/biz/ - Business & Finance

[Anonymous No.29882475]

Can you actually make it as a poorfag? I come from poverty. I'm considering getting into this shit to try and afford a house, and some basic financial security at some point. I've been playing with crypto for two months and tripled my shitty little 1000 dollar investment. Getting a house or anything close requires extremely consistent luck.

I know three people throughout my life who were investors. They weren't hardcore, born and raised, investors, they all fucking came from money they could afford to lose. They were all around 18-22 when they decided to do it, one actually doubled his money, the other two lost tens of thousands of dollars and still could have afforded the type of house I dream of one day with what their parents gave to them. All three of them could live more comfortably than I dream of, but hope to be billionaires one day. One of them posted on snapchat once "my mom inherited five million in 2008 and considered investing in apple but didn't, that'd be worth so much now" as if it was a relatable problem.

All three of these guys just fucking lost money and were still completely fine. I've worked 6 months saving every cent for 15k and would be risking everything investing it. It feels fucking hopeless. I just want a comfy life, and it fucking sucks seeing people who have that as a given deciding, "might as well try and be a multibillionaire, no harm if I lose my investment"

I've also contacted all of them about their investing experience and advice, my 500 dollars has had way fucking more success than theirs in terms if return (they bought mostly hype shit and tried swinging) yet I had nowhere near enough to make it. I'm priced out of any amount of success.

[Anonymous No.29882695]

>>29882475
If you tripled a your stack 4 more times you're up to a quarter of a million dollars. and if you did that in 2 months you could be there by the end of the year. stop whining stop comparing yourself to others and focus on what you did to triple it the first time.

[Anonymous No.29882971]

>>29882695
I just feel hopeless
>dude buy LINK
>bought it at 15 and sold when it was crabbing around 23
>traded it for GRT at .40 and sold it for .80 right before it mooned to almost 3 dollars
>bought a little doge because the hype was insane
>sold it at a x2
Made x3, but it was all an extreme amount of luck. Literally everyone would be a billionaire if you could just learn this shit by the book. One fuck up and I'm done. It fucking sucks being on the edge of failure.

[Anonymous No.29883219]

>>29882971
Big returns require patience. If you feel that one fuck up will ruin you, it means your portfolio is too risky. It doesn't sound like your income is too high so you absolutely want to avoid limiting your losses.
Also, even if you land a house and some basic financial security, it only slightly mitigates the existential dread. Money is a palliative, not a cure

[Anonymous No.29883254]

>>29883219
want to limit your losses*

[Anonymous No.29883327]

>>29883254
What do you think are some good coins for long term hold?

[Anonymous No.29883349]

>>29882475
huge gains are made over bull runs anon. you should have secure long holds like btc, ltc, or monero etc justso that you can always have something in case you fuck up that rises dramatically when a bull run happens.
be patient, remember that 'get rich quick' is lowkey a scam and 'accumulating wealth over time' is real.
its only been like 2 months and youre doing great desu :^).

[Anonymous No.29883405]

>>29882475
i can relate to your pain. i send you my good energy. you will make it

[Anonymous No.29883507]

>>29883219
>>29883254
Like I said, poorfag from an impoverished family, 3k was my start, I'm scratching 10k. Its fucking depressing that my hopes of getting a decent house at some point require either astronomical amounts of luck, or 10 years of working without spending anything along with holding safe investments. Meanwhile I've met people my age who are aiming to be worth 10+ million and won't be hurting if they lose what they've been given to invest.

[Anonymous No.29883624]

>>29883327
No fucking clue. I was more into stocks, just started learning about crypto a month ago and still feel like I know very little. I was one of those idiots who thought it was a passing trend but I have to admit I was wrong.

[Anonymous No.29883917]

>>29883507
There are also people your age who are 6 figures in debt and will never escape it

[Anonymous No.29883962]

>>29883624
Like I mentioned earlier, I started out with Crypto and feel like a fucking idiot for the points I sold at, but its better than nothing I guess. I guess my main goal was just realizing profit, but I had a x5 with GRT but sold it at a x2. Missed opportunities are obviously a part of the investing world, but I won't get anywhere on these small ass doubles and triples.

[Anonymous No.29884069]

>>29882475
If you tripled your stack in two months, you should be fine. Just remember to never put in more than your willing to lose, the market is designed to ruin people like you, be afraid when others are greedy, be greedy when others are afraid, and ygmi.

