I am 18 years old and I am considering trading currencies as a home based business. I’ve had practice with ordinary spot forex and find it okay. I want to know what is better if I was to trade ordinary spot forex or currency options? Which is better, and which has the best chance of you becoming successful and becoming a millionaire out of?
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, the market is just too random and unless risk is controlled over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
Related posts:
- Sentiment indicator charts for spot forex ?
- Where to download a simulated FOREX currency trading program?
- Where can I download a simulated FOREX currency trading program?
- How does currency trading like Forex work exactly?
- Where & How can i download Forex trading software i.e Fx (forex, stock,currency)software online ?
- Forex Currency Market Trading – Which Forex Signal Generator Software Gives You The Best Results?
- How do I start my own fund that trades futures and options?
- Anyone currently doing any Forex currency trading?
- Is forex currency trading similar to trading Derivatives?
- What is the best site for trading stocks and currency exchange?
Currencies tend to trend long term and be volatile in the short term.
Have a look at this chart from finviz & see if you agree.
http://www.finviz.com/forex_charts.ashx?t=ALL&tf=w1
I only trade currencies using long term call options. Why?
1. I have a known level of exposure (I can’t loose any more than I put in)
2. I feel its lower risk, as I am trend trading – trends can also revert.
3. It is definitely lower risk than spot trading, as I am not trading on margin – I can still loose everything though.
4. I’ve had a few friends take up currency trading (spot), do quite well for a bit then have a bad run, only one out of 6 is still in the game.
5. It suits my personality. If you can handle the swings, spot trading might be the thing for you.
Open up a demo account and see how you go.
Give your self time to learn before putting your own money down – once its gone, its gone.
Unless you are a professional you are going to lose your money quick. This is no place for amateur.
hi,
forex is 100 times bigger then regular stocks.it produced lot of millionaires in the world.i lost job and strated fx trading as part time and now it became full time work to me.my advise is practice as much as u can before u enter real trading.i think u have done nice practice.currency options is good but use good trading platform.i use etr and they have nice visual system with 24 hour support team.here u can find best trading platforms that most traders use
——————————–
forexplatformslist.com
——————————–
good luck
Use currency options as a hedge for your spot trades. Don’t use it for pure speculation. Understand more about options before you try.
Options are good for hedging and for longer term.