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Chatting with a 23-year-old Stock Trading Millionaire interview
"A stock trader or equity trader or share trader is a person or company involved in trading equity securities. Stock traders may be an agent, hedger, arbitrageur, speculator, stockbroker. Such equity trading in large publicly traded companies may be through one of the major stock exchanges, such as the New York Stock Exchange or the London Stock Exchange, which serve as managed auctions for stock trades. Stock shares in smaller public companies are bought and sold in over-the-counter (OTC) markets." - wikipedia
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To answer some of the questions people have:
1) How'd I have 20K saved up at 18?
I Bought and resold items off craigslist, primarily iphones. Worked two jobs and I was very smart with my money and frugal and barely had any expenses at the time.
2) How'd I have such a high credit card limit?
I opened a capital one credit card at the age of 18 and used it every month and after 6 months, I requested a credit limit increase and then opened a discover account and used it every month. (Many people here need to educate themselves on credit cards and how to get a higher credit limit and ways around it)
3) "Never take a cash advance and start trading. Worst trading advice"
First i didnt do a Cash Advance, I did a BALANCE TRANSFER with a 3% fee for 18 months. Basically, you pay 3% on the money you take as a one-time fee and don't get charged interest for 18 months. (look it up). Yes, I know what I did was risky, but at the end of the day, you need to take risks to get forward in life and from what I see most people here look at risk at a terrible thing. I believed in my trading strategy and it was working so I needed more funds to get over the PDT rule (need 25k+ in your brokerage). I took the risks I was comfortable with taking and worked out, no one needs to take the same risks.
4) "Trading is gambling"
Trading in fact isn't gambling. You need to learn how to read price action and purchase stock whenever theres a lower risk and high profitability in play. For people that know trading understand, for the ones that dont, theres things called Moving Averages. MACD, RSI, Trends, Support, Resistance and so much more that help you align your trades.
5) I post all my trades on my IG story (IG: umarashraf) including losses and show transparency.
6) I never said I took my total brokerage account from 25K to a million. As I got better, I funded my account with more money through jobs I had and then eventually was involved in other businesses and always kept funding my account and kept living expenses to a minimum.
This is to educate people on youtube that are starting out that anything is possible. You will need to take major risks and invest TIME into whatever you may wanna do. Don't let "youtube Trolls" discourage you by showing everyone who is "successful" is either a scam, or from a rich family. People put their own insecurities on others so don't let them bring you down. Good luck to everyone trying to get ahead in life, wish you guys nothing but the best :)
I went into the market with, alas, a fund manger. This guy was arrested for willful mismanagement and I or we got raped (with no recourse in my case). If I recall, I think this happened Twice (two different opportunists)!! What I noted soon off was that my portfolio would Closely reflect the nasdaq when it dropped...yet when it climbed my fund clung to where it dropped.
As far as reselling I think people are out of their minds for all the ridiculous crap they buy.
ATTENTION: Ugly men should NOT study MBBS abroad. FEMALES do NOT want to marrry an ugly man who bought his MBBS degree. It is embarassing to be both ugly and have a purchased MBBS degree. It means you are ugly AND dumb. If you are ugly looking, I recommend you try your best to earn everything and cheat onnothing or pursue different career. This is because people forever judge ugly people that go abroad to become a doctor- solely to boost their match rate in marriage proposal. I have seen some super ugly srilankans who go to abroad to get mbbs, they marry someone so ugly and black and they become depressed. Nothing can make up for ugliness except earning everything yourself!
Real traders don't follow this guy. He makes money by getting clicks here. That's his real job. I've followed the market for forty years and it's a tough place to make money. Lots of patience required.
He expects a major market pullback/collapse and says he is accumulating cash for buying later, how about shorting it on the way down... I don't believe he is a trader, I've seen traders and this guy is not one.
Read comment by Bruce Wayne Trades first and forget all the negatives!
The interviewer is a little “slow” but asking simple questions can get real answers as in this case by not knowing much about stock trading. The kid learned by putting his money on the line that resulted in losing money and realizing he better learn the fundamentals of trading.
buy stock @ .0002 and hold for a breakout..if the company does a reverse split sell immediately..stay away..it's [email protected] 100,000 shares cost 20usd plus commission. i use TDAmeritrade and they charge 7usd per side..
Wow i love LAHWF, He is the best there is. He has inspired me to open my own channel where i share my own trading experience using only price action without any indicators. it is actually working out very well.
Trump has made the economy boom because he has removed all the restrictions Obama introduced to hinder a new 2008. Trump removed all the restrictions of the housing-market and the ban of provision for giving out loans to employees of banks - making everyone giving out loans to everyone. The next financial crisis will obliterate the economy of the US...
Magnr is a handy cross-platform trading site connected to a few big Bitcoin exchanges. Accounts never require any personal data or identitiy proof. So signup is quick and possible with anonymous data.
Leverage is available at Kraken up to 5x for several cryptocurrency pairs, including bitcoin. The fees are depending on the volume of the margin account.
Bitcoin can be traded on GDAX up to 5x leverage. The margin trading option must be manually turned on the account in order to make sure the users understands and reads the associated risks.
Margin trading is basically borrowing funds to purchase an asset, this allows you to buy more bitcoins that you would normally be able to do normally in the hope of making bigger profits on the price movements.
Advantages of Margin Trading.
The biggest benefit of margin trading is that you can take advantage of the additional funds when the market moves in the direction you expected. The overall profit of the positions once the bitcoins are soled and the loan is repaid is significantly higher compared to an ordinary trade execution.
Disadvantages of Margin Trading.
The disadvantage of margin trading is by nature the amount of risk a margin account can hold. The higher amount of leverage you take the bigger amount of money you can loose in case the market moves in an unfavorable way. Due to the margin call, the margin account must be funded countinuesly that involves significant amount of liquidity. It is only advisable to trade on marking if you have enough experience already on the market. To mitigate the associated risk, many trading platforms only offers limited amount of leverage trading opportunites.