Any advice for a 16yo beginner?

Hi, I am 16 years old and i am very interested in forex.
I started the babypips course about 3 months ago and since then i have practiced alot. I am currently trading with an $100 demo-account so i can practice when i open a live account with $100. I trie to trade in my spare time and i am still folowing the babypips course.
My question is if you could give me advice on trading in forex because i don’t really know where to start.

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2 rules before you start thinking about other things.

  1. Don’t you dare get out of demo until you have MONTHS (we’re serious) of consistent profits.
  2. Go through the Babypips course!

Have fun

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In many countries you should be 18 for starting live trading.
So… if I were you, I’d trade demo in my free time until the necessary age and switch to a live account. I think 2 years of demo trading will be more than enough for getting experience and understanding the maket :slight_smile: good luck!

Try to consistence in demo account with patience. And never stop doing pips school. I appreciate your learning efforts because mostly newcomers try to kick off trading without learning and don’t believe the importance of demo trading. keep calm and go ahead.

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Sounds great when just a 16 years teen looking for better something for learning. don’t trade at random in demo . always try to trade with analysis and with the knowledge that you have acquired by Babypips school. Don’t hurry.

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Make sure a profit target ratio in demo. Don’t move on others until achieving the target. And always try to control emotions and greediness that is the foremost reason for losing in forex trading.

It’s impressive to see a 16 year old wanting to learn Forex trading…good job! You’re different from other teens your age & by the time you reach 18, you will have a ton of knowledge. But, just take your time with it…no need to rush because like what @alextrader79 mentioned, you will have to be 18 or older in order to begin trading LIVE.

Good boy,
It continues, studies, studies and studies.
As TomGaffney tells you, before you go to the real run a demo account with many months of continuous profitability. You have 2 years before you have legal credentials for a real account. Use to sharpen your weapons.
Do not underestimate the demo account because there is no real money in the game. This will teach you discipline and respect for money managment. Do not use it as a game. And do not be frightened if the first accounts will blow up. It’s normal. Once you’ve learned to lose, you will learn to win. Good luck

Wait until you’re 18 to open a live account. At the moment you cannot do so legally in your name anyway.

Don’t listen to a single bit off advice given on this thread. Just do your thing bro.

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Tom

Months ??
he’s 16
he can’ trade live until he’s 18

put that together with the fact that he’s a baby in the world.
years… years of practice for him
i would say at least 2 years on demo, running tests and so on

but you are right
do not get off demo for a long time

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LOL
hi bob
you again… huh
seriously mate, he’s gonna blow his entire piggy bank DOING THIS THING

he’ll then be pissed that he can’t buy that PS-4 game that he wanted

Hey kid (Lol24)
listen to me very carefully ok

I have 2 little nephews they are younger than you by a few years.
i’m going to teach them to trade successfully by the time they are 18 or 20 so that they can be millionaires by the time they are 30… ok

now, HERE ARE A FEW FACTS FOR YOU

  1. You are so bloody young it’s not funny
    You ever watch Discovery channel ? You ever see the Lion chasing the herd of deer, ?
    you ever see a baby in the herd of deer hehe

now. BIG QUESTION (sorry, but REALITY CHECK because you want to play with the big boys and make BIG MONEY)

DO YOU EVER SEE THE BABY DEER GET AWAY FROM THE LION
or
Does the Show announcer say “the Lion stalks his prey, but then… he see’s a young HELPLESS DEER, he waits for the parents to go down to the water then HE MOVES IN FOR THE KILL, it is an easy kill for the lion and he barely breaks a sweat” LOL

ok… DO YOU GET IT
You are trying to take money from people who have been doing this at least 100 years before you were born.
THERE IS NO CHANCE at your age
you don’t even understand life yet, (and if you think you do) it proves you don’t.
and if you don’t understand how that makes sense (it also proves you don’t understand)

so here’s the thing

  1. you are not legally allowed to trade, even if you did bullshit on the form… ok
    if you lie and open a live account it doesn’t matter, but here’s the catch
    let’s say you make $10,000
    THEY WON’T PAY YOU, THEY ARE NOT LEGALLY ALLOWED TO , they get sued if they try

so either way… TRUST ME, Practice until you are 18
get 2 years of pratice my young little friend… ok

  1. WHAT ARE YOU DOING THIS FOR ANYWAY ?
    what…??? you wanna get rich, be financially free, be a millionaire… What ???

because at your age
i can tell you right now, HOW TO BE FINANCIALLY FREE

WANNA KNOW ?

