Your Questions About Forex Club

Robert asks…

Could this plan work to make me an extra £10,000 by trading spot forex? Please help/advise.Thanks.?

Currently I am 18 years old and I am looking to make an extra £10,000 to start building wealth gradually by breaking my financial goals into chunks at a time every year. I have £3,000 in liquid cash currently, but I’m not willing to risk all of it, maybe £100-£200 in some other cash I gain over Christmas time. I have a practice account with a Spot-Forex broker my brother set me up with a few months ago FX Club. I have been practicing and learning at the same time by reading babypips.com. What I would like to know is if I start with say my £100 starting capital, could I possibly grow it into the £10,000 I desire in a time range of 6 months to 1 year by age 19? Is this possible to do in such a short time frame with such a small amount of capital? Please give a good reasonable answer. Thanks.

kenspong answers:

Well my mate managed to turn £20,000 into $5,000,000 in two weeks, so it would seem to be possible. The issue is that he was willing to lose all of that and walk away with a smile 🙂 The buzz is from the trading. If you don’t have money to lose don’t do it. The only way you’re going to get that kind of leverage on Forex is by trading options. No currency moves by a factor of 100 in 12 months especially taking into account commission charges and spread.

Maybe you should just pop down to the Royal and Sun Alliance and shove your 3k into a saving bond 🙂

Ruth asks…

Commodity/Equity/FOREX/Bond Trading Internships (NYC/DENVER) to look for next summer?

I’m a sophomore in college (CU-Boulder), majoring in quant finance. I have a nice sales background on my resume, and am moderately involved in the Entrepreneurship and Investment Club at school. I’m EXTREMELY interested in becoming a trader when I graduate and want to get a trading internship next summer. Does anyone know of any good programs/internships? And on top of that any advice on a path to getting a good trading job out of college?

kenspong answers:

Ilearn.noneto.com – try their database. It has lots of internships, job openings and scolarships for college students.

Donald asks…

Why would an investment club want to be exclusive?

My neighbour is trying to get my mum on board with some Spanish forex trading scheme he’s involved in. He says it’s provided him with 40% return over the past 7 years.

He said they want to keep it ‘small and exclusive’. Instant alarm bells for me. I mean I don’t know much about finance but why would any successful investment group want to stay exclusive? Humility doesn’t seem to be a common trait in finance. Surely more people involved, more capital, bigger wins. I can only see that they would want to be small to avoid regulation.

What are your thoughts?

kenspong answers:

He thinks it’s a selling point.

Your response is spot on. Tell your mum to steer clear!

Charles asks…

Finding Investment Clubs- Loudoun VA women?

I heard the segment on NPR in Dec, 2007 on the investment club, “Formelry Baroque’. I’d like to join such a club. How do you find them? My internet search has only returned pay for club information and forex.ads.

kenspong answers:

Here’s a few:

http://www.creonline.com/real-estate-clubs/va.html

http://www.reidirectory.net/club/state/va/

http://www.reiclub.com/real-estate-clubs/Virginia.html

Lisa asks…

Forex Trade?

I would like to know what is the best place to learn about this type of trading. Also the most easy to understand. Would like to know from those who know this wel, also any info groups or invest clubs.

Thanks

kenspong answers:

This website will be able to assist you with everything you need to get started trading with Forex. Forex is really wonderful, because any questions you may have, they are there to assist you 24/7.

Http://urlfreeze.com/1/L-1660/

Good Luck!

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