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For some perspective. My uncle (retired from the Air Force) got into stocks in 1998. He did not tell my aunt until around 2002. He lost around 200K of their ret
by johnpowell 9y ago
For some perspective. My uncle (retired from the Air Force) got into stocks in 1998. He did not tell my aunt until around 2002. He lost around 200K of their retirement because he was unwilling to accept loss. He is still at it and has moved on to day-trading and is doing just as bad. It is a addiction and he does not use Robinhood.
I was living with my sisters kid and set him up with a Robinhood account and stuck a few hundred in it. I explained things a bit and he was still sure he could time the market just with SPY and QQQ. He could not. I guess it is good people have a playground to learn that they really don't know what they are doing before they become my uncle.
- sf_rob 9y agoWhile it may be helpful to make the stakes real for your nephew, there are fake/paper trading accounts available at many brokerages.
- selectodude 9y agoPaper trading is like playing poker without money. You’re still going to take risks you wouldn’t otherwise because there’s no pain.
- johnpowell 9y agoI used them for a bit. Perhaps I am weak but I took my paper losses as a mistake and my gains as my prowess. And I don't like to think I made the wrong decision. So we can go from there into how people make horrible decisions.