My friend and i are pooling money between guys in our school. so far guys have pledged a grand total of $10,000. my friend says that by day trading copper or silver and selling for a 10 cent profit per share, over the period of a year and a half, our $10,000 will increase to over $100,000. we do have the ability to trade commission free but we do have to pay some sort of note (im not sure what, but is around $30 per sell) but even with this advantage, my friends predictions seem way too optimistic. we would be making these kinds of trades in the ballpark of 5-10 times a week for about a year and a half. what are the problems with this get rich quick scheme? it seems too good to be true for how simple he describes it. i havent been able to argue with him b/c i dont know enough yet. please explain the risks and what we need to do to make this work so this doesnt blow up in our faces. thanks
Short answer: you will lose all or most of your money.
Longer answer: The market, any market, always moves hard against you to take your money at the most inconvenient time. Paying a $30 "note" is much more than a commission which can be as low as $1. Gold trading is available to the whole world which means a:why ain't everbody rich? and b:can you outguess the swiss bankers, not to mention NYC?
Longer answer: The market, any market, always moves hard against you to take your money at the most inconvenient time. Paying a $30 "note" is much more than a commission which can be as low as $1. Gold trading is available to the whole world which means a:why ain't everbody rich? and b:can you outguess the swiss bankers, not to mention NYC?
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