Forex Trading Tips and Reviews

Am I better learn to become an Internet entrepreneur or become an investor to become a multimillionaire young?

I am 18 years old and I am looking into my various options to try and become a multimillionaire while I’m still young. I have tried forex trading, but didn’t do too well with it. The way I see it, forex trading is not for beginners like me and more for educated professionals who’ve went to university to get degrees on the subject. My other investment alternative is trading stock options, i.e. puts & calls which is better than trading forex I think, and is more predictable. My other alternative besides becoming an investor is to become an internet entrepreneur by first using what little money I have to create some applications for the iPhone or something, and then using the proceeds as an investment in setting up a website and to try and turn that website into a successful multimillion pound business. What would you say is the best option if I want to become a multimillionaire all in my early 20s? Please give a good reasonable answer. Thanks!

By being diligent in your choice, both have the possibilities of allowing you to become a multi-millionaire.

However, regardless of your choice, you should be proficient in your career choices plus some (or a lot of) luck to achieve your million dollar goal.

Just by trading in options based on market noises/ rumors will only make you poorer as evidenced by the countless ruined, regardless of bull or bear market…

To profit hugely from the stock market, one needs to have some general knowledge of the business sector(s) and where you think its going to head in the next few years. E.g. Carbon Emission Trading and public transport, like trains is likely to do well in the next few years unless green energy technology is making quantum leap or extremely huge oil reserve is discover in political stable nation(s). After defining the (3~5) sectors, then research and buy companies with good products, revenue/ business model and great marketing/ sales plan.

However, please remember not to pay a higher price than you believe its worth. You can determine its worth by looking at the sector’s potential growth, profit margin and current revenue, followed by the company’s brand/ market (leadership) position to determine what you believed is the correct share price or P/E ratio. Please remember everything is ONLY an estimate, no one in this world has the real figure but it’s due to this lack of info that great wealth is created or broken.

I would recommend you to read Warren Buffet’s essays, investment philosophy and Phillip Fisher’s Common Stock, Uncommon Profit.

Likewise, just wring a few line of code and make a few generic applications will not get you anything, other than personal gratification.

You need to have a vision of where your business is heading and the business model to generate revenue. Is it thru advertising, sales of your application or co-marketing to sell other manufacturers or retailers’ goods / service thru your applications/ web-site?

I think you can do both (stock investment/ internet entrepreneur) at the same time since long term investing takes very little of your daily time once you have established the stock picks. (Unless you belong to those who make their stock picks quickly with no grounds to support their decisions and fritters a lot frequently are not suitable to make their investment).

Few makes a lot of money from option trading consistently, regardless of what the market said. Overall, most are ruined over long term unless,
i) You are really good and can read “people’s minds” and a lot (in MILLIONS).
ii) You have insiders’ info which will land you in hot soup if caught
iii) You are a broker/ hedge fund, earning commission regardless where the market is heading. If the market goes up, you get even more commission. No risk unless you play with your own money too or you have no (rich) clients.
iv) You come across a SUPER BULL market, such as the dot-com or the sub-prime bubble period and you entered in the early period and exited before it peaked. Making enough or reach a pre-determined (achievable) target is enough, do not be too greedy. If you insist on making the most profit by waiting for the market/ stock(s) to reach its peak, most likely, you will end up losing a lot of money…

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A scalper is a person who attempts to make money by holding a position for a very short period. Scalpers normally are not those persons who want to invest in market and wait for a long time to get the profit from their investments. What they are actually doing in business like this is a sort of gambling. They aim to make a lot from a small investment and the element of risk will normally be higher in these types of deals when compared to that of a normal business. Horse racing is known as the best business place for the scalpers to play with.

Scalpers are now commonly seen in stock exchanges and international money market where foreign currencies are traded by the financial institutions like banks and individuals.

An attempt to be a scalper in international money market may not be as easy as you do scalping works at a stock exchange. A person attempting to earn a lot within a short span of time or within hours at a stock exchange will have to get the space and opportunity to be at the office of the trade centre and observe the changes. Lack of a common platform in forex trade makes it difficult for a forex scalper to perform well in this field.

If you want to be a successful forex scalper you will have to be an expert in understanding incidents that may lead to forex market fluctuations. To understand the market fluctuations, you must get a good training in trade forex.

If you want to be good forex scalper, you will have to do same day trading. It will enable you to understand the pulses of the money market. It will work the best when the market moves slowly. Normally the people who expect immediate profits from their tiny investments will not dare to play with the big sharks in the market. They may enter and exit from the market in lightening speed. To do so you should be in a position to feel the changes and act accordingly. If you stay there a moment you may lose your money.

A forex scalper should have an account that would allow him to trade with multiple currencies. Normally a person who acts as a forex scalper should have the ability to take a firm decision for each day. It will help him to enter into a number of transactions a single day.

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Delphi Scalper | Forex Trading Scalping System