OK HERE YOU GO

  1. People fall into debt because when they leave home they get into debt, and by the time they are like 30 they usually have too much debt
    now… YOU CAN AVOID THIS if you are 16

  2. here’s what you do
    Before you leave home make sure you have enough money to pay for 1 year of life
    so… Everything… ok
    bills, Water, Furniture .Food, going out, playing games, buying condoms… everything… literally everything… and then add $5,000 to whatever number you come up with just in case shit happens.

so… let’s say your life expense for 1 year is $30,000
that’s great
so paying your life upfront means you get to live THAT YEAR without headache or paying bills
but… YOU HAVE TO MAINTAIN THIS STATE
SO… during that year you have to earn another $30,000

but… if you started with $60,000 you could

a) have your year paid upfront
and
b) have 1 more year up your sleeve just in case something happeend

THIS IS FINANCIAL FREEDOM

so. if you have a boss and think he’s a wanker and you want to tell him to get stuffed,
you can , and you can take a year off to travel the world and not give a stuff… ok

at 16 this is pretty easy to do

at 30 with around $40,000 debt, it’s a whole different concept

so… if you are smart DO IT NOW
Save $60,000 in the next 2 - 4 years
tell your parents what you’re doing, THEY’LL SUPPORT YOU
they’ll let you live at home until you are 20 knowing that you will be financially free from the time you leave home.

after that, getting to a million is not a problem
the problem is , if you get into too much debt it starts to weigh down on you
and you spend the next 10-20 years just trying to clear that up

DO IT BEFORE YOU LEAVE HOME mate,
best advice you’ll ever get

that’s what i’m teaching my nephews

oh do this as well
make a spreadsheet ok

lay out a 3 year goal and know what you have to achieve EACH DAY to get to that goal
after that
GET TO THE DAILY GOAL EVERY DAY and you’ll be fine

now. lastly,
this is the part where you say "yeah, but how do i do that " hehe

Mate, listen
in life people are not going to spoon feed you … ok
the best advice i can give you is… FIND A WAY , NO MATTER WHAT

if i give you the answer, i cripple you from learning
if you work it out, YOU GET SMARTER… ok get it

DO THAT MATE
Forex will eat someone like you alive and spit you out and not think twice about it
and then you’ll be broke

you’ve heard of RISK MANAGEMENT … right ?

well. here is Risk management

you are 16
Manage your risk
if you get screwed over in Forex you are risking giving away an advantage that you ONLY GET 1 TIME IN YOUR LIFE
that is … You are young
that’s a big risk

now… if you just trade demo for a few years and save your money to become finanically free

THEN when you leave home
and you have $60,000
and you pay 1 year of life upfront
and you have a job that gives you $1,000 a week

it will not be hard to put $4,000 in forex as as start up
and if you lose it … IT WON’T MATTER because your life is paid upfront… got it

THAT’S GOOD RISK MANAGEMENT

BUT, also
you will have a few years of experience so… the risk of loss is reduced greatly

but as you are now
Life is not paid upfront
you are young
very little start up capital
very little expeirence

RISK IS VERY HIGH OF LOSS
THE RISK IS NOT ACCEPTABLE… so… don’t do it

Trade Demo and Save… ok
if you like
See a financial advisor
usually they give you a free consulation
and if you have $300 to blow
they can give you a financial plan on a basic level

GOOD LUCK MATE and remember what i said

Haa haa. I don’t know why you suggest this? Forex is allowing only for 18+? :smile:

M8, we have a word for your type where I come from but…

So would you suggest a 16yo doesn’t learn golf. Or play chess. Maybe a 16yo shouldn’t get his pilot licence. Or sail solo around the world or climb Mt Everest. Maybe a 16yo shouldn’t dare dream about being the worlds best about anything.

