Best strategy to invest $500

[mkay0000]

Invest in a date or two of a rich man's daughter because you seem to be looking for the quick and easy way to riches.

And date night is cheap nowadays, Netflix and Dominoes.

hahaha nice one!

 

[mkay0000]

It's never too late, but the way you ask, is equal to :

medics forum :
,,hey guys, i want to become a doctor, i wonder, should i try removing a heart or eyes first ?''
(maybe, bit too-over dramatic, but the point is obvious)

If you don't care about those $600, then just waste it on Starbucks, tho if you do, buy books for it, and loots of coffee, and go get that knowledge.
Then install sims/demos and practice for 6 - 18 months, or until, you triple your account.
And only after that, think about doing something with those $600.

what do you recommend how much should I start with if I'm going for swing trading?
And yeah I'm going to read lots of trading/investing books and do paper trading before getting my hands dirty.

 

[luckyfnlou]

Best investment is into your financial education. So many free resources online and via podcast. Spend a few bucks on some good books. Avoid the charlatans of finance. Keep saving your money and learn how to manage your money.

 

[luckyfnlou]

what do you recommend how much should I start with if I'm going for swing trading?
And yeah I'm going to read lots of trading/investing books and do paper trading before getting my hands dirty.

Whats your background? Trading experience? Expectations?

 

[mkay0000]

Whats your background? Trading experience? Expectations?

Till now I have read the book "How to make money in stocks by William O'Neil". I'm following his principles and according to it, I have selected 6 stocks which I'm waiting for buy point.
My goal is to turn this $600 into $6000 in 7-8years. After that my medical studies would have been finished I would have more time to be an active trader. I'm interested in Swing trading/long term investing in individual stocks as it requires less time compared to day trading and yields a decent profit compounding year by year.
PS next book on my read list is "Think, Trade, and Grow rich".

I'm pre med student right now!

 

[Tradex]

My goal is to turn this $600 into $6000 in 7-8years.

That means you need to make more than 42% a year, 4 times the return of the S&P 500.

The biggest hedge funds cannot even earn half that return.

I don't want to discourage you but these are the facts.

 

[2rosy]

sell puts on an index or etf that your initial capital can cover. keep doing that until you get exercised. then keep it for a few years

 

[OptionsOptionsOptions]

RE: Best strategy to invest $500

A few strikes OTM equity weekly call options - such as AAPL, GOOGL, AMZN, FB, TSLA, QQQ.

 

[luckyfnlou]

I'd concentrate on doing well in med school as your income will likely outpace your market gains... at least early on. I'd likely tell you to dca into QLD and call it done but that is me. Good luck!

 

[maintrader]

get a job.
as for $600,,,where you get that $600?

invest in things that generated your $600

most of the cash or wealth is from GDP or known as work

that cash you get from the FED is fake money, nobody earned it.
That cash from the FED is IOU money or debt. The FED owes money.