Is it feasable or reasonable for a 19 year old to use and invest in the forex market?
Question by aplpie: Is it feasable or reasonable for a 19 year old to use and invest in the forex market?
Approximately how much is a good amount to start with? i am going to go to forex.com and do the 30 day free trial and see how I do.
Also for people who know forex and use it, how many hours do you spend a day or a week, and how much do make. Tell me weekly or daily or anual income.
I will have about 5G’s to invest, i was wondering whether i should throw it in forex.com
Thanks
Best answer:
Answer by bob shark
19 year olds should stick to normal investing until they understand markets.
Forex is high cost, high risk investing…you could lose your 5 G,s pretty fast.
But buy all means , play the free, pretend trading, but be honest with yourself on what would really be your gains and losses, and don’t forget the commissions and fees.
What do you think? Answer below!
No.
Forex is not a place “to start.”
If you start with less than $ 500k and less than 10 years in the general market place, I give you less than 12 months to complete wipe-out.
Yes. You can.
However, I suggest spend some part of your $ 5K in education (about trading techniques, trading psycology, money management).There is a big difference between investing and trading. I don’t think you can ‘invest’ in forex (like investing in shares, where you buy and forget for weeks to months). You have to actively trade forex.
You can day trade forex by spending few hours a day or you can swing trade by spending less than 30 minutes a day (check out http://bestpip.10minfx.hop.clickbank.net/).
However, if you are new, spend time learning about FX, learning about your temprament, play with demo account. Here are couple that are free for life: http://www.oanda.com/, or http://vtsystems.com/.
that is one of the riskiest types of investing – closer to gambling – no guarantee of profit – more likely to lose money – it’s stupid for most people to do and not until they have a lot of safer investments maxed out and this is just play money. you could lose the entore amount very quickly
You can no one will stop you, however, most likely you need experience and lots of it. Forex is a tough market for experienced traders let alone novices. I always give the same advice for any such question. Practice on a demo account and take it seriously, if you can make 1 profitable month then and only then should you risk real money. 1 month is about the minimum amount of time to see if you understand what you are doing and profits on that timescale usually arent luck if its more than 20 trades or so.
With no investment experience and you want to jump right into trading currencies/ futures? I have been trading stocks for 19 years, options for 15 years, and I still wouldn’t touch the futures/ currency markets.
Unless you are a government or a major corporation trying to hedge dollars verses foreign currency, you are speculating. if you don;t know what you are doing, you are just gambling.
When trading currencies, you are trading against world banks, not a bunch of small investors.
Sure, you could have beginners luck and make some money on a trade or two. Long term is that one or two trades will blow up and wipe out what you have.
You are also looking at trading a 24HR market. It is generally not wise to be in this market if you plan to sleep unless you ahve hedged your bets.
if you really want to gamble in this market, you may want to consider buying options on currencies or options on futures. That way you can only lose you entire investment.
If you buy straight (leveraged) currencies/ futures, you could be risking up to 100x you investment. if you are wrong, you will have to settle in cash.
A good compliance officer will not allow an inexperienced person begin trading Forex with little capital, and little assets.
(SEC Rule 405)
The notion of unrealistic investment returns to be able to “quadruple your investment in 12 months.” 400% annual return? is about as unrealistic as all the hype I see posted on Y!A all the time.
Soliciting investors subject to SEC and CFTC advertising rules and SEC Rule 405.
What I would suggest.
If you don’t need the funds for 5 years:
1. ROTH IRA (no fee account – Fidelity.com has one)
2. Invest S&P500 Index (no load fund or the stock index: SPY)
3. After 5 years you can take out the principle with no penalty. The remainder stays in the account until retirement (59 1/2) and is tax free at that age or after; and you can take up to $ 10,000 to buy a first home with no penalty.
Just give it some thought.
Good Luck!
forex tradign is a lot risky business and requires an in depth analytical person to succeed in it. of course it is feasible for someone your age to trade forex. it is advisable, however, that you need to do a lot of research and practice before doing the actual trading. other than forex.com, you may also check your options in this site where for a minimum deposit of $ 100 you will not only get a practice account but you will be provided a personal Account Service Manager (ASM) with whom you can talk live over the phone, email or chat and who will walk you through the basics of forex trading and will give you the hints, techniques and strategies you need to succeed in this business.
there is no assurance of a fixed income doing forex. you might even suffer losses, however, with the acquired skill you can learn from your personal ASM, the possibility of always winning the game is more feasible. Register for a start and download a Free Ebook.
I’m 19 (20 next month) and rockin’ out in Forex trading; it covers my entire income and I don’t have to work some lame job like my friends.
If you’re interested here are reviews of the top 3 selling Forex trading systems: http://forex-tracer.the-perfect-solution.com/
Make an educated decision before spending!
Hi,
I really appreciate your interest. Age doesn’t matter, really. You want proof? I am just 18 years old now. And I am already experienced forex trader and writer. I am writing ebooks,articles and blogs about forex trading.
Its really good doing demo trade before investing. But I suggest you to do not believe it too much. It can trick you.
Then you asked about your profit.. Really if you are newbie no one can tell your profit exactly.. Its depend upon your skills and hard work.
Then come to investing amount.. I suggest you to do not invest 5 grand at the beginning. May be you already traded with demo account.. But mostly the websites who are giving demo account to you will make more profit to you to start real trading. So it is better to start with 1 grand. At first dont take much risk. After some experience you can start trading with high risks.
I gave the link of my blog here in where you can find simple system to earn easily. Its totally free. Visit it.. And good luck
View It Now FinanceExtends (dot) com
7-5pm 5 days a weeks at home-
practice on a demo account if you have no idea, run automated software, get help from forums, get out when you always should- have disciplne and you will succeed
Its never too early to start. Im sure all the forex geniuses didn’t start trading in their 40′s. Anyways, definitely review your brokers and see what people are saying about them. Forex.com did not get great reviews. I use Oanda and they are above average in reviews and i’ve had no major problems with them. For strategies, i found a blog that might help
http://forex-killerpipsreview.blogspot.com/2008/02/forex-killer-review.html
Hope it helps, good luck!