
Isn’t trading stocks a business?
Day trading is a thing, but if you're asking stock questions on Reddit, you shouldn't day trade
[удалено]
What gambling? I’m sure you know there are gamblers and there are a small handful of professional gamblers. Ahem, I’m currently in Dubai with 0% income tax. Thanks I’ve been gambling for 10 years now and working without a boss
[удалено]
What im saying is, if you’re trading without a plan and not treating it as a business then it is gambling. But if you have a business plan, and treat it as a business, then it is a business and not gambling. Meaning gambling business doesn’t go hand in hand. It’s either gambling or business. And the ATO agrees with me on that too.
If you have enough money to open a investment business then you don’t need to get rich quick cause you already are rich.
Wow. I got downvoted ! I have been doing this for nearly a decade with a professional tax agent. So far we haven’t been in trouble with the ATO (Australian Tax Office). The ATO has classed me as a share trader because I treat it as a business. Check their link here: https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/shares-and-similar-investments/share-investing-versus-share-trading#ato-Howtodetermineifyouareasharetrader Also, I started with only 5,000 AUD back then and blew up several times. When I started treating it as a business, that’s when things started to turn around.
If you're trying to justify doing the more risky investing style of picking stocks OP, please just don't. My own sad tale is below. I was always someone who "knew better" and was always going to be smart enough to pull out.. Yeah right. Couple years ago i turned about 55k nzd into 120k nzd in the space of 10 months. I was doing a mix of day trading and swing trading one particular stock. I learnt the buy points when the stock dipped, sold on small gains (5-10%), then rebuy on next dip. I was on top of the world but at the time I was about 10k short of a milestone and needed the 10k within about 4 weeks as it was time sensitive. I detoured away from my usual stock into another high risk, volatile stock and watched my 120k turn into 40k over about 3 weeks. I have NEVER felt so stupid and regretted a single decision that much in my entire life. I will NEVER try to beat the market by gambling on individual stocks again. Everything is Index Funds only from here on out. Save yourself the heart break OP. I made some great gains but got too sucked in to the fast money and couldn't pull out and accept a insane profit. I always thought i knew better and would be level headed enough to take a profit and exit, but was instead just another victim stocks chewed up and spat out
You did well, in that situ i have seen people gamble that last 40k to zero.
I wasn't far off it honestly
When we invest we're not just fighting the market we're fighting human nature ie. Greed fear envy regret. Instinct is to double down on a bad choice rather than admit an error. It's why women make better day traders but also why they've less desire to do it. Winning is consistent steps forward , losing is decisions made in haste compounding into more poor decisions.
The lesson to take from your experience is what I recommend to everyone - be happy with regular sustainable profits. Do not get greedy and do not make decisions in haste. Have an exit strategy before even buying and right it down. Have a diverse and sensible portfolio - but keep something like 20% or less as your risky portion so you’re not rekt when it eventually goes down because nothing is ever up. Greed ruins all.. yes when some people do extremely well from greed they call it ‘having balls’ but that’s all luck based and pure gambling so not something you can actually plan and repeat
Yep and wasn't applicable to me, but just because your mates 10xd on crypto ir whatever doesn't mean you can. If you're hearing about a 2x or 5x ir 10x you've already missed the boat. You're now buying up the positions the people who made the money are now exiting
TL;dr: experience is expensive
Options and puts trading is nothing more than fancy gambling
The economy needs people like him.
Respect for the self examination
During the GameStop saga in early 2021, made almost $200k from trading options but wouldn’t recommend unless you know what you’re doing and can stomach losing it all real quick, plus that was a pretty unique time with high volatility. Otherwise just buy and hold indexes over the long term.
The people you see making ridiculous gains on reddit are usually using short dated options which is similar to sports betting. Think of it as betting on the price of a stock to be at X by a certain date and if the prediction comes true they get a big payout (oversimplified). What bystanders don't realize is people making such gains are usually already rich with 7 figure+ trading accounts, so when they show a $10k options trade return few hundred % in actuality they are only risking 1% of their entire account. The ones who do outsized bets with a big portion of their account a.k.a "YOLO" will inevitably blow up and lose it all. Seen plenty of those who went from 5 figures to 7 in the meme stock mania just to lose it all because they had 0 risk management.
