I’m always amazed by young people interested in trading. I am a beginner myself so I don’t have much to offer in terms of advice. I’m really intrigued though by your backstory. Can you tell us more about how trading got you interested at 16?
Thanks for your response!
Plain and simply, The Wolf of Wall street. When I watched that film for the 1st time I saw the lifestyle, the wealth the influence and I wanted to be him. I begged my parents to get me the Giorgio Armani suit from the film for college but the answer was a swift no…
At the time I had little idea what was involved in Jordan Belfort’s work, I had no idea about his fraud or stock manipulation, all I saw was money money money. Who doesn’t love money?
My parents never did well in school, we weren’t poor by any means but we couldn’t afford holidays for all of us and there was a ‘treat’ once in a while. When they split up my dad had some issues of his own and I fell out with my mum which ultimately made me move to my grandparents. This was anther lifestyle. My grandfather is a very level headed economist, he had a great job in his early life and the redundancy sum was very handsome, he decided to continue to work anyway. He was very tight with money, he’d count everything he spent to the penny, read all the receipts and make sure it all added up. When I’d ask for something I’d have to pitch it to him like I was on Dragon’s Den.
My first encounter with any form of trading was yes, and Instagram influencer. I did see the cars, holiday’s and lifestyle but I was also a budding economist and knew if something is too good to be true, chances it is. I decided to do my own research, get my head around Forex, Stocks what CFD is all the basics. I followed this on by looking at trading firms with a good reputation. I approached a trader from this firm and we started speaking, he was unlike all the other influencers. He has a family, kids and is a little old. He didn’t sell me a course or sweet talk me into depositing with his broker instead he urged me to Baby Pips at the age of 15.
My idea was I’d wake up, read a few pages, go to school, play rugby and come home trade on a demo account. It sounded easy like that, this was also the time my Rugby wanted to move up as well, I was traded between academies, I signed for my County and my club and school also demanded I play full time. At the peak of my career I played rugby a literal 8 times a week. I had no time for BabyPips or demo accounts and everything was being postponed, but due to the amount I played, injuries were coming at my left right and center. I had a long time off and my academy said goodbye, my county said goodbye and this beat me so down. I had changed my life for rugby, I fought at karate tournaments at a national level, that stopped for rugby. I was an RAF cadet, almost elidable for promotion, that stopped for rugby. Now rugby stopped I had nothing to do.
I took to BabyPips, and instead of just reading the pages I wrote my notes and drew in an exercise book, this greatly helped with retaining the knowledge and as I learnt a new topic I’d practice with that in a demo account. I didn’t have much contact with the trader that got me involved until recently as I’m still learning and practicing. It has taken me a long time with this learning approach but it is more beneficial in the long run.
(Sorry for the extended reading, got carried away at 6:30am)
You are young. Have you considered university majoring in economics and finance??
Once you have a degree then seek a career at the big table as a trader with a major hedge fund or some other financial institute.
My time over that is exactly what I would do.
I am very pleased that this forum remains a union of traders who treat trading as a serious business and continue to learn and find some new and promising solutions, I think it shows that this business has a great future!
Proper education is needed to build an early career in Forex. If you have a good investment, it is possible to earn a lot of money from that investment. If you want to build a career, you must maintain discipline. You can earn more by trading Forex than a job. Which will lead you to much quicker success?
And I think that trading has been and remains a promising business that removes all restrictions and allows you to make a profit so that you can realize all your expectations and learn to properly assess the situation.
Have to agree with this. Even if you did it for a few years to build up the bank and then left to trade for yourself with your own funds the experience you would gain of the way these whales trade would be invaluable.
A career as a Forex trader can be lucrative, flexible, and highly engaging. There is a steep learning curve and Forex traders face high risks, leverage, and volatility. The reason many Forex traders fail is that they are undercapitalized in relation to the size of the trades they make. It is either greed or the prospect of controlling vast amounts of money with only a small amount of capital that coerces Forex traders to take on such huge and fragile financial risk.
It is good to see young people take interest in trading. You have a lot of opportunities to get benefits from.
According to me, proper forex market knowledge is very important. It will definitely lead to success.
The patient needs to build a career. If you try to build a career too early, you will never achieve success.
Yes, you are right! If you have enough knowledge and confidence that you can take an edge on any trade you open, then I would say it’s good to have a career in forex trading.
If you want a career in trading only, then I suggest you go, enroll yourself in a university for a finance or economics degree. This will increase your value in future.
Nothing is possible without having sound knowledge as it said “learn to earn” and second confidence is very much important in one’s success.
I started my career as a forex trader a few years ago. It was not easy and I realized that there is no strategy that works 100%. You have to stay updated in order to make good trades. Babypips gives you the opportunity to get in touch with different traders and learn from them.
Never underestimate the importance of mapping out a well-planned strategy. Answer a few questions like what are you planning to achieve from trading, and accordingly what would be the best strategy or plan of action to achieve your goal and the tools and instruments that appeal you the most. Stay disciplined and focused. Reaping money will take some time but the success will be worth the wait.
Now that you’ve been learning about forex for years, I think you’re more than ready to trade live. Try making a micro account first.
Don’t base your idea of trading off of criminals, scam artists and movies.
All those people of social media are just showing fake trades and even fake money, rented houses and cars. None of it is real.
It’s good to have new traders. Just focus on what is right. Getting into some business which is so volatile rather than focusing on your education could be a very risky thing to do. Give it a good thought pal!
Thanks for sharing, and good luck for when you take the leap and open your first live account. It’s always good to have a back up as well. Maybe continuing study or an apprenticeship in finance as well? It’s good to know you will always easily be able to walk in to a job, and to earn a regular income while you trade too.