Good advice
Take your time, keep practicing on demo and keep learning till the time you can open your own account. i am sure when you will go live after so much experience then you will get better results.
All the best
2 Likes
This is so true. How do you know who to believe in even? Someone could sound like they know what they’re talking about but be absolutely wrong about everything - which happens a lot anywhere online.
But it’s also a good place to kind of keep yourself still embedded in the industry in a “fun” way where it doesn’t feel like you’re always absorbing things to learn. Like a pastime that’s still related to learning, if that makes sense.
I am going to take time to learn, but soon or later I will be in this jungle
I thank you guys for advising me, thus now I am going to take more precautions how I get into the Forex Market. Right now I am trading on a demo meta trader 4 account and learning a few stuff on YouTube, but eventually I hope I will be able to understand what I can do here to be profitable.
Perfect! We will support you! Continue posting here and we’ll cheer you on. Proud that you’re committing yourself to learning something new and that you have goals!
1 Like
Thanks for the Book recommendation, will defo have a look at that. I’m also not able to legally trade my own account as I’m 17, and the laws in the UK are the same as the US as they state that you’ve got to be 18+. For me, It was Grant Cardone’s “The 10x Rule” that really changed it for me. Again, nothing about trading, but it was the motivator into making me want to grow wealth instead of just doing a 9-5 job for the rest of my life. Would definitely recommend.
I completely agree. I didn’t come to a Forex forum to particularly learn too much from someone (Never know who you can trust these days unfortunately…). But mainly to see what other people in the business are up to, especially as I don’t know of anyone in my area who is in to Forex.
1 Like
Maybe because the lawmaker doesn’t want to expose you to something risky such as Forex, stock, etc.
In Thailand, We have to be at least 20 thus we can open our stock trading account but we doesn’t have the law to do with the Forex market here. Anyway, my Forex broker still require the 18 minimum age for opening the account.
I also interested in stock market when I was at your age, so I asked my mom to open an account and I will do the analyze. I don’t know if it’s legal or not. Let’s say that at the end it will be my mom decision.
I am also a newbie in Forex market. I will open my own stock trading account next year.
Don’t get frustrated, keep going and gathering your capital and knowledge.
1 Like
I don’t know where you live, but if you want to learn to trade, I think a demo account is the place to start. You should look into opening a demo with NADEX. It’s free and you have $25K of play money to start with. They are regulated in the USA, and have a good record. To open a live account you need $250.00. This would be a very good place to start, good luck.
JohnTO35
1 Like
A new face! Good to see you around here. Welcome to babypips! Also, I’m in the same position as you - I have to find people interested in this industry, online because my “real life” friends would be bored to death if I had to tell them about this.
Not sure I’d recommend opening an account with $250 but I suppose you can charge that as part of your tuition once it disappears quickly.
The 250.00 is all you will need, IF you play your cards right. That’s why they have a demo account. Take advantage of there education videos, a vast amount of training. and its all FREE.
JohnTO35
I suppose it depends on your Trading strategy. If you’re more of a Scalper or a day trader. As you probably know the laws for all European brokers have completely changed, and maximum leverage is now 30:1.
If you’re trying to scalp the markets with $250 then the maximum position size you could open is 0.075. That’d get you $0.75 per pip movement which you’ve also gotta pay your interest out of. So if you’re bagging small trades, it makes it pretty futile. But like I said, It’s just down to your trading strategy.
Very true, if you trade fx ,been there done that. I only trade options with NADEX. I know my RISK before I enter. I am only in a trade for an hour or less. I can risk $50. To make $50. I can exit any time I like, and only pay my entry and exit fees ($1.00 each way.). I can trade 1 option or 100. NADEX is a U.S. Based and under strict control. My funds or held in a U.S. Bank under my name and not with NADEX. Check out there Web sight. JohnTO35
Well done! I wish I started when I was 16, though when I did try I was about 25 and the minimum deposit was around $10 000 when I opened a demo account. They shut it after just one month! Anyway, I know what account you could use after some demo trading, but I don’t know about the age limits. There is something called a mini account, in this case a cent account. The broker is Forextime and they have a very user friendly demo account set up system and the Cent account. The minimum deposit for the cent account is $5. So if you deposit $5 your account balance is 500 cents. You can then trade in a similar fashion to normal trading, just the spreads are wider, which is good for practice… plus it is real money. You can easily open a position of 0.01 lots on 500 cents. I didn’t find anything relating to age limits, but then it is EU regulated.
Another nice part of Forextime is their education section. Most good brokers will have a good education section, here on Babypips too.
Youtube is OK, but hard to separate fact from fiction sometimes (plenty of scammers and course sellers too). Books are far more reliable and are free from the library or cheap second hand.
Keep going, you will do well, especially if your family are supportive.
2 Likes
So easy to go into multiple rabbit holes on YouTube! I had to stop myself from checking it (especially during the crazy crypto bull month late last year) because of YT’s algorithms. I felt like I was being shown crazy clickbaity ones just based off like 2 videos I’ve seen.
Having the right environment is key. If not family, at least friends or mentors.
You should have to get some knowledge about the market. If you had some knowledge about the market than you might be able to do some trade on the forex market. Otherwise you can’t do trade on the forex market. You should have to withstand with your problems and try to solve it by taking some help from the expertise.
This a very un matured level. This is the time when you don’t have a huge knowledge, experience, emotions control, best technique and skills. These things helps you a lot and also makes you able to do a trade on a forex market. You also take some experience from the demo account.
Right now, BabyPips School is the best platform to you! As a new trader, you need to focus on learning & only learning.
@Hasturen From what I’ve seen being mature doesn’t have to do much with age but about your attitude and knowledge about a certain subject. I’ve decided to start trading when I am 18 and use these 2 upcoming years to learn how to trade and all that stuff
1 Like
Very good plan, I really appreciate you! Hope for the best. But one suggestion, don’t be rush.