Hi I am currently new to the forex world but I am not even sure if I can join in. I seen around the internet of some teens that have being able to trade but I don’t know how they have done it. Please can someone tell what platform I can use ( one that’s regulated) and that has a very low minimum
Have you gone through the School of Pipsology? I’d recommend paper trading first before actually opening an account - you’ll need one of your parents to open one for you if you’re trying to do it before you’re 18.
I’ll make sure to try it out
It’s nice that you’re trying it out though. I have teenage relatives and I’d be extremely happy if they have just a tiny tiny bit of interest in things other than Instagram or Snapchat. I’d say you’re off to a good start! I wish you more discipline and willpower to continue working hard.
And even then, it would be illegal if teh “broker” was aware of that - You would need to “Be” that parent, so be careful if you go down that path.
I would do it for one of my kids, but many take a different view.
However @purtle is completely right, trade it on “Demo” for a long time first ! - It really is not as easy as it seems ! - But I envy your youth and I wish I’d done it at your age !
Ah that’s true. Completely forgot about that!
So yes, looks like demo trading is the best way for now @omgil877.
If I may ask, how did you end up becoming interested in trading? Maybe I can do the same for my nieces/nephews!
Actually it was a bit strange how I first got interested. Since I have been in 8th grade I wanted to some day invest because I really liked the idea of growing your money through time but never was serious until I read a book during the summer of eighth grade coming to ninth grade. I read “MONEY master the game- 7 simple steps to financial freedom” by Tony Robbins, it is not a quick read, it is like 600 pages long but is very good (I recommend to any adult because it’s more about retirement than young investors). I was volunteering in my elementary that summer and became really good friends with a teacher there and told her my ambitions of economic stability and she let me borrow the book. The book as I recall had nothing to do with investing in forex but instead in the stock market, but it fueled my interest into a level never felt before about growing my wealth.
So through ninth grade I started looking in other ways I could grow wealth and heard about Bitcoin, so I had my research going about it. I forgot the reason I never started in Bitcoin, I think because I kinda knew that the value of a Bitcoin doesn’t grow steadily forever, so I looked for other crytop-currencies and found Bitconnect. So I researched about it and even followed people on Instagram who were in the business, I was about to start investing in Bitconnect then the company was suit by two states and was forced to limit its services from the US.
But during that journey many “scammers” instagram saw that I was interested in this and one reached up to me and made me an offer, I just played around with him that was going to do stuff and that I was rich and that I was interested ( it was funny). But one of his services other than buying and selling Bitcoin was Forex, and he offered it to me but I never took him seriously because I was playing around with him that I was rich and stuff. Now months back I still have trouble investing in ANYTHING because of my young age and other personal reasons. So I remembered about the Forex offer and started researching about it and unfortunately I am finding not that pleasing news that I can legally open an account on my name. I know that this is not easy nor the stock market is any better but the amount of knowledge and practice I get the better journey will be. I don’t want to luch myself in to a jungle and loose my life, you research the jungle first and see it’s features and things you can do then you can go through it. I want to start the journey as soon as possible though.
Pretty amazing that you’re already into growing your money as early as now - are your other friends into cryptocurrencies/investing also? I’ve read about other teenagers who struck gold getting in BTC a couple of years back. Aside from your friends, are your parents also into finance/trading/etc? (Sorry I’m just really curious! Growing up, I didn’t have access to anyone who could have taught me about anything about the financial industry - I wish someone did though!)
Those offers on Instagram - that’s a little scary had you been more naive and actually had the cash to spend.
@purtle it’s a pleasure for me!
It’s quite the contrary, I don’t have any friends interested in none of this because you know how social media and other things have eaten up the will to do other things other than get famous and spend money on anything they wish.
The only relatives that are a bit in the game are my sister and my brother-in-law. They have started trading in the stock market but in very little amounts, but they are not that quite serious about it, from my perspective at least.
I first got interested in stocks when I was in sixth or seventh grade when my dad told me about the story of a friend whose that had bought stock consistently and never sold it or did anything, just bought. And when he died his investment return turn out to be a around $1,000,000 and that was his heritage to his family. I found that very interesting but because nor my my dad or me or anyone we knew knows anything about the stock market we just let it passed as a story.
Then my brother-in-law and my sister when I was in seventh grade told my dad ( I was in the living room with them) about the stock market and how it worked a bit and that they were interested and since then I have decided to give it a shot. But it was after I read the book I told you about that saw it as necessary to start as soon a possible since if I do everything well and I am consistent I could be financially free by the time I am 30 or 40 years old. Other motives are that I don’t want to depend on my parents, I see the stock market as a good opportunity for a great future, I want to manage well and do great things with my money.
