Andrew Wallace: Man of Money


William Polk, Staff Writer

Andrew Wallace, 12, Is an 18 year old who loves to find ways to invest and make money by working by himself. After watching a youtube video about day-trading, he decided to research it and see where it went. He learned that it could “utilize money you already have that would normally be sitting in a bank account…grow[ing] that money while you’re doing whatever else.” Wallace then decided to invest a bit of his money into it while doing much more research, gaining tons of cash, and growing his own little pot of money. 


      Andrew doesn’t just Day-trade anymore. As time has gone by, Andrew has moved into swing-trading, the difference he says being “…the time period you hold onto stock” A day-trade is “buying and selling intraday,” while swing trading is “…holding it over at least a day or longer…” He made this switch to swing trading after realizing that it “…fit his personal lifestyle more.” and a feeling of more control. “Swing trading allows me to sit down, look at the data…instead of [the] heat of the moment decisions day trading entails.” 


     At this point, Andrew makes about 10% profits every month, and suggests different things to beginners, one thing being “…Don’t start with real money.” As he says you should start with a Paper Trading that can train you for the strategies you will need to learn to trade, but also to be ready to work past emotional trading when you have a lot of money on the line. Wallace then explains what a brokerage is, “Basically, it’s what connects you to buying the stocks…a middle man for getting your money to a company. I [currently] use E-Trade. It’s a really nice interface [with] good customer service. It’s good for beginners because if you have any questions, you’re playing them, they definitely help a lot.” When asked if he would encourage someone that was on the fence about day-trading, he conceded that “If you aren’t sure about committing to it, I would say don’t do it. You don’t ever want to trade with more money than you would be fine with losing…I would recommend people start out with less than thirty percent of the money that they have.” But, Wallace later continued, “If they were sure that they really wanted to do this and they were gonna put in the time and effort…I think it’s a great idea..and if you do a lot of research you can really succeed in it.”


     When asked about his favorite part of trading, Wallace stated. “…originally, it was the high of getting money…but you get over it over time, which is good because [you can better]…stick to a strategy…my favorite thing now is planning and doing research to make a solid plan, sticking to it, and seeing it follow through…” Andrew plans to put a good chunk of his earnings into a home to rent out, which would become another form of investment while in College.