Suggestion About Your Picks
I see A LOT of people on here post their stock picks, VERY diversified.. with like 10+ stocks, which normally wouldn't be terrible... but i see a lot of people with only hundreds of dollars in each one.
I get it, you want exposure and are clearly new to investing... but with the amount you put into each, you're exposed to lot of risk of having losers which will lower your average gains.
If you do A LOT of research and consolidate into 3 or 4 stocks that you're very confident in, you'll multiply your money quicker.
I started with 7 stocks, consolidated into 5, and recently consolidated to 3 stocks (the ones I believe in the most) and I've officially doubled my money earlier this week.
I even took a hit on the ones I was losing on..
EXAMPLE:
You have $500 in 10 stocks ($5000)
To double your money - the $5000 - you would need to have a 100% gain on ALL 10 stocks, or 130% gain on one stock and a 70% gain on another... so on and so forth.
If you put $2000 into a stock and it goes up 100% - you now have $4000. If you only had $500, we'll you guessed it.. you now have $1000 after that 100% gain... but that 100% gain was almost a waste when you had another $1500 you could've put into it to start with.
You're not doing yourself any favors owning a ton of stocks.. it's actually working against you.
Instead of 10 stocks, pick 3 or 4 and one ETF you contribute to regularly.
It really is all dependent on how much capital you have to invest! If you have 100 - 200k, picking 10 stocks is okay... but those with limited capital - try focusing on only a few so you can grow that capital quicker AND THEN buy more as you gain more.