R5: Stock Trading
Ease: 6/10
Price: $-$$$$
Is it a hobby?: Yes
Total score: 71 (C-)
Summary:
As I mention at the bottom, this hobby does come with some privilege. It’s also a bit boring most days/weeks. It’s not something you are really ‘actively’ doing… at least I’m not. I’m sure there are some nerds out there very offended I just said that. They probably have more than $150 in the game. Still, when your lil $6 stock gets up to $300 because the internet wanted it to - that makes you feel good. C- because it’s probably not for everyone and most days I roll my eyes at percentages. But it still has a passing grade because I’ve made money and can be bribed.
Process:
Pick an account manager.
Honestly, I had no idea what I was doing. I know a little bit about RobinHood along with Charles Schwab. I went with Charles Schwab because it just sounds a bit more secure and highty tighty.
Figure out how much you are willing to lose.
If there’s anything I’ve learned from that one episode of Saved By the Bell where Miss Bliss’s class learns about the stock market, it’s that you shouldn’t invest more than you are willing to lose. I decided to put in $150. I thought, hey, if I lose this, bummer. But what are the odds that I’ll lose ALL of that if I keep it in for more than a year?
What stocks should I choose? (This was back in September/October.)
I’ve went the really silly route of choosing several low-cost stocks, all of which I would only buy one share: BHC (Bausch), COF (Capitol One), F (Ford), and GME (GameStop). YES you read that correct. I bought ONE share of GAMESTOP. I am so proud of my favorite $6 child.
TO THE MOON … or not.
Some weeks, I check every day. Others, every few days. I’ve since bought a few more (AMC and BB), but none will hold the same place in my heart as my first four. When writing this, I’m up. So I’m happy. The rush of watching my little bb stocks soar is exhilarating.
I recognize that not everyone is in a place financially to invest, which makes this hobby a bit tricky. But for me, it’s a fun side thing that also allows me to be proud of my friends on Reddit.
*“Everything's made up and the points don't matter.”