My Plan
- Thread starter Hester
- Start date
this is a great gift wow 700k at 18 is great.
if i were u i will first try to find out what it is that u would love to do in life. most 18yos like u said dont have this kind of money.
so lets say you love to be some kind of artist. u can afford to follow that path full time, compared to another 18yo who must also have a job and go to school and put whatever time left after this to be an artist. this is the best benefit of this money that u can afford to follow a path u love full time 100% with no financial worries. in the end what makes one happy is doing what one loves to do. my advice to u is to just find out what it is and start doing it. this will make u a happy person; u will be mostly smiling all day long.
i hand wanted to trade stocks since 1985 but i went into business for the next 20 years; had lots of ups and downs; made some good money but was not really happy and kept thinking of trading all these years in the back of my mind. now im trading and even on the worst losing days im pretty much very happy.
so if u love to trade go for it. but i suggest go for it first indirectly. like get a job at a brokerage entry level whatever.
but if u prefer to go at it directly i suggest u only trade one stock. just pick any one stock and trade only that one stock for 6 months to a year preferably in lot of 100 or 200 shares. at this time i suggest the symbol MAC; so by age 19 u will know this stock like the back of your hand. being a master of anything at age 19 is quite an achievement. when u have mastered one stock u will find that most stocks make the same moves like the stock u have mastered. then u can trade any stock but i suggest u must master one stock. this mastery of one stock will forever free u from being slave to news, market moves, indicators etc etc.
go for it. but first u have to study basic price action and pivot points, im guessing u already know that
books i recommend:
the book of secrets by osho
if i were u i will first try to find out what it is that u would love to do in life. most 18yos like u said dont have this kind of money.
so lets say you love to be some kind of artist. u can afford to follow that path full time, compared to another 18yo who must also have a job and go to school and put whatever time left after this to be an artist. this is the best benefit of this money that u can afford to follow a path u love full time 100% with no financial worries. in the end what makes one happy is doing what one loves to do. my advice to u is to just find out what it is and start doing it. this will make u a happy person; u will be mostly smiling all day long.
i hand wanted to trade stocks since 1985 but i went into business for the next 20 years; had lots of ups and downs; made some good money but was not really happy and kept thinking of trading all these years in the back of my mind. now im trading and even on the worst losing days im pretty much very happy.
so if u love to trade go for it. but i suggest go for it first indirectly. like get a job at a brokerage entry level whatever.
but if u prefer to go at it directly i suggest u only trade one stock. just pick any one stock and trade only that one stock for 6 months to a year preferably in lot of 100 or 200 shares. at this time i suggest the symbol MAC; so by age 19 u will know this stock like the back of your hand. being a master of anything at age 19 is quite an achievement. when u have mastered one stock u will find that most stocks make the same moves like the stock u have mastered. then u can trade any stock but i suggest u must master one stock. this mastery of one stock will forever free u from being slave to news, market moves, indicators etc etc.
go for it. but first u have to study basic price action and pivot points, im guessing u already know that
books i recommend:
the book of secrets by osho
Pretty good advice IMO. I would see this as a big bonus and go about living my life for the most part as if I didn't have the money - - - at least for a few years. Trust us on this one - - - - most of us were dumbass kids at 18 ! This isn't a put down, we've all gone through it. Many of us made plenty of mistakes, but we didn't have the kind of money that you have to blow back then. It would be a crying shame for you to look back on things in your 30s and regret what coulda been if "I only knew what I know now." Good luck. - - -
I have a freind who inherited just about the same as you did, he lost everything trading....even mortgaged the house and lost it.
I would keep the houses till you can get more money for them....no need to sell at the bottom. Then put back some of the cash in a safe place and then take what you can afford to lose and trade with it.
Dont do what my freind did, he is now delivering pizzas and putting out flyers for a living . Don't be stupid with your money. Your really lucky at this age to get so much. Listen to people with experience and use it wisely then by time your 30 you will never have to work again.
The money you got is a curse. You will become a degenerate individual not capable of trading, but only gambling.
It WILL end badly. You WILL live on the streets. You WILL curse the inheritance you got from your relative.
Money is nothing but problems, especially for an 18-year old without any money management skills. I am just 4 years older than you and have learnt the hard way. I loathe money.
Let me put it this way. There is a 99% chance you WILL lose all of your inheritance before the age of 25. There is a 90% chance, not only, you will lose all your money, but be in DEBT before the age of 25.
Inheritances are the worst things for an 18-year old to happen to them, bar finding out you're gay or finding out you're adopted.
It WILL end badly. You WILL live on the streets. You WILL curse the inheritance you got from your relative.
Money is nothing but problems, especially for an 18-year old without any money management skills. I am just 4 years older than you and have learnt the hard way. I loathe money.
Let me put it this way. There is a 99% chance you WILL lose all of your inheritance before the age of 25. There is a 90% chance, not only, you will lose all your money, but be in DEBT before the age of 25.
Inheritances are the worst things for an 18-year old to happen to them, bar finding out you're gay or finding out you're adopted.
Unearned money + stock market = broke
don't trade with IB/retail. Find a place that will take a small deposit/don't deposit more than 10k, max. Ask anyone on these boards, or me, and i'll recommend some.
don't worry about grades.
take 4-6 years to graduate if you want, theres no pressure.
school should be a playground for your mind, not a set of hoops. Its something you pay for, not a rite of passage. So don't feel any pressure to do it before your ready. if you're a fuck up, you won't have the discipline to go after delaying it for 1-2 years just trading/thinking your life through. Theres no urgency. If you knew how much life is left after college...
when you hear someone tell you the same thing over and over by the masses. guess what. they're wrong.
