What to do with your money now?

I commend the effort by my best pal, Conrad who wrote this short article in his blog ( http://www.conradalvinlim.com/?p=270). I am doing my readers a big favor by presenting Conrad's thoughts to you.

Ironically, I received a few calls recently from my readers and buddies who asked me what they should do in this economic crisis (or should it be named 'opportunity instead?). If you flip newspaper and watch Channel News Asia, CNN and CNBC, you may have heard this phrase very often - CASH IS KING!

When I reviewed the arguments presented by the speakers and journalists, I could not help but to think that some of these arguments are too naive. Why? This is the best time and it is never too late to improve your financial literacy, thereby offering yourself a valuable opportunity to learn how to manage your money. Instead of asking around what to invest and how to invest, it is now your time (yes, your time) to look for these answers.

As nicely put by Conrad, you know your bank deposit isn't that safe because the safe zone is only S$20,000 per account. Cash in milo tins may be safer in that regard. But instead of keeping the money and doing nothing, why do you not offer yourself an opportunity to get education?

When so many people are screaming and shouting about the downfall of the equity market, when so many people are losing money in this market, only a few have equipped the skill to make money. I happened to be one of the few people who had the ability to do so.

Today is 9 Oct, 2008 and over the last 6 trading days, my forex portfolio was up by 17%, and there are still three weeks to go before the end of Oct. When my buddies who hold off to trade options because they are scared of the high implied volatility and wide slippage, forex is my logical choice because it is the largest market and no matter what happens in the equity market, the liqudity and the tight spread the forex market continues to offer make me wonder whether I have made to right decision to move to play and defend in the forex market.

Well, my story is that I started forex education formally only in this March. However, with the proper trading psychology and well-founded business plan, I was able to start my forex business in a few months and am now reaping the fruits of my earlier effort. So, while many people who took up courses and still lost money in forex, and while many people continue to say that forex trading is risky, here is an example - see for yourself how to delay gratification and get yourself some education will help you to survive in this market.

While my friends told me that they have bought nice cars and houses, I always think how to invest in myself first - delayed gratification is painful because one can be easily influenced by the peers. However, instant gratification can be painful when something suddenly happens and you have no time to respond.

If you are seriously in getting some forex education, you can consider the following:

http://www.babypips.com
http://www.theforexbooks.com
http://www.singaporeforexforum.com/forum.php
http://www.gftforex.com/
http://www.dailyfx.com
http://www.netvibes.com/BKTraderFX#FXDashBoard

and many more ...

If you are ready to start your forex education, let me know. I have tons to share with you too.