In your opinion what is a better way to trade currencies for a living; spot-forex or currency options? Also…?
I am 18 years old and I have been practicing spot-forex trading for several months now with FX Club and I am quite good at it and have learned a lot about currency trading from my demo account and some books and internet article sites on currency & options trading. Its become my passion actually.
I also know something that actually is a secret to FX trading success; the trends are usually long term, lasting from several months to several years meaning you are best to trade for the long term on currency pairs to enjoy the ride of making money. You can’t do this with spot-FX because you are trading on margin and if a trading position is left open too long, you will be wiped out within so long.
What I would like to know is if currency options trading is a good way to trade currency by simple vanilla call & put options as I know that spot-FX is essentially a mugs game? Also is there anybody out there who trades currency options for a living at all? Also, what is an easy to use currency options trading brokerage that can be used by a UK based investor? Please help advise. Thanks.
P.S. Sorry my question is too long.
if you want to trade forex, you need to trade futures. if you don’t have enough money you need to save the money while doing something else while learning more about forex and then trade futures. once you are able to trade futures you could add options on futures if you wanted but you do not need to do that. generally speaking successful option trading is more difficult than than trading futures or stocks. options are never simple vanilla.