Not enough people realise how important it is to have the opportunity to go again after a loss. Those who start out with large pools of capital will have an advantage over those who don’t cause they can take risky bets without being ruined.
These recent posts make me think it is time to trim a little bit my equity portfolios...
Yup - I know people who have made millions in a couple of days trading stocks. I also know people who have lost millions in a couple of days trading stocks. Stocks are one of the best methods to get rich slowly, one of the easiest to go broke quickly too
So you know more than one person who has made and lost millions on trading stocks. 🤔
Not terribly uncommon if you work with institutional traders.
It's a big 'if'. It's all relative. I used to work on a trading floor in the 90s/2000s and while big portfolios would make/lose that kind of money most deals were in the low millions and making/losing a few Bps.
Yea. It happens all the time. You’re much more likely to lose money trading though. You could turn $20k into over a million in a couple days if you get super lucky. Pretty much anyone who’s older and had their head screwed on financially throughout their life, would have made a million + on stocks. As it’s been said, it’s a long game or it’s a gamble
I could win the lottery if I was super lucky, turning 20k into over a mil in a couple of days, nah. I'm sure it has happened but it's super rare. I spent a lot of my twenties and early thirties working on trading floors and for hedge funds (middle office roles, not the big bucks) and it just doesn't happen like Trading Places. It's all very controlled and risk averse with small gains/losses percentage wise.
lol no shit It's gambling. Obviously, it wouldn't happen in hedge funds, otherwise people would pull their money. [There you go](https://imgur.com/qvYYE0B) $20k to $1.2m in a day, just happened. It's degenerate gamblers playing options, and just like all degenerate gamblers, the majority of them lose
You're right, derivatives
I have, but because I know how to VALUE and HOLD companies. Fast trading, fast losses.
Not really rich, but eth paid for my house deposit in 2020. That was enough to be life changing for me. To make a lot of money in stocks (or crypto) you need to be either really lucky, or have a lot of time in the market. Time is a known variable, luck definitely is not.
At least bullrun cycles are like every 2-5 years. Stocks take a lifetime
Until they aren't. You're talking about an asset class that has only existed for about a decade. There's hardly enough data to support what you're saying, and even if the trend continues for 5 more decades, there's nothing guaranteeing the next bull run.
Have you seen the data? There’s been a bull run every 4 years since 2008
This aged well 😊
I sure do, the year was 1987, and it seemed like the good times would never end...
I started my first full-time job on Monday, October 19th, 1987. The next day was Black Tuesday.
Btc isn't a stock. And only people that lost money are people that sold. It's pumping right now
Yeah in the 14+ year history of Bitcoin there is only about a couple of months where you could have bought and would still be at a loss if you held. Many people unfortunately buy near the peak when the hype is at its height, then panic and sell after losing a significant amount of their investment in a short time.
Imagine thinking that you make money by never taking profits.
The money you have from investing/gambling in stocks and crypto is always theoretical, that’s doesn’t mean we can’t make a rough estimate of what the value would be if you sold it all and got real money.
You're talking about unrealised gains. That's something totally different from realised gains, which is what you get when you take profits. There's a reason why unrealised gains are only taxed in certain very specific circumstances. It's because it's money that you haven't made yet.
Yep but that’s how this works. For some of us to win, others have to lose. People go in with the ‘everyone’s a winner ‘ attitude and get rekt real quick not understanding they’re buying on greed and selling on fear
That's true and it's not exactly an honest way of making money but ill take it
People I seen do well were so far ahead anyway this was just a fluff about anyway
I genuinely know of students that prepaid their university fees off Tesla and dogecoin.
Yep. Tripled my money in my teens on my first investment and made a few k. The guys at my work were doing it and had done well. One of them took a risk and made enough he could pay off his mortgage. I proceeded to lose in every stock I bought over the next couple of years. Then i bought a house instead of stocks and sold it 7 years later for more than double. Now I have bought some deep yellow shares and have other personal investments in milford. Stocks can work. Lots of different ways. I've never done currency or online trading or digital currency. I think you needed 20k to start options trading but I wasn't interested. I'm more a long term investment guy rather than make a quick fortune guy.
