So I'm going to be going on deployment March 1st and I have the opportunity to pocket a LOT of cash. My expenses back home will be pretty much nothing except a storage unit. I won't be paying for rent out of my own pocket in the country they are sending me to and I will be getting per diem for food that'll be about like 70-80 bucks or something crazy like that.
I've been a hardcore noob on Robinhood for the past two months. I'm also about to be completely debt free. If you were going to make 6k a month at least for the next 6 months, and the only thing you had to buy for yourself was food, how would you grow that money?
I'd like to learn enough that I could daytrade in the afternoons when i'm off for the day over there because the markets will just be opening up back home over here.
I want to make use of the fact that I have extra income and that losing some of it won't hurt me.
I should rephrase, I don't want to sit there and daytrade like every single day. I'm more interested in maybe buying and holding stocks for a week or more at a time. The idea of trying to jump in on trades throughout the day sounds really stressful to me. Earlier in January I put about a thousand bucks into stock of Men's Wearhouse and I'm watching that grow right now and don't plan on selling that until it's worth quite a bit more. I'm trying to build wealth, not get rich quick. I just want to ensure that rather than coming back with a flat 36000 for example that that money isn't just sitting there but rather working for me. I already have automatic allottments going to savings accounts and towards maxing my Roth IRA every year.
My point is that I can afford to be riskier in the next few months and I want to make more money.
Because the main Drawback of Robinhood is that you can't trade very often. You have to wait 3 or more days sometimes for the money from a sale to post back to your account. So If I make a decent trade on Monday using the bulk of my money, and I see an even BETTER opportunity for something the next day, I'm fucked. I miss out of that opportunity. I guess Robinhood's whole thing is that they reinvest your money for themselves during the days in which it's 'in transit' to your account. This is why they're able to do the whole 'no transaction fee' thing.
I'd like to graduate up to a better platform that offers more options and eventually (strong emphasis on the word eventually) start trading on Margin.
I've been teaching myself using Bogleheads, as well as just pouring over the dictionary of financial terms on Investopedia and learning what calls and puts and shorts are and what an ETF is for example. I'm REALLY striving to learn all this shit. I find it very interesting and there wasn't really anyone teaching me this all my life. I honestly don't see why Personal Finance isn't taught in public schools.