Help me not work ever again

hey good weed is expensive. actually it's weed and beer and anything else i want that isn't food weed or beer. i should have just said "misc".

also if you had a 50k starting fund, aiming for $1,200 / mo woudl be extremely generous. it'd be 20% / year. if you could double your money every month on a consistent bases, which you're seemingly aiming for, how do you think successful daytraders aren't quadrillionaires yet

pardon $1,200 / mo on 50k would be near 30% (impossible to pull off consistently even for the biggest brains)

>I want to day trade

No you don't. Trust me

thnx

Basically the goal here is to amass somewhere between $400k to $500k to put into a /smg/ style market fund that will be boring but predictable and pay out enough to cover $1300/mo + taxes forever. The challenge is that saving that much on $1700 month income will take 29 years if you do it through normal stock investing. That's not terrible as far as a retirement plan goes, but it doesn't get you anything for a long time. The good news is that even earning ~$300/mo more shaves almost 8 years off the timeline and some places ($12/hr in Arizona according to Google) have freakishly high minimum wages compared to their cost of living. So it' 100% achievable, and depending on your priorities you could start from 0 today and be 100% done in ~20 years. The bad news is that it's going to take, optimistically, 20 years unless you move into a role earning significantly more money or if you roll the dice on pennystocks, trading, or crypto. For most people though, you will underperform just investing. You might get lucky. Lots of people on the board do. I did not and most likely you will not.

HOLY FUCK 777 WITH CHAINLINK COLORS ID!! JUST BUY LINK OP YOU STUPID FUCK

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thank you for the real response. with cost of living increase i am sure my rent will go up. it's only $700 because i live in a shithole. i plan to upgrade.

if i had, say, $30k to invest right now, how would that change your projections?

rope.jpg

you seem mad. doing okay, bro?

you're aware that you have less than 5% chance of making it? it can't be done, forget about it. I wouldn't recommend starting with less than 25k. And that means 25k after having at least 3 months of expense in cash in your bank account.
just forget it.

>if i had, say, $30k to invest right now, how would that change your projections?
put that into bitcoin and wait a few years, that's your best bet.

Disclaimer: I know this turned into a crypto board now, but I'm not a fan of crypto. I think it can be fun if you like trading, but there are so many P&D shitcoins that I sold my only position years ago and haven't touched it since. My advice is 100% boring person advice.

$30k now has a future value at reaching your goal of almost $100k after inflation-adjsuted compounding according to the engaging-data website. Using that to jump-start your journey shaves almost 10 more years off the process and puts you at ~19 years with no changes or ~15 years with some geographical arbitrage or job change to increase your salary to ~$2k/mo.
Basically, it's do-able. It's not fun a lot of the time, it's boring, and because of how a total market fund works there's a very low chance of a windfall that speeds up the process, but it's lower risk, it's achievable, and it's very similar to what I'm doing which is why I'm an advocate of it.

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Note that the target age there is wrong; it's set up to look (roughly) at the compounding of a $30k investment, not your actual trajectory.

*ahem*
Buy as much SPY as you can, every day at close
Sell as much SPY as you can, every day at open
Do this every day. Set up an automatic fucking trade.

groovy man. i do appreciate this.

last question since you seem like an honest bloke, can you recommend a broker. i do in fact live in arizona if that matters at all.

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you can study and practice all you want but the learning begins once you actually have skin in the game.

given that you don’t have $25,000 equity, you’re going to be limited to 4 day trades per calendar week, so understand that you’re going to be swing trading.

1.) the biggest thing you need to know is to never sell at a loss. even if you have to have $500 tied up for weeks, wait for that -25% to turn to +5% before you sell.

2.) it’s better to sit on cash waiting for a decent entry than to blindly rush into a “trade”.

3.) don’t bully yourself for selling at a profit. sure you made 10% when you could have made 20%, but the market also could have dipped. it’s all about consistency over time.

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I suggest Fidelity, but Vanguard is the gold standard. The reason I suggest Fidelity is because they support more types of accounts. Vanguard is owned in a weird structure though that highly incentivizes the company to always act in the investors best interests while Fidelity only does it to be competitive with Vanguard. I happen to also be in Arizona over in Mesa (near Gilbert though) at the moment, so small world. I work a standard wage-slave job that gives me access to a 401(k), so the process that I use to save looks like this:

0. My paycheck goes into a debit account with Fidelity, so I can move the money around easier within the same institution. This and the HSA account are what made me centralize on Fidelity.
1. Contribute to 401(k) (at Fidelity) to get employer match. You can pull this money out early without penalty, but it requires "substantially similar" distributions forever from there on out, so ideally I'll ignore this until I'm retirement age.
2. Contribute to my HSA (at Fidelity) then *don't* use it to pay medical expenses, but save the receipts in a google drive. There's no time limit (right now) on reimbursement, so you can let your money grow and then pull the money out tax-free later. This is good for me because I unfortunately have quite a few medical expenses and this trick helps minimize the impact on my long-term strategy.
3. Contribute to a Roth IRA (at Fidelity) until I hit the annual limit. This compounds and comes out tax free, which is a nice perk.
4. Contribute to a standard taxable brokerage (at Fidelity) for anything extra that I have that I am putting towards this goal. All short-term savings stay in my debit account that also allows investments. For short-term though, I just keep it in the default allocation that pays some

thanks, yeah i am willing to let a stock sit around until it earns me something. these are extraordinary times, that's why i'm thinking about putting money into the market.

i'll check out fidelity thanks man. i live in tucson.

>1.) the biggest thing you need to know is to never sell at a loss.
oh look, a retard giving advice.

it's basic logic?

Heard this a few times before. Only thing I don't get is why do you need money forever. If you instead planned to go broke at age 120 or something, wouldn't you need to accumulate far less money? You're not going to live forever, and once you're dead you don't need to still have those 500K invested.

>you bought ford at the top between 97 and 01
>it's ok user, never sell at a loss, baghold for eternity

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agreed with 2 and 3 but not 1. Use stoploss OP! Stoploss is not a tool to sell at a loss, it is a tool that can tell you "Hey your analysis was incorrect, how about you take a rest and reanalyze the chart?".

Reminder: Asset that is down 50% needs to increase 100% to breakeven.
"Never sell at a loss" only works for investing, not trading. In trading, you need to sell at small loss now rather than a big loss later.