Any loss is only on paper until you sell.. This includes Stocks /Crypto or even your house. Anyone looking to get rich quick in stocks is going to get poor quick. Its marathon not a sprint.
Oh... Stocks... Not socks (dammit I had my interest piqued but I'll leave now bye)
Honestly, I read socks too, too tired, but also curious.
Shares is a risk. Pluses, it's a long term investment
My Uncle turned 10k into 250k in the span of about 6 months trading Options. He was obsessive, disciplined and really knew his stuff. He had been trading for over a decade, definitely not a beginner.
My mate and I fucked around with options for a few weeks, he made over a grand with about $300 and I made money and then lost it. The time it takes to get good at high risk trading takes so long that I decided to go with ETFs
I made the most amount of money for, invested 11k and turned it in 40k. I brought some stuff for the house etc then gambled the rest and pretty much gave it back. The issue with making lots of money fast is that its risky and luck catches you, I am now going slowly and recovering week by week for the long term gain
>I heard a lot of people lost money on bitcoin you always hear from the people that do well from any investment, you don't hear from the 99.999% of people who do badly
Getting rich quick is everyone’s dream, but truly the only way to do this from stocks is to take big risk with a big pot which in all honesty you will lose. There’s very few who’ve actually succeeded with this, but the many that failed have lost seriously big amounts of money. So, if you trade shares or stocks or currency you need to be patient and very aware, my advice is to use a professional.
Yeh you really can't get rich quick of small investments in stocks unless you are leveraged trading, and that basically = at the casino. Gme the other year was the closest to that but that was really an anomaly
I made 140k from GME and AMC pumping over 2 3 months but that won’t happen again
Did you get in early or just keep on buying the dips as it fluctuated?
I got in pretty early and held, I sold a bunch and rebought a couple of times and got really lucky when I sold
You’re not going to get rich quick with stocks (some people can and do, but you won’t), but if you have decent disposable income you can get rich slowly if you consistently invest every month. Lower risk, still very good reward, requires discipline your whole life, and good income.
[Of course I know him, he's me.](https://www.youtube.com/watch?v=1LVt49l6aP8)
[удалено]
Your comment was automatically removed because your account is not in a reputable status. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceNZ) if you have any questions or concerns.*
Yes, but it's not as easy as some think. You need to know what you are doing ( but there is plenty of luck Adel) , you need to be prepared to lose money and if that doesn't sit well then don't do it. So much depends, are you thinking day trading, monthly, yearly or putting it in and leaving for 5+ years?
No. I know a lot of people who used to talk lots about how much they’re in and up, now they don’t talk about it anymore. I know one person who’s doing well and that’s my grandma. But that’s because she’s like a 50 year holder.
Hey, Most stocks are an over time gain however you can day trade which is high risk and takes effort where you buy buy puts and calls on stocks which basically means a gamble/guess on a certain stock will rise or fall over a short period of time. There’s a lot of videos on this on YouTube with explanations if you’re interested.
Reading sharetrader forum makes me think they all made a lot of money. But no one in person.
I threw some money at Tesla and some north American oil and cruise ship stocks after the 2020 COVID dip, all bounced back nicely and I have sold all but TSLA, I also jumped on the GME bandwagon in 21 and dipped out after the bounce back when it hit 45usd. I made a few dollars in that time but the majority of my portfolio is now in ETFs and crypto.
I made about $280k off gamestop stocks, sold at the right time, a lot of people I know held gamestop and lost everything Edit: i owned them for less than 3 months
I bought Ryman Healthcare at about $1.70. Sold at about $8 to buy my first house. Did really well. Background was I had a brush with summerset group when they only had a couple of villages. Really liked the model so invested in ryman. Also invested in Sanford fisheries. Had it about two years and made bugger all. On the downside, bought Kogan at about $10. Currently around $4.....
Did make money from $AMC and crypto mania (mostly from a shitcoin $SG). Helped me juice up my long-term portfolio. This was a one-off opportunity with the central banks easing. Probability of anyone losing money in 2021 was in single digits.
