I’m 18 and from England, I’m currently doing my A-levels in physics and maths and then hopefully get into university. I work part-time when I get out of school as a self-employed car washer at local car parks and at people’s houses. This brings in on average about £700 a month however it’s quite tiring and I’m looking for other options.
I was talking to a friend of mine who recommended looking into forex and warned me that even though money can be made, there’s also a fair amount of risk. With that said I have saved up £2000 over a period of time and I’m ok with risking/losing 10% of that (£200). If it works out I do have more money saved up which I would use If I get the hang of it.
My real question is if it will be possible to actually make £700 a month through forex or another form of trading on the markets?
Hope you can help.
Any advice will be very much appreciated.
I am also new to the forex world (just 3 weeks old since I started trading live).
I just started with $100 and in the week I was at $283 and in the next I got down to $115 and currently I am at $155.
In the first week I was using 2-3 different system of trading in which I earned good $$$ but with the same system the next week I lost big $$$.
So since my big loss I decided I will just stick to one system and start earning slowly. Also I am still in the learning phase.
What you can do is go to any broker`s website and open a demo account and start trading with demo money and with that go to the school section of babypips and try to understand the basics.
I am not sure if you can earn 700 pounds every month just in the beginning,
but with good practice you may achieve what you want.
My advise start with demo account and get a basic knowledge of how to trade.
The difficulty of making any particular sum of money is dependent on your starting deposit. I’m not suggesting you go and invest $5000 into your first live account, but it will be far easier, from a money management standpoint, to make $700 from $5000 than to make $700 from $100.
There are people here me included who are trying to be profitable after months of trying.Keep in mind most traders blow there first couple live accounts(i have read),so start as small as possible and work your way in slowly.
It is extremely unlikely that you can make 700 a month with a capital of 200, or 2000 for that matter. Other may disagree but this is my firm conviction. Maybe after years of practice, but it takes ten years to become a doctor and it takes time to become a good trader as well. It’s no different except there’s no university to learn trading. That’s a big disadvantage and of course lengthens the learning curve even more for us retail traders.
Forex is great but far from as easy as it seems. Trust me on that.
Start by proving to yourself that you can trade profitably for at least three consecutive months on demo. Once you’re able to do that, put in the 200 and start learning with live money. If you then fail, go back to demo again and find out what went wrong.
If you can’t do it in demo I absolutely guarantee that you can’t do it with real money.
Make sure to go through Babypips school and read and learn as much as you can.
Trading is simple but not easy. If you stick with it I promise you will understand exactly what I mean in time. Just don’t expect to get rich quick, it won’t happen.
You’ve got a long path to walk but there’s a worthwhile pot of gold at the end. Good luck.
Hi Striker
you do need to learn first, come back with any questions. As you are in the UK there is a simple route and that is via spread betting. Either IG Index or capital spreads are worth checking, it is simple, works in the same way as using a broker without a lot of hasstle and no tax payable on profit
best regards
I agree - starting slow is the prudent option. Demo trade what you learn to get a feel for it. Then once you have a reliable enough system/strategy, demo trade that for some time, at least a month. That way you can refine your strategy without losing any real money, & by the time you decide you want to start trading live, you will know the limitations of your system, & the remedies.
You can never be 100% correct - no one is. But as long as you can manage your trades efficiently & prudently, you will be on the right path…
Wish you all the success, & drop by if you have any queries (which I’m sure you will have!).
I agree with o99016mh post. It takes a new pro trader two years to get good with all the resources at his/ her disposal. Dont imagine for a second that FX is easy. Take your £2000 and invest it in your degree course and practise on demo for as long as it takes to be consistantly profitable. Only then consider a live account.
Knockneerebel… spread betting is a loser. Check the time frames a trader is allowed. Bookies never play anything unless the odds are in their favour
Its the best way to go. Don’t plunge it right away and think you will be profitable at once. Remember, forex is not like math wherein there is a fixed solution to a problem rather it needs constant monitoring and quick action on your part.
If you have good good technical analysis skills or you understand how the fundamentals play a part in forex, you can make a profit out of the forex market. In the forex market there is no age limit, only the skilled traders are able to survive.
Hey My Names Josh Im 18 years old I have been trading for 2 years now started with $25
ITS been up and down i turn $25 to over $200/ $300 every week some times i profit some times i have to start all over again , i use various strategies with bollinger bands rsi,fibonacci retracement, im looking for some advice i find my self stuck at times making the same mistakes and falling back in my old bad trading habits witch results in a few bad weeks of trading … anyboody this happen to any body as well
Have you tried testing your approach to trading over historical data before going “live” - if your trading approach can be completely quantified, which in my opinion is a must, then you will be able to test it. These historical results will resemble what would have been, and although past performance should not be considered indicative of future performance I believe a large enough data sample will give you a rather good idea of expected results. The larger the test sample of historical data the grater the degree of accuracy the results will hold.
If you do take this approach it’s important to include all market cycles, such as boom and bust periods, and also ranging periods. If you were to test from 2008 to present you would encapsulate much of what the market can through at you, including the financial crash of mid 2008 - a period when many trading strategies collapsed due to the markets making a one way move down (at least in stocks & equities and in pairs were USD is the cross currency, hence XXX/USD)
It is time consuming using this approach as you don’t only have to quantify your trading step by step, but you then have to be able to record each and every trade, and the repeatable variables (which also need to be customized) relating to your strategy. This is the approach I have personally taken, and in all honesty it does take years to do it correctly. However the end result could, and typically does produce a trading approach that is leaps and bounds ahead of the average retail trader.
yes they can make money thay are active by mind pick all things quickly . Some teen agers are mature by mind so they can easily make money from forex trading. In this age theor learning is very fast which helps them to analyze things. with some experience they will make good market analysis to do proper decisions.
I too am new to forex, I start with $ 200, I get to earn $ 150 / week. I advice you to take a long time to learn about the forex, read tons of books. this is essential if you want to reach your obdjectif.
