So my step-son (maybe 23 I think) is an impatient sole. Put him in the backyard to work, gets it done FAST but may break a hoe, shovel, and/or rake in the process. No way in hell will I let him change the oil in any of my cars for nearly the same reason - something will get broken or stripped.

You get the idea.

So this kid, being on C-19 house arrest, takes $100 to play penny stocks beginning mid-May. (His mother and I matched the $100.)

As of the closing bell today, the kid has turned his $200 into $20,000!!!

He has nearly 50,000 shares in a company which is soon to get into a buy-out war between Microsoft, Apple, and Tesla with some estimates being the stock to be bought for between $15 and $20 per. He bought his shares for an average cost of $0.10 each.

This kid is up at 2:00am west coast time and not finished "working" until 5:00pm.

It is really good to hear the conversations between him and his mom (they talk daily for at least three hours before, during, and after the bell).

This message has been edited. Last edited by: LS1 GTO, July 17, 2020 04:29 PM

Wow impressive. Past performance is not an indication of future returns

quote:

Originally posted by SigLaw:
Wow impressive. Past performance is not an indication of future returns

True, but it looks like he will have about 6.5 million to cushion his future mistakes.

quote:

Originally posted by Loswsmith:

quote:

Originally posted by SigLaw:
Wow impressive. Past performance is not an indication of future returns

True, but it looks like he will have about 6.5 million to cushion his future mistakes.

one of the reasons my math sucks and I'm poor, 50,000 x 20 per share how does that end up being 6.5 million ?

Don't forget to mention Uncle Sam will want his cut in taxes...

quote:

Originally posted by Loswsmith:

quote:

Originally posted by SigLaw:
Wow impressive. Past performance is not an indication of future returns

True, but it looks like he will have about 6.5 million to cushion his future mistakes.

He's limiting expectations to 10% per week. Needless to say, he's been exceeding it.

All this kid does is research, reading annual and quarterly reports, listening into share holders' meetings, and following what's being traded.

I think I should buy him a new computer to stay on his good side. (He wants to buy two sections of land where we can all live and hunt on.)

BTW - the company name is MicroVision.

At 23 he is not a kid. Hope he does not live at home. Talks with his mom for 3 hours a day?
At 23 I would not be "put" in the back yard to do anything.

quote:

Originally posted by old rugged cross:
At 23 he is not a kid. Hope he does not live at home. Talks with his mom for 3 hours a day?
At 23 I would not be "put" in the back yard to do anything.

My wife is doing the same as a summer hobby. She's up about $800.

He has been living up in the central valley the last three years, was falling into the wrong crowd here in San Diego.

Sounds like a recipe for disaster but I wish him well.

Sorry to sound harsh LS1.

It is a different world these days, and not a good one in a lot of ways.

These young adults being groomed to rely on a parent or parents for the duration drives me nuts.
And ruins their own lives.

I could not imagine relying on my parents once I turned 18. Or at least finishing a four year college at or about at 22.

It is just a foreign concept to my generation.

Now it seems pretty normal unfortunately. What a disaster it is.

I hope the forum member who was a commodites trader makes a commment.

The amount of money he has made thus far is similar to winning a large casino jackpot. Starting out with a big win tends to lead to future negative results. Nevertheless, I wish him luck.

quote:

Originally posted by old rugged cross:
Sorry to sound harsh LS1.

It is a different world these days, and not a good one in a lot of ways.

These young adults being groomed to rely on a parent or parents for the duration drives me nuts.
And ruins their own lives.

I could not imagine relying on my parents once I turned 18. Or at least finishing a four year college at or about at 22.

It is just a foreign concept to my generation.

Now it seems pretty normal unfortunately. What a disaster it is.

Oh no, not at all. The two talk because he so excited about what he's learning and my wife; she's being a great mom just listening (even though she understands less than half of what he says.

And for me, i do not get trading. At all.

His attitude is pretty great actually. He knows her could lose everything overnight but also knows if that happens, he only lost $200.

[/QUOTE]All this kid does is research, reading annual and quarterly reports, listening into share holders' meetings, and following what's being traded.[/QUOTE]

This is great. Not enough people his age understand or have any interest in the markets.

quote:

Originally posted by RHINOWSO:
Don't forget to mention Uncle Sam will want his cut in taxes...

There are no capital gains taxes if you're in the bottom 2 tax brackets, so unless he has another job, I don't think he has to pay any taxes on the gains.

But it's terrific that he's doing so well in the market and found something productive that he really likes.

Jimmy, please stop.

Favorable capital gains rates apply to long term gains. His gains are short term and ordinary income tax rates apply.

Very cool, I wish I understood the markets and how all of it works. sometimes all it takes is some positive results to give them a drive to go after more.

That’s awesome! I just started dabbling in May. I’m up, but not even close to that! Microvision, you say?
Congrats to him. I don’t have those nerxpves, I’d have pulled it by now if I was up that much.

What other stocks is he looking at?

quote:

Originally posted by Aeteocles:
What other stocks is he looking at?

Nano tech?

Microvision was around $1.80 yesterday morning. Today they opened at something like $2.38 (wife tries to tell me an hours before I [want to] wake up - not pretty but I tolerate it)