need help with currency trading?
starting with admitting my ignorance ,I would like to ask for some guidance concerning currency trading with respect to a company(fore ex trading) I undsrstand that all investments are risky however I'm just trying to get my feet wet without drowing.Any advice would be greatfully appreciated. As I have never invested on my own and I'm trying to learn .Thanks and may GOD bless. Mike
Public Comments
- This is a bad idea. If you do not have any experience with investing, this is a really bad idea. If you invest in stocks and bonds, then there is some risk but the long term yields (10 year horizon or greater) are very good. If you're interested in doing this, the odds and the risk are pretty much like going to Vegas. my 2 cents.
- Have a little experiment. Take half of your money and put it in an index fund. Take the other half and go for the currency trading. See which one loses money the fastest. See which one makes money.
- Make sure you - use the free simulators, to pratice the trading, FX options etc. Remember that alot of the firms, are "not true" trading firms, as in putting your money on the international forex exchanges, (more like online bookies) thats unless you have big, big money and have an account with the large reputable bank etc. Be Careful.
- There are programs out there that allow you to use fake money, that way you learn how to trade currency. It's the easiest way to learn without any risk.
- Unless you are already very experienced with trading in the stock market starting with currency trading is really a bad idea. Yes, you can make huge profits and you can also make huge losses. Remember rule number 1: High Gain = High Risk. This type of trading usually is done by people who watch the market all day and will trade many times in one day. It isn't for the casual investor. If your goal is simply to get a good return on your money then look into dividend paying stocks. Not the well known ones that pay a whopping 1 or 2 %, but lesser know securities that pay 8% or better. If you would like to know about some, send me an email, I'll be happy to share.
