Any advice for a 16yo beginner?

I have checked you tube but didn’t find at any educational books , but got something video that can supportive only for beginners. In Google please search top ten Forex book if you need.

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Please go through You Tube again , of course there is. I have checked already. Search the line “ Top ten Forex Books for Beginners.

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Which broker has minimum deposit with lowest trading spreads and does not restrict any kinds of trading techniques with scalping and hedging is more appropriate for beginners. But practically this kind of platform is difficult to found.

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this Min deposit thing is a scam… FORGET IT
brokers will advertise that you CAN START LIVE TRADING WITH AS LITTLE AS $25
and TECHNICALLY SPEAKING… you can
(it’s really really stupid) hehe
but YOU CAN DO IT
because min lot size is 0.01 Lots on currency
so 10 cents per pip
now. IF YOU DO THAT you can only run a trade for a max of 250 pips
or Lose 250 pips worth of trades
THAT’S NOT A LOT when you think about it
and that’s without even considering risk management

Telling a newbie to start with less than $100 is the same as saying
"WE THINK YOU’RE STUPID, SO WHY DON’T YOU JUST HAND US YOUR MONEY AND WE’LL TELL YOU YOU MADE A SMART DECISION, AND WHEN YOU LOSE IT, WE’LL TELL YOU THAT IT WAS AS A RESULT OF BAD LUCK OR BAD DATA" hehe

it’s a con… ok
don’t focus on broker’s that have the lowest deposits

as for…[quote=“Hadden, post:43, topic:122755”]
does not restrict any kinds of trading techniques with scalping and hedging is more appropriate for beginners
[/quote]

well. i disagree that scalping is better for beginners

but YOU DEFINITELY WANT TO FIND A BROKER THAT DOES NOT HAVE MIN STOP LOSS RESTRICTIONS

i’m not going to tell you which broker to go for
i’m just going to tell you my experiences with 2

Easy Forex, now called Easy Markets, (when i was a beginner ) - They restricted me,
i could not put a Stop Loss on a trade , UNTIL THE TRADE WENT 22 PIPS IN PROFIT
so at 23 pips i could put a max stop loss of 1 pip in profit relative to my entry point

at the time, as a beginner, i thought this was normal… IT’S NOT

I’m currently with pepperstone
No Restrictions, i can basically do what i want
No Slippage BS, where as with Easy Forex… hehe… don’t get me started

so… I’m with Pepperstone
you can feel free to try them if you like,
there are others, i have tried most of the bad ones,
if i had to leave pepperstone
i might try NetDania perhaps , IC Markets, I’ve heard bad and good things. so maybe
i don’t know
it really requires research and testing in order to trust a broker

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The stuff in the school is important. You need to know theearly stuff and the later stuff gives a good idea of some of the methods which people have / do work with.

Again, it is a good idea to have a grasp and understand them. - It is not really neccessary to know them “Off by heart” imo.

You will not really find a spoon feed for profits in babypips school, although it is likely that combining two or three things will enable you to trade a demo account and "Get the feel " of trading. It will help you to decide what style and length of trades suit your personality and as such it will start you thinking like a successful trader - even if you are not trading positive, and get you used to the panic / manic emotions you have to learn to deal with.

Hope that lhelps a little :slight_smile:

[Edit - AS a young lad, if you treat it like a computer game where the game is "Out to beat you" and the school is some of the things others use as tactical weapons, but it is up to you to go and find others, that may help ]

And keep in mind “The cat and the rat” scenario !

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thanks everyone for your advice!

You can do it ! - I started looking at “shares” - around about your age. Nearly 50 years later - I wish I’d started then ! :slight_smile:

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I think there is no specific scalping brokerage, sometimes broker companies don’t allow scalping in their platform, because by means of scalping they can’t earn profit much. and some traders always looking for 0 pips spreads broker for scalping but it is all about scams , there is no completely 0 pips spreads broker . I have never found. So, be careful and don’t motive by brokers advertisement.

