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I have a friend who told me that one of his friend (who doesnt have any education or stocks trading skills) made 100k from 10k in 3 months. What he does is he waits for companies to go public and then he buys them and sells them after 2 weeks.
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Have your friend show you his broker account with all his gains drawn out with buys and sells. I am doubtful that he has hit every stock perfectly to yield such returns. On top of all of that, you can't even buy IPOs pre-public, so let's say a stock goes public at $16, well it may open at $40 which is where he would have to buy. The people making money off IPOs are the underwriters, even insiders have to wait 6 months to sell out.
Even if he has found success in this style of trading, it won't last. I'd be willing to bet against his future on IPOs. Just wait until he puts all of his money in a Vonage (VG) or Blackstone (BX) and see what he brags about then.