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Old 2010-03-15, 12:42   Link #21
SaintessHeart
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Join Date: Nov 2007
Age: 26
Quote:
Originally Posted by ChainLegacy View Post
You can try your luck at the foreign exchange market... but pretty much every option that can potentially make you money quickly also carries high risk.
That will depend on how much leverage he can get with $500. Not alot, probably only $5k at most, and wholly insufficient to earn $4k.

The recommended capital is $1k to leverage on $10k to be able to see real dividends in hundreds. But it still takes plenty of practice to be able to make like $3k per month with $10k from leverage.
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Old 2010-03-15, 14:59   Link #22
guest
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Join Date: Nov 2003
I have got to try. It's either this or facing the consequences two months later. Can you give me some information about the foreign stocking trading you mentioned earlier? I figure I can do it during the night. How to do that and where to find more information?
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Old 2010-03-15, 15:01   Link #23
ChainLegacy
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Join Date: Feb 2004
Location: Massachusetts, US
Age: 25
It is foreign currency exchange. You attempt to profit off of the international exchange rates and their fluctuations. There's plenty of reading material on the web, google forex or foreign currency exchange, there will probably be some guides.
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Old 2010-03-15, 20:34   Link #24
LynnieS
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Join Date: Mar 2003
Location: China
Forex uses margin as well, I see. If you are not already, be careful of this. While you can leverage yourself up into buying more, that is still the house's money with which you are playing. Aside from the interest you have to pay (can't imagine the house giving people free cash...), if the forex side behaves like the equities one, should your margin account fall under the margin limit, you will get a margin call from your broker. If you don't re-top up your account, they can liquidate your holding(s) without your go-ahead.

From an investor's POV, that's not so good. From a speculator's, even worse. Odds are, you also might not be able to go to the courts should you disagree with something; arbitration is normally mandated by the contract that you signed at the start. That's not always bad, but it's also not the court system with its rules and precedents, IMHO.

Forex is - or was... - pretty hot in Japan these days. There are ads on the trains these days showing happy ex-salarymen using their mobile phones to look up their holdings and so on. Books have been written over the past 1-2 years as well. At the same time, there have been stories of those who heard of the hype, tried it, and lost everything that they put in.

Spoiler for Financial options:
BTW, I do not recommend you getting into options, esp. if you have little money and are in a hurry.

You haven't said why or to whom you will owe the US$4000 in 2 months, and you are not under any pressure to do that - at least, not from me.

Spoiler for Possible actions for thought - no order of preference:
One of these four + buying/reselling goods may be able to get you through this in time. Trading... can be risky, IMHO. Good luck!
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Old 2010-03-15, 21:30   Link #25
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Join Date: Nov 2003
I looked into the foreign currency trading and it seems very complicated, maybe way too complicated for me to deal with in two months. But I haven't taken that off the table just yet. It does seem that penny stock trading is my only option for now. I only know that I need to start reading the wall street journal. What other websites, newspapers, or whatever would you recommend reading? As for why I am in such a situation, please spare me. It doesn't involve gambling or anything illegal, I assure you. Hasn't anyone been in a pinch when something bad just happened and throw you in to a, urr, disaster?
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Old 2010-03-16, 00:49   Link #26
SaintessHeart
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Join Date: Nov 2007
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Quote:
Originally Posted by LynnieS View Post
Spoiler for Financial options:
$500 isn't enough for options trading. You need at least a $2k. Besides, the odds are more speculative rather than technical.

Quote:
Originally Posted by guest View Post
I looked into the foreign currency trading and it seems very complicated, maybe way too complicated for me to deal with in two months. But I haven't taken that off the table just yet. It does seem that penny stock trading is my only option for now. I only know that I need to start reading the wall street journal. What other websites, newspapers, or whatever would you recommend reading? As for why I am in such a situation, please spare me. It doesn't involve gambling or anything illegal, I assure you. Hasn't anyone been in a pinch when something bad just happened and throw you in to a, urr, disaster?
Trading is THAT complicated, no matter what financial instruments. And reading WSJ doesn't help, in this electronic world, those news are already considered dated by hours, and the buyout/sellout already happened a few minutes ago.

When you are doing stock market, the best way is still the Warren Buffett way : fundamental analysis. Learning how to read financial statements the hard way rather than relying on news is so much more reliable. And how are you going to analyse a company's worth with doctored data?

Right now the biggest disaster I have is that I owe a university $10k at a rate of $2k every 2 months. And I don't have a job. But I don't trade penny stocks with the $200 of savings I have left.

Why don't you tell us what is wrong? It isn't easy for us to help when you put forward dumb solutions.
__________________

When three puppygirls named after pastries are on top of each other, it is called Eclair a'la menthe et Biscotti aux fraises avec beaucoup de Ricotta sur le dessus.
Most of all, you have to be disciplined and you have to save, even if you hate our current financial system. Because if you don't save, then you're guaranteed to end up with nothing.

Last edited by SaintessHeart; 2010-03-16 at 01:00.
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Old 2010-03-16, 11:39   Link #27
LynnieS
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Join Date: Mar 2003
Location: China
Quote:
Originally Posted by SaintessHeart View Post
$500 isn't enough for options trading. You need at least a $2k. Besides, the odds are more speculative rather than technical.
I agree with the first. Even with margin, you couldn't do much with just US$500. The minimum required for an account is usually higher. On the 2nd, though, not really. Option valuation, at least, is very much mathematically- and (at least for the big boys) computationally-intensive. The entire "betting" that usually gets done by retail guys is, unfortunately, more speculative - although you could do a technical analysis on the underlier side to see if you can get a feel for *TM decision.

I'm not a licensed financial advisor, though, and even if I am one, I would not give any advice of this nature without first speaking to him to know his risk profile and tolerances. It's just too risky, IMHO, but I'm going off-topic here, so will stop now.

Quote:
Originally Posted by SaintessHeart View Post
Trading is THAT complicated, no matter what financial instruments. And reading WSJ doesn't help, in this electronic world, those news are already considered dated by hours, and the buyout/sellout already happened a few minutes ago.
The WSJ isn't really geared toward investors, IMHO. I used to like Value Line, but the company had a rather nasty legal problem recently; I don't think that it affected the research side, but it got a bit tainted for my taste. There is also Investor's Business Daily to which I used to subscribe 6+ years ago; things, I'm sure, have changed since then.

guest, try taking a look at your local library to see if it has more resources that it can recommend; there are also lots of books in any large bookstore in the U.S., but reading - let alone understanding - them will take a lot of time. If you know accounting or can pick up how to analyze financial statements, the SEC's EDGAR database (lots of documents available on-line) can be of help if you are looking at U.S.-based companies.

Quote:
Originally Posted by SaintessHeart View Post
Right now the biggest disaster I have is that I owe a university $10k at a rate of $2k every 2 months. And I don't have a job. But I don't trade penny stocks with the $200 of savings I have left.

Why don't you tell us what is wrong? It isn't easy for us to help when you put forward dumb solutions.
I agree with SaintessHeart in the sentiment - that if all you have is just US$500 for "mad money" that you don't actually need for an emergency, trading anything - let alone penny stocks - is really not a good idea. I'm not sure if any of the 4 suggestions I gave earlier is good for your situation - not to mention mg1942's as well - but if possible, do try and renegotiate your upcoming debt as one possible try.
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"If ignorance is bliss, then why aren't more people happy?" -- Misc.

Currently listening: Nadda
Currently reading: Procrastination for the win!
Currently playing: "Quest of D", "Border Break" and "Gundam Senjou no Kizuna".
Waiting for: "Shining Force Cross"!
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