[Anonymous No.29884166]

>>29883917
Fair point. I don't even want extravagant riches, my goal is literally just a good home to raise a family. Boomers literally fucking destroyed this. I hate Biden but I hate Trump even worse for coming from a bloodline of land leeches. Investing is one thing, but within the last 100 years societies around the world have been destroyed by people of some level of means treating land and property as an investment. A side hustle for one diabetic 60 year old is a home gone for a young family. It makes me fucking seethe.

[Anonymous No.29884183]

>>29883962
Don't scoff at a 2x, it's still a win and that shit compounds. No one times their exit perfectly without extreme luck or insider information. You're gonna be fine, already miles ahead of the vast majority of poorfags

[Anonymous No.29884204]

>>29882475
Congrats, you just realized money make money.
People with money can buy stacks of every shitcoin and make it when few of them moon. You have one try and if you fail - you are dead.

[Anonymous No.29884306]

>>29882971
Well if you keep going balls deep on every investment you are either going to be a billionaire in a month or back to your wagie cagie in a week.
You did well even tho it was in a bullish market, now lets see you pulling that shit during a correction or downfall times.

[Anonymous No.29884327]

>>29884183
My x2 is the margin everyone I wish I could be could lose without stress. It feels fucking impossible to break out of my class level. I'm poor yet I've invested almost everything the last few months, and I'm realizing I'll get slightly ahead at most.

[Anonymous No.29884373]

>>29882475
My advice is to do whatever it takes to increase your income first before investing.
By “whatever it takes”, i mean literally whatever the fuck it takes. The system is rigged against you completely, but you dont have to play by its rules - remember that.

[Anonymous No.29884374]

>>29884069
>muh buy low sell high
According to you, now is the perfect time to go full retard on btc, because people are afraid of 7 days red.
Then you will rope yourself when it hits 30k.

[Anonymous No.29884418]

>>29884069
>Just remember to never put in more than your willing to lose,

I hate this fucking saying.
If you are investing something you are ok with losing then you wont make meaningful gains.
You have to roll the fucking dice or you will stay poor forever.

[Anonymous No.29884465]

>>29882475
I started with less than you and we're on even ground.
Shit don't happen overnight, keep doing what you are doing and you'll be at your goal within a year or two.

[Anonymous No.29884535]

>>29884166

[Anonymous No.29884851]

35yo poverty here. i was seriously down to my last $100 last month. i had lost hope ever making it and started applying for any shit job that was making $10+. when the GME shit was hitting the news and RH started blocking buys, i knew the antsy normies couldn't stand having unspent funds in their account and that they'd gravitate towards some meme shit instead. i went all in on doge at .12, made $750+ overnight. awesome, i can live another month without working but i still not enough to make it long term.
two weeks later, i woke up hungover and laid in bed looking at my phone. saw a shitload of single moms on facebook screaming about Mcdonalds pokemon cards. i immediately drove to every mickys in the area and made $500 profit by the next day. still selling them now, just had my best day today and im up like 15k+ since i started. and i still have 90% of the cards left to sell. markets prob gonna crash hard by the time im out of cards, then i'll pick up a ton of cheap coins and hold till the next cycle.
i actually think im going to make it.

[Anonymous No.29884960]

>>29882475
If you want to make it as a poorfag get a job and live cheaply, put 60% of your paycheck into coins that'll appreciate over time
>(IE: no vaporware that'll dissapear overnight, read: shitcoins)
>20% in high risk low marketcap coins
>once you accumulate $20-30k consolidate 60% of your wealth into 1 promising blue chip coin and invest the rest in 3-5x moonshot lowcaps until you make it

you wont do any of this though so fuck ya anon

[Anonymous No.29885005]

>>29884851
good shit if this is true

[Anonymous No.29885081]

>>29882475
You definitely wont make it if you dont invest

[Anonymous No.29885105]

>>29884851
literally based af anon keep up the hustle YAGMI

[Anonymous No.29885165]

>>29884374
Never said to go all in on BTC. Doing that is retarded.

>>29884418
Sorry dude, but unless you're a 200+ IQ super-genius, which (you) and I are not, that will not work in 99.999% of cases. Sure, you might get lucky. But what happens if you don't? You lose everything. If you want to become filthy rich, you need a basis of wealth to bounce off of. If you're like OP, and you only want to live below your means, then there is no point in not playing the long-game. Buffet warned people about this very recently, and you will likely regret taking his advice. For if you don't, you are bound to be just another blade of grass in the pink fields, and soon after, the mower will cut you down.
>history doesn't repeat
>people do

[Anonymous No.29885175]

>>29882475
you could just put it in dhedge and watch the APY beat whatever trading your friends do too.
They have real managers getting great returns these days.
no sense in risking it and becoming a pinker wojack because it just isn't a good look, sir

[Anonymous No.29885275]

>>29884851
Well played anon, VERY well played. I hope to read about you in an editorial in a decade or two. YAGMI.

