Newbie, Still in Highschool looking for advice

What’s up guys? I’m 15 years old and today is my first day looking at forex. I’m brand new to currency trading, i want to learn over my summer break! i feel a little overwhelmed with all of the information I’m being hit with. i want to start young so i can build my knowledge and hopefully make some money in the future. i have a practice account but im a little confused about some things. if anyone can support me and guide me into the right direction i would appreciate it alot!! i need to learn everything and I’m willing to do anything!

  • Brennan

Well go through the baby pips school at first. this will take you thousands of hours to get the hang of so its doubtful you will really master it just over the summer. Then just post questions and go from there.

Visit Babypips School here is everything related with forex trading.

young guys can also win in this market.
Be careful you are legal to trade and be prepared both in knowledge and in psychology.

Hi Brennan,

I’m brand new also, although I’m almost 3 decades older than you. The other forum members that recommended the Baby Pips School of Pipsology are spot on. Go through the entire school, from pre-school through grad school. Everything you need to know about Forex is in there. Take the “tests” at the end, they are designed to help you decide which type of trading (scalping, swing trading, day trading, fundamental, technical,etc.) fits best with your personality.

After you determine what type of trader you think you want to be, then the real work begins. You need to develop your trading plan and your trading method/system. I know you’re young, but if you start treating currency trading like a business from the start you’ll have an immediate edge over other traders that treat this like a game. So, write down a business plan. Figure out where you want to be in your currency trading business in 5 or 10 years, and then write down a plan to get there. It’s important to write it down and read it regularly, don’t just keep it in your head, it’s much easier to break your own rules when you do this.

The business plan should also include the rules to your trading system/method. There are lots of people that have posted systems and methods throughout this forum. Read about some of them and pick one that really appeals to you and seems to fit with the way your brain is wired. Take this one system and test it in every possible way you can think of. Use your demo account to forward test and go back in time with historical data to back test.

Gather statistics during your back test about your system. What percentage of trades would have won, percentage lost, average win v. average loss, etc. Once you have several hundred historical trades, you’ll have a decent idea of how your system might perform moving forward. If your system is a winning system, this back test will also help you build confidence in it or give you the information necessary to work on tweaks to improve it.

“In High School looking for advice.” I was very tempted to write “college.” I agree with those above. The first thing is the school of pipsology. After that, start watching the Inner Circle Traders videos. If you make 1.5% of your equity per week, which is 6% per month, you will compound your equity so that you double your money each year. That means that in ten years, you can turn 1K in to 1M. The best part is that this can be done by making 2 to 3 trades per week, and risking 1% to 2% of your equity, and making 20 to 40 pips per week. The trick is to be ultra selective of the trades you take. This takes tons of discipline. You’ll probably find that after studying for 6 months to a year, that the hardest part is exercising discipline rather than picking the direction the currecny market will move in. Also, be very selective of the Broker you choose. Really research this carefully.

Maybe others have alluded to this, maybe they haven’t. I am also new but what I can tell you is…slow down. The amount of information is overwhelming. You do feel like getting stressed or panicked because you don’t get it. You will feel like jumping ahead steps to move faster, but don’t.

You aren’t supposed to get it right away. You aren’t even supposed to “get” it ever cause nobody is an ace and wins 100% of the time. There’s always learning and honing to do. With regard to learning, plot out your path and goals you want to achieve. Whether that is watching sets of videos or reading books or understanding concepts. You have plenty of time.

If I was 15, I’d make a 3 year plan. Learn, practice, and save for 3 years. During that 3 year period, use a SMALL amount of money to learn, practice, and fail. Take the rest of the time to learn, practice, and fix your reasons for failing. Once the 3 years is up, start using more and more of the money you saved only after you’ve proven that you can grow it gradually.

Do all that and you’ll be glad you took your time instead of wasting years failing by trying to hurry it along. Although, I’m a novice so nothing I said above could be true. It’s just my intended approach.

EJ