At first, I was just investing in stocks with the money I saved by not smoking. That's going well.

Now I'm learning to day trade. I'm going through classes and webinars, and will only be trading in a simulator ("paper trading") until I am consistently profitable for at least three or four months. My target goal is to be real-money trading next summer. There's so much to learn, that I think eight or nine months from now seems reasonable. The success rate for traders is about what it is for real estate agents. I did that for 10 years, so maybe I'll have a good run at this. We'll see.

 

But, the moral of the story is that if I hadn't quit smoking, I'd never have had money to invest. I love seeing my ticker count up the dollars saved. 

That's awesome Kate, one of my favorite things to do each day was to look at my stats. Amazing how quickly they add up! Good luck on your new endeavor 🤗

Are you not doing real estate any more?  Just curious why you would pick day trading over real estate.

Well done Kate ...

It's Ridiculous the money we burnt on cigerette,s...😀

19 hours ago, Kate18 said:

At first, I was just investing in stocks with the money I saved by not smoking. That's going well.

Now I'm learning to day trade. I'm going through classes and webinars, and will only be trading in a simulator ("paper trading") until I am consistently profitable for at least three or four months. My target goal is to be real-money trading next summer. There's so much to learn, that I think eight or nine months from now seems reasonable. The success rate for traders is about what it is for real estate agents. I did that for 10 years, so maybe I'll have a good run at this. We'll see.

 

But, the moral of the story is that if I hadn't quit smoking, I'd never have had money to invest. I love seeing my ticker count up the dollars saved. 

Have to ask.   Being devil’s advocate, are you or will you be trading on tobacco companies?   Quite the conundrum as we all know they’re profitable 

Sounds fun👍 quitting is a powerful life lesson if you let it in and really use it; it sounds like you are!!

We found the financial courage to buy a house after we quit, we also took a 401k we had stopped putting money into and split it up in to college saving accounts for the kids. My husband also started college classes...we wouldn't have done any of this without the inner strength we found when we quit...

I say no way on the tobacco stock...cannabis will be soaring once TX legalizes tho👍😉

Really impressed with how people are investing their saved money! I'm about to hit 100 days but so far have spent it on expensive treats! That will change when we take on our first mortgage shortly! Great to hear so many success stories

58 minutes ago, Betterbreathing said:

Really impressed with how people are investing their saved money! I'm about to hit 100 days but so far have spent it on expensive treats! That will change when we take on our first mortgage shortly! Great to hear so many success stories

 

Hey Matt, if you'd like more inspiration consider making yourself a ticker for your signature. You'll be able to watch all the time, money saved and cigarettes NOT smoked add up. I loved watching mine grow plus it showed me just what I was giving up should I cave to a crave 😊

On 10/26/2020 at 8:58 PM, d2e8b8 said:

Are you not doing real estate any more?  Just curious why you would pick day trading over real estate.

I started working in real estate in 1985, before the internet era and online presence. I am a private person, and never could adjust to self-promotion and asking customers to tout my services online. I felt embarrassed--strict protestant upbringing about "pride cometh before the fall," that sort of thing.  So I moved on to something else. Fast forward to the present, and I'm working as a cashier in an upscale health food store. It's wonderful, I love our customers and am getting to know them by name, each one. I need more mental stimulation, though. Day trading is intense! And long term investing involves a lot of stimulating research and decision making. It's just a better fit for me. 

 

I have to keep in mind that I'm 70 years old, so I have set 80 as the age when I'll quit day trading, if not sooner. I have longevity genes and take after my grandmother who worked until she was 80, then she went hot air ballooning and other adventures.  Still, I am aware that my mental faculties are in decline, even if imperceptible right now.

 

I also like the solitude of it, the quiet. Funny, though, because I imagine that I have a lot of company. I trade nano-cap stocks, usually priced $1 - $10 range. Institutions don't usually buy these stocks because of the volatility and high risk. So, the numbers of buys and sells that flash before me are not as likely to be computers with algorithms, they're human beings, with all their hopes and aspirations -- and greed and fear -- for better lives and for wealth. It's a community. Youtube has a small number of reputable-type channelers who analyze stocks well. There are also a few day traders who enjoy teaching. Those are my social groups now.

On 10/27/2020 at 2:49 PM, Wayne045 said:

Have to ask.   Being devil’s advocate, are you or will you be trading on tobacco companies?   Quite the conundrum as we all know they’re profitable 

Nope, I won't invest, because I want to promote NOPE.

They are very profitable.  Tragic consequences for the users.

 

I have invested in cannabis, however, though I don't use the product. All respect to people who do, I just don't want to go that path. I like the occasional beer, myself.

I am invested in two companies that grow and sell cannabis for medical as well as recreational purposes. They are both registered as businesses in Canada, where it is legal. One of the companies is actually located in Las Vegas and soon to be in Santa Anna; the other is in Israel where the legislature has just passed a law that permits export of cannabis--it's only legal for medicinal use within the country.

@Kate18, thank you for the explanation.  I have never tried day trading but have seen others and the stress they go through.  But I don'[t know anyone that did nano cap stocks.

 

Congratulations on the genes!