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Forex Trading For Boston Millennials: Profitable Tips And Strategies – American Express saw its profit and revenue rise in the second quarter, but the credit card issuer and global payments company’s shares slipped before the market opened as it set aside some money for potential payment defaults.
FILE – An American Express sign hangs on a door in Boston’s Seaport District, Wednesday, July 21, 2021. American Express’s earnings were reported Friday. (AP Photo/Steven Senne, File)
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American Express saw its profit and revenue rise in the second quarter and credit card use was on the rise, but the company’s stock fell in premarket trading as it set aside some money for potential defaults.
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The card issuer earned $2.17 billion, or $2.89 per share, up from $2.80 per share, according to analysts polled by Zacks Investment Research. A year ago the company earned $1.96 billion, or $2.57 per share.
Total loan loss provisions totaled $1.2 billion. Last year it was $410 million, the New York-based company said, citing higher write-downs and a $327 million reserve, compared with a $58 million reserve in the previous year. last year.
Income, net of interest, rose to $15.05 billion from $13.4 billion, mainly due to higher loan volume and higher card member spending. This is Wall Street’s short estimate of $15.42 billion.
Cardmember spending grew 8%, on a constant currency basis, resulting in double-digit growth in U.S. cardmember spending. People continued to spend on travel and entertainment, with the group up 14% in the quarter.
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Millennial and Gen Z consumers account for over 60% of new accounts worldwide. Their number has increased by 21% in the United States from a year ago.
The Commerce Department reported this week that retail sales rose 0.2% from May to June. Economists on Tuesday focused on data excluding convertibles, gas, construction materials and food services, which rose 0.6% in June. This figure of 0.6% is used to help estimate overall US economic growth, and was a good showing in June.
American Express Co. maintained its full-year forecast for earnings of $11 to $11.40 per share and revenue growth of 15% to 17%. Online trading services attract novice investors willing to risk everything on stocks lightweight. Do they really know what they are doing?
N oor was whispering so her boyfriend wouldn’t hear her. The 30-something designer from London is down around £14,000 as a result of her investment decision, in addition to an £8,000 profit she made on bitcoin last year, only to lose. No one knows the extent of Noor’s loss – so heartbreaking. “I feel so stupid,” she said. “I can’t talk about it with my friends, I can’t talk about it with my boyfriend.” Noor is not her name.
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It started in November 2020, at the same time as the US presidential election. “People are expecting Trump to win again,” she said, “and it’s a weird time, because it’s in the middle of the pandemic, and it looks like this financial moment could happen.”
She started reading about cryptocurrencies online, and the more she read, the more ads for trading platforms appeared on her social media feed. Because of Covid, Noor didn’t spend much during the year. So she bought £10,000 of the cryptocurrency bitcoin online, which turned into £18,700 within weeks. “I’ve never invested,” she said.
She sleeps with her phone under her pillow and wakes up during the night to check her bitcoin activity. (Unlike listed stocks, bitcoin can be traded 24 hours a day.) “It’s cooking my brain,” she says. “I’ll check it often.” What she talked about with her boyfriend was how her investment was going. “I’d tell him, ‘Look, I’ve only got £400 a day,'”
She said. Noor began imagining a future where she would never need a mortgage, where she would invest her way to extreme wealth.
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Filled with success, she withdrew her money from bitcoin, downloaded the Trading 212 trading app, and started investing in other cryptocurrencies and stocks: Ripple, cryptocurrency and platform; companies investing in the legal cannabis industry; psilocybin research indications; Beyond Meat, makers of meat substitutes; BioNTech, a German biotechnology company; businesses developing genetic engineering and psychedelic drugs; with gold and silver.
Noor would wake up and watch FX Evolution’s YouTube channel, where an Australian trader wearing a headset talks through stock trading for hours on end, while would-be investors business and desire to negotiate in the comments. She joined an investment group on the private messenger app Discord. “It’s a social thing,” Noor said. “Being in this group was the highlight of my day.” She frequents the Reddit forum WallStreetBets, which offers tips (and in January boosted the stock price of GameStop, the brick-and-mortar video game chain), and spends more time on Twitter, which has a large al The community has invested. So far, all of her articles have been about cryptocurrencies and stocks.
People are talking about their crypto wallet. I ask: What does this coin do? They said: We do not know. It was very well done
She learned the movement language of the online “meme stock”, a community of investors who collaborate on social media platforms to discuss their options while exchanging memes: “to the moon”, and the rocket emoji , means the stock will go up. ; “Diamond holding” refers to the continued holding of shares despite market volatility; while “tendies” are the profits from investments. “I started talking like a monkey,” she said. (“Monkey” is internet news for a fancy investor.) She can’t read a book, because she has to check her file every half hour. “My right hand was cold from touching my phone,” she said. “My boyfriend calls him my Wall Street arm.”
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Very quickly everything started to fall apart. First Ripple fell, then in February Noor got into GameStop mania too late, and lost more money. “It was the worst time,” she said. “I can’t eat. I’m always looking at my phone.” She spends a lot of time online looking for stock tips as a way to recover some of her lost money, or to buy what other people are investing in popular trading apps. Now, she stopped bragging about her investment to her boyfriend – she was too embarrassed.
Part of the problem is that Noor is not an investor. “I have no patience, and this is a disaster,” she said. The main issue is that she has no idea what she is doing. Although she can use financial jargon well, she doesn’t really understand what it means: she’s watched the movie The Big Short, but she can’t explain what shorting is. She buys a stock based on the mood of the internet, or how she feels that day.
As we speak, Noor has lost her first £10,000, £8,000 on bitcoin, and another £5,000 on that. Does she see this as speculation, or an investment? After a pause, she finally said: “I think it’s like gambling.” And yet Noor still thinks she can hack her way out. “Now I think I can invest,” she said, “but I don’t know. It cost me a lot of money. I mean, if I can come back, maybe I can find a good place to go out.”
She made a painful sound, and she instantly knew she was blind. She sounded, in other words, like a roulette player on a losing streak.
The Mecklenburg Times April 11, 2023 By Sc Biz News
It was the year that ordinary people discovered financial markets. Through a combination of foreclosure-induced ennui, a generous economic stimulus package (on social media, memes refer to the investment of “your check”) and GameStop’s management, no Never have the funds of a person who wants to make a profit in the stock market, or such an interest. in arcane and hard money jargon. If it sounds like everyone is talking about stock options and crypto wallets, it’s because they are. And at the forefront of this new, online investing community are youth, women and minority groups.
A recent report by the Financial Conduct Authority found that women, under-40s, and people from black, Asian and ethnic minorities are leading the DIY movement, investing in high-risk ventures. such as cryptocurrencies, foreign exchange (forex) trading. , and contracts for difference (CFD), a type of investment where people bet on whether a security will go up or down between the opening and closing of the day’s trade. (Contracts for differences are prohibited under US securities laws. Noor made a mess of CFD trading, as she got involved in everything.)
These new investors, the report found, used social media for advice, were impulsive, invested for short-term pleasure rather than long-term profit, and often did not understand risk. The regulator is so concerned about the entry of these investors into the cryptocurrency market that it issued a warning in January of this year, telling people that if they invest in cryptocurrencies,
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