I was in the same spot as you without the riches and was told basically the same thing. I'm glad I didn't listen. What in the fuck would I have done now with the current job market if i'd listened to all these donkeys telling me to do this and do that. i mean just look at the result. no jobs, no this, no that, all because of putting college first. and this was to a person without your inheritance. I'm almost 30 and I still act like a fucking moron. and guess what...people i know far better than me..guess what, you'd think they had the emotional intelligence of a toddler. If you're gonna be a trader, you're gonna be trader its almost that simple, you either got it or you don't so you don't need to wait till you're in a dead end job at 39 to open up your mini micro pip fx account.
trade. if you don't have the discipline now to only deposit 5k, once a month, and you try that for 2 years and lose 120k, well guess what its time for school because this shit isn't gonna work out and boo hoo, whatever you had to sell a house to finance this, i mean, you'll live, you'll go to school, and you'll still be better off than most were. Bottom line is if you try and go to school without trading, it'll be an awkward situation unless you make peace with not doing it. and you won't...you're 18..unless you are some kind of jedi spiritual wunderkid, i can't think of a more exciting proposition than trading except a sorority exchange, neither of which you should deny yourself. Doing both might seem hard, but only if you let it. don't think you have to trade and study and have no life...you're not on the normal timeline as everybody else. U of I is cheap as hell, so don't even sweat it when folks are busting their ass to get out only to dump 100gs into grad school. If you do decide to study, you don't have to work like some misfortunate guy that has exactly 4 years to get it done while working as the physics ta. you can take a half load, trade, and party (definitely party) ; won't be able to stay in the dorm like that but who cares just join a house. (btw, i have a news flash for some of you...if you can't go out and trade...guess what...you probably can't trade. Its like phelps or moss. just cause i can't smoke and be in the nfl, doesn't mean those who can can't)
This MIND SET OF SCARCITY / save every last penny before the voodoo man comes to steal your money at night, its ridiculous. 35 with kids? yeah maybe some of the advice given is appropriate, but thats where its coming from and while its applicable, its not the only view.
Don't aim for mediocrity or the safe route, this is the truest thing i've said because i promise you it will not get you anywhere in trading. don't have this mindset. be smart, and be exceptional. and don't ever tell anybody that you trade.
don't worry about grades.
take 4-6 years to graduate if you want, theres no pressure.
school should be a playground for your mind, not a set of hoops. Its something you pay for, not a rite of passage. So don't feel any pressure to do it before your ready. if you're a fuck up, you won't have the discipline to go after delaying it for 1-2 years just trading/thinking your life through. Theres no urgency. If you knew how much life is left after college...
when you hear someone tell you the same thing over and over by the masses. guess what. they're wrong.
I was in the same spot as you without the riches and was told basically the same thing. I'm glad I didn't listen. What in the fuck would I have done now with the current job market if i'd listened to all these donkeys telling me to do this and do that. i mean just look at the result. no jobs, no this, no that, all because of putting college first. and this was to a person without your inheritance. I'm almost 30 and I still act like a fucking moron. and guess what...people i know far better than me..guess what, you'd think they had the emotional intelligence of a toddler. If you're gonna be a trader, you're gonna be trader its almost that simple, you either got it or you don't so you don't need to wait till you're in a dead end job at 39 to open up your mini micro pip fx account.
trade. if you don't have the discipline now to only deposit 5k, once a month, and you try that for 2 years and lose 120k, well guess what its time for school because this shit isn't gonna work out and boo hoo, whatever you had to sell a house to finance this, i mean, you'll live, you'll go to school, and you'll still be better off than most were. Bottom line is if you try and go to school without trading, it'll be an awkward situation unless you make peace with not doing it. and you won't...you're 18..unless you are some kind of jedi spiritual wunderkid, i can't think of a more exciting proposition than trading except a sorority exchange, neither of which you should deny yourself. Doing both might seem hard, but only if you let it. don't think you have to trade and study and have no life...you're not on the normal timeline as everybody else. U of I is cheap as hell, so don't even sweat it when folks are busting their ass to get out only to dump 100gs into grad school. If you do decide to study, you don't have to work like some misfortunate guy that has exactly 4 years to get it done while working as the physics ta. you can take a half load, trade, and party (definitely party) ; won't be able to stay in the dorm like that but who cares just join a house. (btw, i have a news flash for some of you...if you can't go out and trade...guess what...you probably can't trade. Its like phelps or moss. just cause i can't smoke and be in the nfl, doesn't mean those who can can't)
This MIND SET OF SCARCITY / save every last penny before the voodoo man comes to steal your money at night, its ridiculous. 35 with kids? yeah maybe some of the advice given is appropriate, but thats where its coming from and while its applicable, its not the only view.
Don't aim for mediocrity or the safe route, this is the truest thing i've said because i promise you it will not get you anywhere in trading. don't have this mindset. be smart, and be exceptional. and don't ever tell anybody that you trade.
One last advice: if you do start trading, trade futures not stocks.
With stocks you go long on you WILL double down.
With stocks you can be forced to cover short positions.
Futures are the best vehicle to find out if you're a real trader or just a gambler.
Especially because of the high leverage.
With stocks you go long on you WILL double down.
With stocks you can be forced to cover short positions.
Futures are the best vehicle to find out if you're a real trader or just a gambler.
Especially because of the high leverage.