Right now, I'm in college and I'm starting to think about how I will start saving for the future. I already have money in a conventional bank account. But what else should I do in order to prepare for the future. There are so many different types of investments (forex, stocks, bonds, ira, precious metals, etc). What is a relatively safe way for me to save money and invest it at the same time?

Answer
I would say you should invest in shares and also premium bonds. You will not get interest in bonds bhut will not lose money and will be entered for a monthly draw. I only have minimum bonds and earned £100 from a draw.

Also here is a guide for if your parents are going to provide you some money. It will really lower what they pay. Please click on it even if they won't as I need some views.
http://www.gomestic.com/Personal-Finance/Smart-Parenting-Simple-Tax-Avoidance-to-to-Pay-Less-for-University.400945

Which of these 2 types of trading are you most likely to win at; Forex or stock trading?

I want to know your opinion on which 2 types of trading you are most likely to win at if you trade, either Forex or stock trading? Which is most likely to give you better returns and make you richer quicker?

Answer
First, take 6 months in learning about stocks and trying it out with fake money in a stimulation web site like Yahoo! Finance.

www.finance.yahoo.com

The stocks you want to focus on is consumer staples, consumer discretionary, and healthcare. These are DEFENSIVE stocks that will survive through good and bad times. Most of my positions are in these stocks. Some names include 3M, Procter & Gamble, Kimberly Clark, Exxon Mobil, Walmart, Costco. Everybody's got to eat and wipe their butts regardless of the state of economy. Many of these companies survived through the Great Depression.

That's the benefits. You can sleep at night knowing your money is doing well. There are NO guarantees that you won't lose money. It's just that these stocks are the best. They pay good dividends too.



If you're new to stocks, DON'T DAY TRADE. You'll a rookie in a world of professionals. I tried day-trading with Citigroup and AIG when they were a little bit over $1. I had some luck at first, making about $30 a day but I was way over my head. My luck didn't last long and I had to rethink my strategy.

Besides you can't do much with $100 in the market. Day trading involves A LOT of commissions to the broker. With all the commissions deducted from each trade, you'll be lucky if you only lose half your money.

I would just day trade using Yahoo! Finance. Open a stimulation account, give yourself $100 worth of fake money and play it in the stimulation format. You'll see what I mean by losing money every easily.

Good luck.