[Anonymous No.29885358]

>>29882475
Currently at 17k from 2k in less than two months. Don't give up negro.

[Anonymous No.29885359]

>>29883405
wholesome

[Anonymous No.29885453]

>>29882475
You have to learn to trade options and you will have to take big risks with your account. If you play your cards right, you will make it.

[Anonymous No.29885657]

>>29885453
>You have to learn to trade options

>options are the only way to make it

get a lot of this guy who doesn't know you can trade crypto with leverage

[Anonymous No.29885706]

>>29882475
>>29882971
Anon SLOW DOWN.

Best advice? Especially if unlucky? You have a great approach. Be very not greedy when getting into trading anything. 3x on your money is AMAZING despite fuck ups.

I'll use my example:
I could be up $3-4k on stonks right now, but because of greed and not taking the profit that was in front of me:
Lost $1.5k on GME pump and dump
Lost $1k on CLF options that decayed fast
Lost even more on options.
Lost on a penny stock trying to get the last 20% before selling.
Jumped into ideas shilled here faster than ideas I researched and came up with myself.

Please, don't be me. I'm right more often than I'm wrong, but I'm so shit at execution, I'm still at home base with my starting capital.

[aldo No.29885734]

Holy fk what are you all yammering on
Wanna see real income? Don’t believe this stubid scammers
they try to show you trash spamming on /biz/
>my advice = take a look at YVS Finance! That’s real yield farming GEM!

[Anonymous No.29885886]

> >2 98 85 73 4
>ESL reply
This is totally organic and real

[Anonymous No.29885932]

>>29885657
Leverage is leverage. If you know you will be right 50% of the time, you want more than 1:1 leverage

[Anonymous No.29886037]

>>29884327
Just follow MMcrypto on yt and go 25x leverage long when btc is 39k or below. This bull run Is not over.

[Anonymous No.29886099]

>>29885734
this bot is always structured the same:
>holy fuck what are you X
>wanna see Y?
>they try to show you trash on /biz/
>go into Z
it's downright eerie

[Anonymous No.29886132]

>>29886099
Lol i made a thread just saying "I'm, gonna kill myself"

Sat empty for like 30 minutes till a bot came in "Now is a good time to buy MCDC" I actually laughed.

[Anonymous No.29886184]

>>29886132
well, suicide does go hand in hand with buying MCDC kek

[Anonymous No.29886240]

>>29882971
>One fuck up and I'm done
Manage risk
Or just hold long enough, link, grt, and so on, theyre not noname projects
I turned 650$ to 200k$ betting on absolute dogshit

[Anonymous No.29887005]

>>29886240
>grt
Dev team has been fudding the ever-loving shit out of their own coin lately. Talking about intentionally devaluing HODLer coins n shiet. The tech is beautiful and game-changing but every time I listen to one of them talk or read any of their posts I get a sick feeling in my stomach. Their PR bitch makes my skin crawl too and goes out of her way to talk about her "struggle" every time she's put in front of a camera. I'm not dumping my bags any time soon, but let's just say I have ultra-sensitive alerts for GRT and their dev team on my phone.

[Anonymous No.29887575]

>>29885453
We can't do options in the UK were stuck with normal stock trade if CFD margin trading which sucks even more

>>29884418
Same here anon this pisses me off like mad, no I'm not comfortable to lose what I have in But I can either take it out, maybe buy a new computer, pay off 1/10 of my house mortgage then spent another 40 years paying the fucking rest off, having what I have in now while afraid to lose is the ONLY fucking possible way of being able to pay it off within the next couple of years and live a "comfy" paid off house life even if not a millionaire

[Anonymous No.29888614]

>>29884418
>>29887575
"Never invest more than you're willing to lose" is just bankroll management translated to retards.
Say you can consistently find an edge in the market as follows(not actual numbers just example):
>60% of the time you make a profit
>30% of the time you lose money
>10% of the time you get wiped out

Do you want to be able to keep playing this edge for the next 40 years or do you want to eventually end up on the shit side of a trade and lose 15 years of progress?

[Anonymous No.29888766]

>>29888614
this is a fundamental principle found in every poker book, too

[Anonymous No.29888820]

>>29888614
>10% of the time you get wiped out
What. No.
Do you even Kelly Criterion?

[Anonymous No.29888945]

>>29888614
>>29888820
Yeah, disregard that, I just woke up and I'm still retarded.

[Anonymous No.29888956]

>>29887005
is that a aoe meme...