hi. Im a farely new trading, technecially im not even a trader yet, but i have a couple questions.. ffirst off im a 17 year old in highschool and i got interested in trading stocks about a month ago.. i did some research and i found out stocks arent for me. They require too much capital to make descent profit. Im saying this because i only have about 1300 dollars to use to trade. A couple days ago i came across binary options. Yhese seem really attractive to me because 1.you really dont need much capital to make descent profit and 2. Its lower risk than stocks. My main question here is how should someone who has absolutely no experience in trading learn and options and binary options mainly...besides reading books.. im sorry for the essay post but i just needed some.guidance
Need help please respond!!
- Thread starter Mian97
- Start date
Binary options isn't lower risk than stocks. A pre-defined loss has that illusion. Pick up a book on "Fundamentals of Investment Management" so you have a broad overview of financial products. Take your time, you will still make your first million by the time your 20.
Also, make sure you post under the right forum heading.
Also, make sure you post under the right forum heading.
Welcome to the world of trading. Let me offer you some clear advice. First, in order to trade effectively some capital is useful! Starting with $1300.00, even if it is invested sensibly and capably, will take a long time to grow to an amount of money that is substantial. I recommend that you embark on a savings program, setting aside $100-$200 each month to grow your capital. While that is happening, study as many good books as you can on trading. Options are a powerful tool, but if you don't understand the risks, the strategies and the markets, it simply means that they will lose your money more quickly.
Now for my second piece of advice: Don't be in a rush to make a fortune. Usually doing that means that you are taking large risks. Remember that taking large risks means that you can lose your money really quickly, too. If you have a solid savings program, and aim for strong, but not crazy returns (15-20%), you have a much better chance of success.
Here's my last piece of advice: make sure that you get a good education and have a solid career objective to go with your plan. If you have a good source of income, saving and investing will go much more smoothly and chances are you will have a fulfilling life. Many people find the stress of trading full-time undesirable and it can be a lonely career. You need other interests to balance your life and contribute to the greater good.
Now for my second piece of advice: Don't be in a rush to make a fortune. Usually doing that means that you are taking large risks. Remember that taking large risks means that you can lose your money really quickly, too. If you have a solid savings program, and aim for strong, but not crazy returns (15-20%), you have a much better chance of success.
Here's my last piece of advice: make sure that you get a good education and have a solid career objective to go with your plan. If you have a good source of income, saving and investing will go much more smoothly and chances are you will have a fulfilling life. Many people find the stress of trading full-time undesirable and it can be a lonely career. You need other interests to balance your life and contribute to the greater good.