December 10, 2008
Commodity trading?
jr08540 asked:
I received a newsletter on resource option trading. They provide timely advise for option trading on commodities, such as sugar, copper, gold, etc. I am a novice but would like to give it a try with initial $8000. Can anyone tell me which online commodity trading brokage house provides great services with reasonable (least expensive) commission?
Thanks in advance.
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Comments on Commodity trading?
I advise caution with this investment. Unless you are VERY well informed in a particular commodity then this is a dangerous move. I would suggest you begin your investing in stock mutual funds, especially index funds. Commodities fluctuate far too much for a novice.
Don’t do it.
If the advice of the people selling advice was good, they would be making enough money from their own advice rather than having to sell it to others.
Until you can make your own decisions on what to buy/sell when, you should not do so.
I wouldn’t say “DON’T DO IT” because I do trade futures and options, but I would caution you that you better be well informed as to how they work and what are the risks. Commodities trading is not for most people. You really need to have a VERY HIGH risk tolerance level.
There’s really too much to go into, but study up on commodites trading and see what it’s really about. Most people get caught up in the idea of turning $8000 into $24,000 in 3 weeks, but they fail to take into consideration the risk levels they are getting into. Commodities trading is not for the timid or faint of heart. YOU BETTER KNOW WHAT YOU’RE DOING IF YOU GET INVOLVED IN THAT FIELD.
They have huge rewards, but also huge risks.
The commodity trading is a very risky business. $8000 is a very little money, You may loose very quick.You may try stocks and option on stocks and indexes first. For stocks and options a very good brokerage with very low commission would be Think or Swim, their tel # 1-866-839-1100; they teach free classes on options and you can get help by calling them after you open an account. You can attend their free classes before you open an account with them.
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