@Lol24, dare to dream my lad. Don’t let a dirty old troll stop you.

Forget everything this mug said

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Not sure if you’d still be reading this after all this, but…

I think people are underestimating your mental value as a 16-year-old. I remember what I was like at sixteen, and sure, while I’ve changed a bunch in the last 8 years and developed mentally, your level of cognition and ability to learn shouldn’t be underestimated.

If you could take the time between now and when you’re 18 to learn and practice as much as you can, you could start the beginning of your live career a whole lot better than most.

Keep coming back to this forum and learning, and don’t be afraid to ask any more questions!

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bob, why are you being a [removed for Forums violation] ?
have i called you any names

FIRSTLY, i now expect for you A PUBLIC APOLOGY. right here, Right now
to call someone a troll is one thing
to call someone a DIRTY troll is something different altogether
YOU OWE AN APOLOGY for being a [removed for Forums violation]

to answer your other questions
and by the way, how old are you anyway ?

but to answer your questions

No… you [removed for Forums violation], i didn’t say he can’t dream big
what in gods name are you talking about, who said that ?
mate, stuff my everest, i don’t give to craps if this 16 year old goes out to discover new galaxies ok,

but there is a difference between racing ahead and having no bloody clue what you are doing and
having massive dreams and setting goals to achieve those dreams

now… you told him to pay no mind to me… right
so… WHAT HAVE YOU ACHIEVED ? hehe

I’m financially free mate, i’ve got a business i’ve been running for the last 16 years approx
i won’t go into my income, but it’s like it more than 10x yours

what have you achieved
and what qualifies you to tell this kid how to start life
I’M 44, I’ve been there
how old are you ?

in my 44 years , I’ve learned what i was supposed to do and how i could have been financially free by the age of 25.

i’m merely telling this kid how to start so he doesn’t have to struggle
i’ve laid it out step by step

now how does your comment
"forget everrything this mug said"
Negate my comment ?

Please educate me… go right ahead, I WOULD LOVE TO HEAR THIS

UNDERSTAND THIS THOUGH
Whatever you say to me, it doesn’t really matter,
worse case scenario, you will just be a disprespectful little bastard, but…
THE POINT OF THE QUESTION IS TO HELP THE KID

you only get to be 16 once
and when someone comes along and says “don’t listen to these guys mate, do what you want”

ok, fair enough, that’s fine, i understood your intentions
but YOU SHOULD UNDERSTAND THAT YOUR ADVICE WILL LEAD HIM TO BELIEVE

  • he should do whatever he thinks is right - That’s not correct, he’s 16, he doesn’t know what’s right, THAT’S WHY HE’S ASKING

  • he will end up broke following your advice. Your advice requires a person to not think and just move forward, THAT’S BLOODY STUPID, i know, i’ve tried it when i was younger. it doesn’t work

my way… he starts life without debt,
he has a plan to maintain it
he is then financially free
and then HE CAN DO WHATEVER THE HELL HE LIKES WITHOUT THE WORRY OF SINKING INTO DEBT

i’m not limiting him
i’m just telling him how to start in the best way possible

so again… why are you being a [removed for Forums violation] ?
would you like to be reported to babypips and be kicked off the forum ?

the purpose here is to help others
this isn’t you tube mate,
this is babypips
Understand where you are

An apology. Has been know to happen. But not on this occasion.

I suggest that as money therefor financial freedom is an intangible concept to me our definition of success are greatly different.

Thank duck I’m not you. Thank duck you’re not me

thanks everyone for the advice, I really apreciate it:)

and don’t worry I won’t go live until i’m 18.
If you have more advice feel free to share them.

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Do you mind if I ask if you have any current resources you’re using to educate yourself? Just wondering if I could give you some guidance around this!