Newbie investors: 'I didn't know I'd lose money so fast'
Stuck at home without a job during the pandemic, Kelly Mills initially turned to video games for escape. Then she decided to try her hand at a real world game: the stock market.
Like Ms Mills, millions of new investors in the US have piled into stocks in recent months, enabled by a dramatic crash in share prices in March, online brokerages offering low or no fees, and pandemic payments from the government.Online brokers - Charles Schwab, TD Ameritrade, Etrade and Robinhood - together saw more than 4.5 million new accounts in the first three months of the year, with many opened at the height of market fears in March.
While some investors are dabbling in penny stocks, many are investing in well-known consumer names such as Amazon and airlines, which are likely to rise as the economic recovery gains traction, says Nick Colas, co-founder of DataTrek Research. The worry isn't so much for people like Ms Mills, who are looking for a pandemic pastime. It's for the people who may invest so much that they end up losing everything.
"I started off with €100. I felt super-confident watching the ticker as stocks and shares were going up and down," he said.
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