Forex Trading

This post is a follow up to the last post.
So I was looking for different ways to invest and here are the options and conclusions:

1. Mutual Funds: I am already doing that with a nice return but I feel I could do more.
2. Real Estate: I thought about this idea with a friend of mine that actually works in the industry. We decided to postpone it because my credit is not top notch and the real estate prices in Toronto are too high and we predict the bubble will burst anytime soon.
3. Stocks: This was a tempting option since I follow the markets and business news very closely so I have an idea where to invest. The drawbacks are the trading fees and the minimum capital you need is a little high.
4. Futures: Too complex, I didn’t really look too deep into this and I lost interest.
5. Forex Trading: I wanted to try this for a loooong time but I was under the impression that I needed a lot of capital. However, after doing some investigation I found out that you do not need a lot of capital (just $250) to open a mini account. Also, Forex trading is easy, fun and can be partially automated!

I started a ‘demo’ account yesterday night for 10,000 and I am already at 11,000 from 2 trades I automated before going to bed; when I woke up they were done…awesome.

So my plan is to try the demo for a month, see how I perform then open a mini account. I could open a standard account for 2,000 but I believe using a mini account my confidence will build up and I can play it safe before opening a standard account.

Guys, I will keep you daily updated on my demo account.

Cheers,