I am currently a sophomore attending a 4 year college. I have agreed with my parents to pay for my own "personal" expenses, while they cover the cost of tuition, and housing (as long as it’s included in tuition; such as on-campus living). Once I am done with college and have a job, hopefully I will be paying them back within the first year or two. At the moment, I currently have just a little less than $8000 in savings.
I was initially planning on not having a job in college. If I live on campus, I can easily get through the next 3 years with what I have in savings. Although, I would like to have more than $500 when I graduate… I have thought about getting a job (maybe 10 hours per week) in order to try and save up some money, but what I really want is to have approximately $20,000 in savings when I graduate.
About 6 months ago, I started a demo account on the foreign exchange. After going through about 5 demo accounts, I am consistently making profit; made $2000 in the last week (I will admit, it was a really good week, and I had one really lucky trade that made up for 75% of the profit).
I have considered putting $1000 in a forex account, putting $5000 in a CD (measly 2%…), and getting a job for 10 hours a week (maybe $8 an hour). For the most part, if I do put the $1000 into forex, I am going to assume there is a very good chance of never seeing it again. Also, I have been thinking about not putting money in a cd, and putting a fairly reasonable amount (maybe $5000) into forex. In this situation I would use the extra money as backing to protect against margin calls, but not necessarily trade with it.
Opinions?
I like your first plan of putting in $1000 in the forex account. Start small and see how well you do because you can always put more in. But if you realize that you consistently lose money in Forex, you might want to start looking for other avenues of making money. There is no guarantee in trading in the currency market, but with discipline and a willingness to learn, I have no doubt you will be successful.
Just remember that being profitable in demo accounts doesn’t mean you will do well with real money. It’s a whole different game trading with real money since you will behave differently. Take a look at the following link for getting started in forex: http://www.forex-savvy.com/forex-for-beginners.html
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