NEW YORK (TheStreet) -- Playing the stock market can mean rich rewards if you know what you're doing. Of course the opposite is also true: An uneducated or ill-timed trade could mean big losses if you're not careful.
The art of stock trading requires some finesse but stock investing doesn't have to mean taking undue risk. Before investing any real money, there are tricks to the game that any new stock trader should heed.
"You have to live through a few cycles and be patient [with] your money and take the long term view, even if you're a day trader," said Cody Willard, co-founder of Scutify, a social network for the trading community, and a former contributor to Real Money, TheStreet's sister site. "The best traders in the world and the best investors of the world had huge losses at [one] time and that's just part of risking your money in the markets."
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Millennials, a perfect target audience for Scutify's socially driven investing platform, are wary of investing in the markets, partially because of mounting student loans, but also from observing two turbulent market cycles -- the tech bubble and the Great Recession. A UBS survey from early 2014 found that out of 1,000 adults ages 21 to 29, millennials devoted less than one-third of their portfolios to stocks, preferring cash.
That's where Scutify can help. The New York-based social network launched in Sept. 2013 that has close to 30,000 users. The site collects user-generated posts of up to 280 characters on publicly-traded stocks by filtering financial and stock-related news, Twitter (TWTR) chatter, blogs, YouTube and other social sources as well as balance sheets and other financial analysis for publicly-listed companies and presents it to users in a centralized platform.