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+--- Thread: Would it be in my best interest to invest 100 dollars in Forex.? (/thread-41284.html)
Would it be in my best interest to invest 100 dollars in Forex.? - Nick - 11-13-2012 05:51 AM
I understand the Fx market. I'm only 17 and I want investing and finance as my career.
- Paul E - 11-13-2012 05:59 AM
how much do you know about the FX market??? have you read many books or sites???
anyhow i would say yes, go ahead and put $100 in the markets, its a good start and wont be earth shattering if you lost it.
I recommend that you get a "Learner" or "Nano" account, this is an account which allows 1/10th of a micro trade size.
that way you can get used to normal risk rules, and not burn like 10%-20%-50% of your account in one go.
and of course you should realise that your not going to make heaps each trade.. even a few dollars would make a good win.
good luck
- JoeyV - 11-13-2012 05:59 AM
I think you don't know anything about the FX market if this is your plan. Use the $100 to buy a book. You can buy some really good books for less than $100.
- S.H - 11-13-2012 05:59 AM
I'm myself very young, i'm 17 too. I'm going to start trading on the 28th March. At the moment i'm just reading about the industry and how it works, getting information from fellow traders and just watching the markets and trends.
I'm going to start with spread betting. Spread betting is basically putting money and predicting if the market will go up (Buy) or down (Sell). I chose this because it's safer (ONLY IF YOU ADD A STOP LOSS) and cheaper because you don't own the stock outright which tends to cost a fortune.I wish to start trading stocks and commodities. Forex is risky because my brother was once considering it and he bought £200 some currency and went to bed, when he woke up he ended up losing £28 thousand (Practice of-course). Unless you trade forex being a day trader, but then again if you know what you're doing, you could end up with thousands (Don't ask me how).
So my advise to you generally is read articles, watch the market everyday, make a twitter and just follow traders and see what they tweet and just generally revise every trade you make.
Sorry for being out of context, just giving you advise generally.
So good luck and I wish you the best!