A story for my new traders...
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Posted By: Lekesha Williams on November 11, 2007 I would first like to welcome you all to the future of stock exchange. I believe that we (we being the black community) are missing out on one of the most ideal and profitable capital investments on tap. Think about the first time you picked up the newspaper and flipped to the stock portion of the business section. Probably seemed a little intimidating. It really isn’t as hard as it seems if you have enough discipline to sit your behind down somewhere and actually research the stocks you feel have the most potential. I can remember the first time I decided to try my hand at the stock exchange. I was 19 years old and in need of fast money. I had just paid my rent, car note, insurance, filled my tank, paid all my bills, and put food in my apartment leaving me a little under $100 to my name until my next paycheck…. 15 days away. Now this wasn’t the first time I had to stretch $100 dollars or less until the following payday but my gut instinct was telling me my Sebring brakes weren’t going to last until then. I’m forced to make a tough decision: Try my luck with the stock market or start stripping at Magic City. I’M PLAYING!!! No but really, me being an inexperienced young adult, fresh out of mom’s house, I decided to play the market and roll the dice. Besides, what did I have to lose besides ALL OF MY MONEY!? Right? So I’m like, “Whatever I’m going for it.” Naïve. My first big mistake: I did no research. I basically just picked a really, really cheap, no name stock and bought as many shares as I could. I ended up buying 1000 shares of a $0.08 stock which only cost me $80. My second big mistake: I started acting like a day trader. (Definition of a Day Trader- someone who purchases and sells stocks back to back, sometimes even several times a minute, based off of the trends or monument of the stock.) So I started monitoring my stocks like a hawk, refreshing the page with the stock price 30 or 40 times a minute. Every time the stock would drop I would sell it quick and buy another stock that was on the rise. My third big mistake: If I saw a stock was getting really high and I sold it, my receipt would tell me that I made x amount of dollars off that stock, problem was that computer trading sometimes has a lag time of x amount of minutes so when I click the sell button, I’m not looking at the current price, I’m buying that stock for the price it was 20 minutes ago. My fourth big mistake: Even though I was selling my stocks when they were higher than the initial price I paid for them, I wasn’t realizing that there was a $15 fee for real-time trading for each time I made a transaction. Yeah I know WOW! Okay, okay so bottom line, I lost all my money and had to break down and borrow money from my mom. ILL, we all know that feeling. But I did learn a lot from that experience and the second time around I wasn’t going to give up my money so easily. I started from the bottom, researching the background of the companies the stocks fell under. I began reading books on the different stock trading techniques and the funny thing is; the more I learned, the more foolish I felt for making the mistakes I did the first time I tried trading. I hope my story has taught you all something… PREPARE, PREPARE, PREPARE!!! If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Lekesha Williams
From Newport News, VA Academy of Art Col class of 2010 Member Since October 2007 |
Comments
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heard that
Monday, November 19th 2007 at 10:28AM |
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