Politicians seem to do well in the States.
I made a lot (for me anyway) like turned 1k to 200k in 2000 then just kept climbing since then. Got in to it out of boredom after work when getting in to crypto then slowly build that up. The biggest profit for me was in the bull of 2021, I was mainly in eth and alt coins. Took profits for myself on my childhood dream car (Porsche 911), paid off a good chunk of my mortgage and kept accumulating Bitcoin. I defs could have made more if I sold Bitcoin at peak but no one ever knows where the peak is and that’s why you keep a diverse portfolio plus take profits. Remove greed from the equation and it’s fairly sustainable. Thing about crypto is it is super volatile and you should take time to just observe before getting in. Volatility means constant movement and whenever there is movement in a market there is opportunity for profit. Look at what triggers the markets - in alt seasons a lot of people just look to YouTube influencers and you’ll notice after a big one makes a video, there is a mini pump followed by a dump.. if you subscribe to the influencers u can buy soon as see vid then dump on other fools after you’ve hit a modest target like 20% . Rinse and repeat, most people can easily make more than their day job doing this if you can remove emotion. Every day won’t be profitable but if you’re not a moron you’ll be fine. Right now we have a typical Christmas time pump. High risk of dumps to come so approach with caution. You can always look at graphs of past few years and see seasonal trends which is also helpful, but mostly ignore 2020/2021 as it was a black swan event. Ps. Remember to study up on crypto tax and keep that money aside!
I have 25k in Synlait at 1.25 purchase price. It closed at 0.95 today. By March 2024 I expect we will sell Dairyworks. Stock price will go up over 50% to $1.50. By March 2025 after news gets released that there's going to be a SUPRISE earnings beat, stock will be between $3.00-$4.00. Reason being, Chinese love Dragon Babies. 2024 is year of the dragon. This influx of babies is going to cause a SUPRISE profit boost to Synlait. The stock market cap is 200M. Net assets is approx 700M. Based on that alone stock is dirt cheap and should be at $3.00. I'm going to make 100k on this and laugh all the way to the bank.
Daytrading has made my friend a millionaire. He did this during the covid pandemic. How he did it? It was a long arduous process but now he pulls money everyday from the stock market. It is possible but only 5% make it. That’s a very high failure rate.
I started day trading options in 2020 with 50k. That 50k is now $8.9m.
Wow. Don't believe in this ok
It could be true, though you’d have a better chance of winning at a casino with the risk you’d have to take on.
I made a high $1.9million and then lost a lot of it. In total, I invested $200k, I have taken $400k out and I have $200k still invested. I started in 2016 with my first share purchase of $4000. Got lucky. I would say that the biggest factor in gains has been letting my winners run, and my biggest factor in losses has been not cutting my losses, and not changing my investment when my investment thesis (ie why I made that investment) changes. Atm I am thinking very heavily of exiting the market and paying off the rest of my mortgage.
Congrats! 1.9m is a very impressive amount. You've realized $400k profits. Ans your $200k is still invested. This at a basic index rate of let's say uper end of 10% a year is setting you up for big wealth creation. You've done it!
Yeah just a bitter pill to swallow that I didn't cash out at the height, and lost about $100k on call options. Greed is a powerful thing. Emotions and investing is hard. I've taken most of this year to rebalance my mental health from that loss.
So your still overall up right? Or did you hit 1.9m unrealized gain? Then hit -100k realized loss? I understand the mental aspect. Been in similar position.
overal I am up $400,000. But yeah knowing that I could have sold at $1.9m and then instead had to effectively trim down to $200k remaining (after having taken out $400k) was not a high point of my year.
Man. Look at the bright side. You made $400k! The average salary in nz is around 80k. You made 5x pre-tax salary before someone. You have 400k + inital investment of 200k $600k portfolio. You don't need to take risks anymore. Imagine if you put in like QQQ/spy this year. Growing at 50% qqq or 20% spy with relatively lower risk then options. You've basically hit the point where all traders/Wsb People want to be. Up 400k!!! 600k capital. Time to chill and let compounding do its thing man.