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Nice to hear from you, I wish I heard forex when I was 16 Years old, but then again Internet and forex as not as easy as present days.
Trade demo before you entering using real money. But when using real money, the game will be in a whole different level, the psychological level is different, you must try to imagine yourself if you have 100$ in real money and you lost 10$ how do you react ?, if you lost 50$ how do you react ?
My advice is trade demo, find out what kind of traders are you, find the most suitable strategy, and don’t satisfy if in one trade you win a lot, market is always changing…

Consider this kind of questions for thinking material :
your strategy might work in a trending market, but how about in a trendless market ?
how do you control your losses ?
what is your stop loss strategy ?
how about your money management ?
when the market is trending, but your trade is against you, e.g: the EURUSD is bullish, and you also bullish but when you enter, the trade is against you, what will you do ?.. will you stop the trade (close the trade and wait for another entry)? or will you continue ?(you bet it was a correction, it will proceed the bullishness) whatever your decision, how will you handle your result ?

A. After you decide to close the trade, but the market return to the original track and continue the bullishness, will you disappointed and make revenge trade (double your lot)?

B. You bet it was a correction, but the market is not returning to the original track, it goes deeper… and this time your floating losses are be bigger, what will you do ? will you close the trade with heavier loss ? or you will wait again, risking your entire balance ?

there are lots of thinking and research when doing forex. I hope this is helpful for you, if it is not too much for 16 years old.

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You are early in the market. So no hurry. Forex trading requires specific knowledge and skills. Start to develop your skills. Forget about making money or profit. Invest your time to learn the art of trading. In babypips’ The School of Pipsology you will get the perfect resources to learn the market. First, finish with that. Then you will understand what you need more.

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It’s a complete message and suggestion. Thank you Sir

You are too young! That’s means, you have enough time to build your career here (I mean learning)! Just one suggestion; please don’t be rush! You can start with the BabyPips School! Don’t go for the live trading until you are successful in your practice account.

Successful in practice account is not a big deal, we sometimes become successful in demo by trading at random. I am not ignoring the practice session just trying to understand go through your bookish knowledge minimum 2-3 times and after that use this knowledge in demo to see the performance how it works.

LOL…
@PeterBorren Maybe TO YOU it’s not a big deal
but DEMO TRADING is a very very big deal indeed

I’ve taught people how to trade,
and… a Pattern that i’ve noticed EVERY TIME is…

  • if you take it seriously, it’s invaluable and pretty much ensures that you won’t stuff up, or not to badly at the least

  • if you take like you are taking it… in the sense of… yeah… you recognize it , but you still think it’s play money
    then people who do that always crash and burn (at least in the beginning) when they go live

TRUST ME MATE, it’s a very big deal

Continue your course and try to make consistent profit in your demo trading accounts by utilizing your trading skills and expertise. Once you are confident enough that you can work with live accounts then you can try out with mini accounts. Mini accounts and smaller lots are two useful tools for the beginners.

My advice is this - continue trading on demo until you turn 18 - no broker will open an account in your name before you do. Study, learn, practice, grow, you have plenty of time to do that. Apart from that, I do strongly recommend focusing on school and then on higher education. Having a college or university diploma is always a plus, not to mention that proper higher education, apart from actual knowledge, usually trains people how to use critical thinking, which is incredibly important in Forex and in every aspect of everyday life.

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I think it’s great that you began learning early! :smiley: The learning doesn’t really stop so good for you that you got in the game very early on in your life.

I realized that this was posted last year so @Lol24, we would love to know about your progess! :smiley:

No way to avoid your message. But mostly beginners don’t believe the importance of practice account and they get nothing from here. That’s why sometimes I prefer micro account instead of demo.

i agree they DON’T BELIEVE
it doesn’t change the fact that its important

Just like a lot of people believe in god.
it doesn’t change the fact that he MAY NOT exist

it comes down to personal belief

now. if a beginner is successful at forex without trading demo… HEY… GOOD ON THEM. i wish them well
but, it’s not a smart way to start

It’s a nice reply with exact logic. Got something new. Thanks again @ Martin K