use a normal trading account to grow your account a little bit then take some of your profits out ever year to put into a roth IRA account to help with your income tax and trade with two accounts so you'll be set for retirement and have a normal account for your personal spending
roth you can pull the principle back out with no penalty. it only "locks up" your gains. if it's self directed it's not any riskier/safer at all. it's literally a question of do you want to pay taxes or not. you're allowed to not pay on 5500 a year by putting it in a roth. once you reach the 5500 cap, then you start put the rest in a cash account. but if you are under the 5500 cap, it's a no brainer. roth 100%.
Have your personal investments in Roth trade in regular.
Based on your age, I would stick with the trading account and focus on saving up money. Just work and create a plan to save up money. Don't worry about taxes. Don't use retirement accounts for trading but more for long term investments. Realize the Roth IRA has a 5 year rule in order to qualify distributions.. 5 Roth IRA Withdrawal Rules You Need to Know http://www.rothira.com/roth-ira-withdrawal-rules
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Tim Sykes videos are so good they helped me a ton. He is no bullshit straight up tell you like it is teacher. I am from NYC so I appreciate this approach.
@robbysurfs thanks youre the second person whos told me so im gonna start watching all the video lessons. at first ive been puttin all my time into dvd's
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@timothysykes im not trying to teach others Tim, just sharing my journey, ups and downs! I know I still have a long way to go
@sebastrades sharing your journey takes time away from when you should be studying, you can easily still just post on Profitly and share that way, I see too many students trying to do too much, focus on learning to make $
@timothysykes I appreciate the feedback!I spend 4-6 hours a day studying on top of a busy schedule, so I agree with what you're saying, but I wanna test the waters and see how it goes, plus sharing my trades with people might help me make better trades(if that makes any sense) #nodaysoff
Have to agree with Tim - if youre time is limited this can easily take focus of your studying =)
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Promoters are dead at the moment, I believe.
We need to find our own. Even with a promoter they just send out a watchlist a little late. Then we buy at thend and are left holding the bag.
Just find new stock setups on a scanner
@Bryan3121 thanks!
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thoughts on NVCR if it falls below 10?
probably $9.50 to start with. It has a large short position so you would need to be cautious
holding 10s well im considering entering a long position
maybe a better dip buy in the 9.50s if 10 doesnt hold
I have several videos on how to use TOS for scanning on my website here: http://www.thepennystockquest.com
@Palmer has an excellent ABCD scan for TOS. I've found several mid-morning & afternoon setups using it. I'm going to try the "Bullish Trend Scan", and may tweak each one to search for those stocks with high relative volume at the open, as well as ones that do not fall below VWAP for an extended period of time.
I use finviz.com, it's free and easy to use. You can check out tutorials online on youtube on how to use it but it's pretty straight forward. I don't remember excatly where but on Tim's website there is an article on pennystocking and there's a small list of presets he talks about you can use.
Oh and it only screens NASDAQ, NYSE, AMEX. It doesn't screen Over the counter Stocks. Just set Exchange you want, volume, , market cap and price under 10$. then click on charts and that should get you started. this is only the basics basics but I'm sure you can figure out the rest. Have a good one
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