Hi all, so I have been doing some research about what kind of investing would be best for my situation, but I have a few general questions. Here is a little about my situation first though. I believe I have the right temperament to be successful at this, and I am not doing it for the thrill of the gamble but to improve my financial situation. I have a basic understanding of value investing vs day trading. In the long run I would prefer value investing because if it’s stability and hands off approach. However, at this point in life I also need the higher cash flow that day trading can provide, so I feel I should start there. I am currently a bartender and uber/Lyft driver. I am currently paying off credit card debt, another unsecured loan then student loan/mortgage. Within the next six months I will have a real estate license for the Chicago area. I would like to make enough to cover my bills for the month while taking advantage of real estate investments in my area.
Here are my questions
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What resources can I use to teach myself to do this while avoiding predictable beginner mistakes?
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In a few weeks I can have 500 dollars to begin ( I know this is a modest amount but we all have to start somewhere) is this a reasonable amount or should I try to save more in order to start in a better position?
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I have a rather flexible work schedule as is, but I understand that many successful day traders make most of their moves in the few hours of the market opening. Is it possible to be profitable if I can only dedicate 1-3 weekday mornings or afternoons to this venture. In other words, are there traders who produce good returns spending a similar amount of time?
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What are the basic tools to get started? I know I would need a broker, but I am a little unclear about other needs such as a software program that tracks stocks, etc.
Any help would be greatly appreciated.
Submitted September 22, 2018 at 02:24PM by groversnoopyfozzie https://ift.tt/2O1sD0O
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