This is my living nightmare right now, because I am doing this all by myself (from looking what platforms/strategies I can use to teaching myself how to invest), it is very hard to see success. Primarily because of my young age, it looks like the government doesn’t like young people in their business. At times it seems that I getting nowhere since I can’t even start investing just yet, but I continue to learn how everything works so by the time I can invest I have a headstart.
You’re lucky you’re living in the age of the internet where everything you need to learn is literally online - from people you can ask questions to courses you can take! All you need is enough desire and TIME - which you have a lot of because you are still young.
Although… are you working right now? How will you fund your trading account?
I look back at the times when I could have made money - like the 2008 financial crisis but then also think about how I wasn’t making enough to have made any significant amount out of it anyway. Not only was I unaware of the potential upside to that event - I also wouldn’t have had any means to participate. So that doesn’t make me feel so bad when I think about it lol
Right now I can’t work right now since I am busy with my program at school, it’s very demanding I have to read 3 books and annotate them during this summer. But I hope in near future or hopefully next summer I can work or do something that can fund my future investments.
About the stock market crashes, I think one is coming up soon.The US GDP growth rate it’s hitting its all time high or something like that, and Warren Buffet is giving a warning about it too from what I’ve read. I know what you mean I want to profit also from the upcoming downhill if it happens. I want to get in the game as soon as possible before it happens. If it does happens it might be before this year or after Trumps presidency.
My predictions are not the most reliable since I am a newbie but it’s better to always have the eyes open
I don’t know in which Country you reside, but laws in each jurisdiction will differ… 18 is the min age in Aust.
My 17 year old son has been trading for 6 months and is doing quite nicely… I opened a minimum deposit ($200) account for him, which I oversee. Teenagers see some things we adults don’t so it has been interesting.
I was able to fasttrack him on what to read and what not to read to get him up to speed, now he can choose himself, All trading forums are definite no go zones… He can also code his own Indicators and Ea’s as programming is taught in some schools in Australia… and this generation picks up digital technologies sooooo fast.
It’s going to be more difficult to learn to start without direction on the actual markets, but at 16, if you are really interested in it… you should be able to pick it up faster than most adults because of less preconceived ideas about what you are seeing… If you have the time, the patience and a passion for it… it’s great to start at 16.
Thanks for the advice, I am currently in the US. I’ve read that there are some brokers that allow people my age but can’t find none so far
Though age does not have any connection with trading, I think you should not engage here in this premature age. At least obtain the maturity to handle huge pressure that trading can give you. It can even hamper your study if you face failures. But, yes, try demo trading accounts and it can help you to obtain necessary understanding of the market free at cost.
He’s lucky to have you! Do you mind sharing a couple of books that you recommended to him?
Oh, why is this?
Also, was your son initially interested in trading? Like without you having to convince him? Always so happy to hear stories like this!
Hey @purtle, Getting anyone to read a book on trading is a chore… even me…The only book I ensured he read was Trade Your Way to Financial Freedom which gives an overview of trading FX. Most information came via Youtube demonstrations (easier to take in) which I have added to many of my posts over the past six months.
Trading Forums for newbies can be highly distracting, no information can be verified… Industry Influencers, real traders? You have no idea who you are conversing with… so the way to keep a clear focus on developing a sound strategy is to concentrate on your strategy and results 120%.
I have been trading for many years, so he knows what I do and started showing interest a few years back, so I set him up on a Demo with a few simple strategies over school holidays and it went from there.
You are not legally an adult so no broker would open an account in your name.
My advice is, use the time until you can open an account to learn how to trade. Go through the school of pipsology here, watch and read other tutorials, practice on a demo account.
It is wonderful to see a 16 year old who has read a long Tony Robbins book and is already interested in stocks and Forex in this 21st century (age of mobile phones and laptops and video games etc) it’s just amazing.
My advice is, don’t try to jump in as fast as you can, trading the Forex market is not as easy as you may think I personally feel you are not ready to take in the pressure that comes with it.
Go through the school of pipsology diligently and take notes (have a journal and don’t skip nothing), start Demo trading until you are 18 (Only open the demo account after the first completion of the school, this way you can easily review what you learnt again when you start the Demo).
Enter the market as semi-pro. 2 years is not a long time to learn to trade trust me. I know people who learnt for few months started trading live and lost their capital, then came back to school to actually learn this time, you don’t want that now do you?
Read more books, get the right kind of friends and GOOD LUCK on your journey.