Stock Trading or FX?
So I really want to get involved stocks and shares. Which would people suggest I get into share dealing or FX?? Also, how would I go about starting? What would you suggest to start off doing. Looking at books,tutorials and paper trading?
Cheers
I'll say two things that I've learned over the past few months and from mentors I've spoken to:
Don't get involved in trading unless you're fully committed to it. I love it and wake up early to look at the markets, plan trades for the day, and check my portfolio. It's sort of like a daily ritual. That means I wake up at 5:45-6 am when I'm on the east coast and 2:45-3 am on the west coast.
Expect losses early. It's comical when people say FX >>> Large Cap or Large Cap >>>> Micro Cap. In actuality, it depends on the person and the type of research they put in. I personally don't trade penny stocks, but I think you can be profitable if you understand how to trade pump-and-dump stocks on the way up and down. I don't trade Forex or Futures just yet but I know plenty of people who do successfully.
Do what interests you. After reading a lot online about financial terms I didn't understand and analyzing charts, I'm now starting to achieve success. But it didn't come without the time invested.
Good luck.
Hey there
Perfect, thanks for the response and I am glad you are enjoying it and are successful.
I am 19 and have been interested in getting into and doing it as a career 100%!
I am really interested in FX and the idea of macroeconomic issues and the whole economy as I study a degree in Economics. So you would suggest reading up strategies or just things so I understand the market then come up with my own strategies?
Cheers again
I think you may be mean about FX = Forex. If you mean about forex market then i think Forex is better than Stock Trading.. I am also a forex trader..
What makes you think you would be successful at trading?
When I first started trading I focused on learning technical analysis through Forex. I then added my understanding of the economy to my strategy by trading fundamentals as well.
Ultimately I realized, it does not matter what you trade. Understand the instrument, the risk, and form a strategy. You'll find that the knowledge of technicals, fundamentals, and chart analysis eventually apply to all trading instruments in some way.
Forex was fun. I made a ton of money doing it when I was 17-19 off a $500 initial investment. Never blew an account.
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