What should I trade out of stocks or forex that would be easiest to trade and make the most money out of?
I am going to be 18 in 26 days and I want to become a millionaire quickly by trading either stocks or forex. I want to know in your opinion which of them would make the best vehicle to trade to make the easiest, quickest path to wealth? Also, when I say easy, I don’t mean that it would be easy to do, but easy in terms of currencies and stocks to choose from and the least complicated to research out of the two. Good, reasonable answers would be much appreciated. Thanks!
June 29th, 2010 at 5:29 am
forex is the hardest of all…
you need to go to university to learn forex trading
You can look for myfxfunds in google/yahoo search engine
My Managed Account has grown to 40% in 3 months.
and this week my account has profit 5.3%
By the way my capital is 100K but you can start with minimum 2000 to test.
June 29th, 2010 at 6:06 am
Nothing is easy. First, I suggest you to read the different between stock and forex. http://www.forex2u.com/Forex-VS-Stock.html
If you are interested to trade forex, I suggest you to sign up for a demo account. Trade until you able to consistently making profit. Then, put in some real money that you can afford to loss. You may loss it, treat it as tuition fee. Finally, hopefully you would have mastered the necessary skill to win in the long run.
There are many free resources, just search it online. Some websites that might be useful:
http://www.forex2u.com/
http://www.forex.labuan.net/
http://www.118forex.com/
Good luck.
June 29th, 2010 at 6:37 am
Both Stocks, options, or trading forex are not generally easy to learn right off the bat. It depends on
A. How much money you have to work with if you are trading stocks or options you should have at least $3,000 to $5,000 to start with. You want to use all you money to begin trading, in case you lose you want to have enough to keep going. With forex you can start out with less because you can leverage your account trading with a mini or micro account — You can start out with $1000 some brokers let you start with $500.
B. You need to get educated about stocks and reading charts either way. Personally I spent thousands to learn how to read charts, manage money, how to set your stop loses, control my emotions while trading(VERY important), etc etc. Remember only about 3% or traders out there actually make money on a consistent basis. That’s because they under stand technical analysis, and fundamental analysis.
The pro’s are just taking money from the people that don’t get a good education.
The good part is once you learn this you know this and do it for a long time.
One way you can start learning is by paper trading to learn different strategies before you start the real thing. The down side is real trading is still a lot different from paper trading. I still do this if I am trying a new strategy.
One shortcut using Forex is to subscribe to a call service or forex signals. They will look at the markets and find a high probability trade and they will tell you where to enter a trade and where to take profit, and where to set your stop loss.
One service I found offers a 2-week free trial, to the service- you can paper trade it to see how it works. I think it’s the only one that has a free trial. He also shows how he made the trade so you can learn how to do this on your own.
Good luck!