Im saving around $500 a month

[vi edit]

Originally posted by: TerranForces
Here is a great blog with someone's forex experiences. You can see that it is easily possible to make a lot of money through this. However, if you are a beginner or don't much time, you can have a company do it for you. FXIG is the most popular site right now and they have some very good traders.

http://www.myforextrading.blogspot.com/

It just worries me that they are somehow manipulating markets and profiting off of the actions of each other. Options and hedges based upon desired trends. Really illegal stuff.

Since I'm registered with the NASD, I don't think I'd want to be affiliated with a group that had such uncommon results.

 

[everman]

He said he wants to save it for 3-4 years down the road, not retirement or any longer time frame. For that short of a time period, you need to be careful about any mutual funds because a withdrawl in 3 years may have a penalty. Also be aware of any 12b-1 fees and loads. You are probably looking for low volatility and rather low risk too.

Personally for that short of a time frame, risk and volatility levels, for that small amount of money, I'd probably put that in a money market account at about 3.5-4%.
In 3 years, with $500 payments per month, at 3.5%, that works out to $18,949.86, and in four years continuing with the monthly payments is $25,721.05
That may turn out to be a bit more with rising interest rates.

 

[TerranForces]

The way I think of it is that it Forex is like the US Stock Market except it deals with currency. Try setting up a demo account with $10,000 fake dollars. Once you get good at the trades, $200 a day is about the average gain.

 

[ponyo]

Originally posted by: TerranForces
The way I think of it is that it Forex is like the US Stock Market except it deals with currency. Try setting up a demo account with $10,000 fake dollars. Once you get good at the trades, $200 a day is about the average gain.

$200 a day loss.

 

[TerranForces]

Have you ever tried it?

 

[Kelemvor]

You should save up in a savings accout until you have at least 90 days of normal living expenses (car loan, mortgage, credit cards, etc). Once you get that, then talk to a financial advisor and invet in some mutual funds or something like that if you just want a steady rate.

 

[ponyo]

I was full-time trader for little over 5 years. I had my ups and down.

I was like you when I first started out. Thought I was lot smarter than the market and everyone. You'll learn soon enough that there's no sure thing and anyone who tell you there is full of crap.

If you can have $200 average gain, you can just as easily have $200 average loss.

 

[TerranForces]

What was your full roi over the that time period. Do you have any tips? I only did it over the summer with some good results.