There are several ways you can grow your money like opening a business or investing in mutual funds and insurance policies.
But a more flexible and faster way to grow or double your money is by investing in the stock market, particularly by flipping stocks just like when you buy a car or a house for the purpose of selling the asset later on for a good margin.
The stock trading strategy called "flipping" is a method of churning out profits by not holding on to shares of stock long-term – in other words, short-term trading.
Joseph Brian Noynay, who is an investment mentor, stock trader and personal finance speaker, shared some of his insights into flipping stocks. Noynay is also the founder of personal finance advocacy group I Invest Philippines.
Here are the things to consider, Noynay said, if you want to "flip" stocks and possibly double your money:
A prospective investor must first consider his or her level of knowledge in investing and the stock market, Noynay said.
"Before you engage in stocks, you have to consider if you're a beginner, intermediate, or advanced when it comes to your level of knowledge," he said.
"We don't suggest for you to trade in stocks if you're a beginner, until you can feel or grasp the market movement – if kaya mo na," he said.
Flipping stocks is recommended only for intermediate and advanced investors who have mastered time management in monitoring the market as well as the news, real information, and rumors, Noynay added. — With Jannielyn Bigtas/VDS, GMA News