Saving, the only way forward

MoneySaverLog

Timingthemarket wrote: »

There are traders who can easily make 100% per month.

That sounds risky, I take it such risk comes at a high price, like potentially losing the lot. Sounds a lot like gambling to me. :eek:

Timingthemarket

atush wrote: »

It takes time and money to set up an acct like that. Not to mentiin having $1000 to burn.


For every one who truns 1000 into 125K, there are hundreds, who turn that same 1000 into 0.

You are suggesting risky trading to a person who has no savings which is quite frankly both stupid and dangerous.

When the OP comes back, having learned to save monthly and has a 3 month safety net, plus $1000 they won't mind losing, and has the time to learn chartism and everything else that you suggest (instead of learning new skills to better their job prospects) then go ahead and suggest your US derivatives, daytrading or whatever.

I think Op wants to be treated as a grown up. :j
Why would you need $1000 to start? Start small and practise practise.

I am not saying one should put all their savings at risk. That was the whole point with my post.
Call it smart investing then instead if you prefer that.

Timingthemarket

MoneySaverLog wrote: »

That sounds risky, I take it such risk comes at a high price, like potentially losing the lot. Sounds a lot like gambling to me. :eek:

Yes most people lose their money in trading. It´s a business and must be treated like that. But possible and consistently? yep.

atush

Timingthemarket wrote: »

I think Op wants to be treated as a grown up.
Why would you need $1000 to start? Start small and practise practise.

I am not saying one should put all their savings at risk. That was the whole point with my post.
Call it smart investing then instead if you prefer that.

I was using your post and the aformementionned $1000 into 125K.:eek:

And I will again say to suggest this idea to someone with NO SAVINGS and NO SAFETY net is foolish or worse.

Like I said, when the OP comes back after having saved a safety net then give your risky advice. I am treating the OP like an adult, you are treating them like a day dreamer w/o due care.

I like risk, and have made some risky trades, some of which have come off in spades and some of which failed. But I never did so until I had 10K under my belt. So it wasn't disaster when I lost 400-500.

There is a place for risk in every portfolio, but never in an empty one.

cashbackproblems

I agree with a time frame of 10yrs+ you should be looking at safe funds as opposed to individual shares unless you have some experience.

As mentioned buying shares earning 8ph wont make u rich, getting a better job will. But it doesnt take long to join Hargreeves Landsdown as set up a monthly investor plan in an ISA and paying £100pm into 2 funds and slowly increase it.

rockitup

OP needs to get equivalent of a few months salary in an easy access account first. The money saving ideas like packed lunches, bike etc are a good start and will encourage OP to introduce other similar ideas. Each little bit helps, but I agree that £8 ph wage is not enough....

Even if house prices don't move for 4 or 5 years the increases after may keep up with general inflation and the savings even after 15 years are not likely to be anywhere near enough for a deposit.

Cashbackproblems idea is a good one for the timescale of 15 years, if OP thinks of the investment money as a necessary monthly outgoing and it is deducted from bank account as soon as wages are paid then they will not miss it. Monthly drip-feeding also averages out the price of units and helps reduce risk.

TimingtheMarket, I like the thrills of day trading and leverage too but it is not even 1% suitable for someone on £8 ph trying to save for a house deposit.

85% of Spread Betters/CFD investors lose their entire pot within first 12 months

95% of forex traders also get wiped out

Probably similar to backing a 16/1 shot in a horse race each week, get a couple of lucky wins then blow the whole pot.

Day trading, spread betting, Power ETF's are definitely not the way to go for OP.
IMO at least 5 years active investing in shares forms a basis to start day-trading

8701

Thank you all for contributing... everything's been helpful one way or another....
at the moment i'd be terrified to invest in stocks as i have almost nothing saved but i will start reading and trying and educating myself now for a later time when i feel ready for that.

Sylvia1982 wrote: »

Hello 8701,

You don't mention who you currently bank with? do you have an ISA? as i personally believe you should use your tax allowance first before anything else.

i bank with Halifax... current, savings & isa a/c's

edinburgher wrote: »

8701 - great ideas for getting you started, but as others have said, you're never getting a house anywhere near London on that. I earned double that when we were in London and I was on a low wage for that part of the world

Also, ever considered leaving London? You can get £8/hr in plenty of places that are a hell of a lot cheaper if you've got a useful skill, or are adaptable.

not really but thinking about it there's nothing really stopping me. (*opens a new tab*)