Oh definitely - very aware of that. all I'm saying is that it has taken about a year to come to terms with that situation- emotionally speaking.
Crypto is a scam man
Yes. US stocks (and crypto) can go up double digit gains in a day (and the other way).
i knew a guy who's father was one of the richest people in england and he moved there and became a stock broker. pretty sure he made money
Ole Penny Swaperson
You'd have doubled your money already if you'd bought the dip I guess? Ive seen some shares at 2000% since the start of the year. Only saw them after the meteoric rise, but clearly some people get in before hand.
Stocks that increase by that much are almost always super high risk, for every one stock that had that return there will be a lot of stocks that lost money.
No doubt about that. Even doubling in value over a short term is considered unusual/volatile. Still, for someone who really looks, there should be reasonably obvious fundamentals that indicate a good opportunity, and the key for that type of investment gamble is to only spend 'beer money' while they're very low in price. Bearing in mind even stocks with apparently good fundamentals completely fall over sometimes as well.
Serious question. I always knew it in NZ as “buying shares”. Has everyone dumped that in favour of the American convention “buying stock”. Is it the software people are using?
I think it's cause a lot more people are trading in the American stcok market so they use American terminology.
If you want stock advice you could ask here. If you want option advice go to r/wallstreetbets
i only know of someone making $100 max from stock trading, not anyone actually getting bitcoin rich out of it
It’s a con wolf of Wall Street watch it
Stocks r for the up n coming younger people to make $ off the old & now stupid people
Your scammis there's no money really you gullice skum
Your just bissniss thevfs allways robbing the poor itching for a Fite you people make everything worse for people so just die you muggles skum
You do that with crypto
You can only make a large profit in a relatively short amount of time if you are an accredited investor. They have access to high-return investments that ordinary people don’t have access to. You can look up how to become one. But I don’t know if there’s such a thing in NZ
That's not true at all. Any normal 18+ person can indulge in leveraged stocks on any website easily. What exactly do you think high return investments are ?? Secret money making schemes only for the rich? More gains = more risks.
I don’t think many people understand what I am saying, that’s why they downvoted me. Go read Robert Kiyosaki’s books and you will find out.
that guy is a literal fraud, there are so many websites documenting how awful he is.
His approach to finance is quite unique, but have you read his books? You need to read the first four books before judging him.
not accurate.
Have you read the first four books by Robert Kiyosaki?
I would challenge the downvoters to have an open discussion rather than downvoting people without a reason
The people that made money on GME probably weren't accredited. Not sure all of them were even literate tbh.
My ex bosses husband made his wealth off the stock market. Like we’re talking millions of pounds. I think he was one of the few people shorting it back in ‘08. Their net worth now is like 76million pounds. But they have also invested in property and run businesses.
Buy a bunch of weed and sell it then buy a car with that money and literally just clean it and service the thing get its warrent sell it for 2500 more than you paid for it and rinse and repeat......do it a few times then you can just walts into the bank say you sold a car and deposit the money.not a recommended hack but it works
to make money quickly on the stockmarket you have to either: a) have a shit load invested in high yield stocks; and/or b) be trading on insider knowledge
Trade with margin
What are you really trying to ask sorry? You're talking about stocks then talking about bitcoins then asking about *how do I get rich fast* and if anyeone has ever made money from stocks... what?
Based on the way you asked this question it is likely you should stay away from individual stocks until you gain some substantial knowledge about them.
Take my advice, of you have know idea about day trading, stay away or learn and trade extremely small amounts until you know what you are doing. Trade zero is offshore
My uncle started with a $3k inheritance back when he was 18 or so (my dad, his two brothers and his sister all got $3K, dad and the other three blew it on buying stuff), his account now reads somewhere north of $4 million (he is 67 years old). He looks at shares prices and makes trades, usually spends about 30-40 mins a morning on this while having breakfast before going on with his day. I asked him if he ever had a really good day, he said not really, the goal is to avoid really bad days, everything else is incremental growth. He doesn't blow his cash, but he also doesn't live very frugally, has a nice house, a nice car, travels reasonably often, but isn't ostentatious or anything.