Hi! Iām completely new to all of this - a few of my friends and I basically downloaded the app to see what we can all do with a Ā£10 top up in a month. No more adding money or anything just a friendly wager. Give me your top tips to increase it as much as I can!
Welcome and good luck with the bet!
I know itās just a small bet, but be careful of peoples advice⦠usually the ones people suggest on forums are the ponzi scheme shares that are about to crash when they run out of suckers to buy!
the best tip I can think of is for you to read a few books on the subject of investing
Search on this forum āJohn Thomas Investing Insightsā and scroll to the most recent comment to see which sector/stock is looking good in the current environment.
This is not at all advice in any way shape or form what-so-ever His insights are highly relevant which may give you a better idea for your friendly wager
(I wish you asked this same question in March 2020)
Investing shouldnāt be seen as a wager⦠You should consider investing for your long term future it will be much more fun aiming to be an isa millionaire than getting your Ā£10 to Ā£12.
If youāre investing with such small amounts and for short term, you probably want to be primarily using a UK ETF tracker with a low per-share price (e.g. ISF shares are Ā£6.75 at the moment, but theyāve just gone up a lot in the last week, so expect them to come down) because then you can avoid FX fees (0.45% each way) and UK stamp duty (0.5% buying).
And then use up the remainder with US stocks because you can buy fractional shares to use up all the remainder (remember thereās a minimum Ā£2 buy or sell, so make sure you have enough shares that even if they lose value you still have more than Ā£2 so you can sell them).
But I agree with the others - if your bet is only short term, itās hard to predict what to do and itās close to gambling. If youāre all doing Ā£10 a month and then comparing after a year, going for a tracker seems like a good strategy.
If youāre prepared to put in some more effort, you can look at some of the volatile US stocks, some of them have big swings within a day.
If you are looking for some ideas, check out the āFreetrade Baggersā list.
Matt
3 letters for you: GME
Oh noā¦
Who won the bet and how did they do it?
If I had 1 month to make money, I would probably put it on an earnings play.