Hey Babypips community, i am a 18 year old male who grew up in poverty. Growing up i never liked the idea of ever being told what to do especially when it came to making money for my self. so around the age of 13 i got in contact with an older cousin who was a successful entrepreneur, seeing how freely he lived and never being tied down to any certain place and have no boss I instantly fell in love with the idea of becoming an entrepreneur.all through out my time enrolled in public school i was day dreaming making plans on how i could succeed in life financially. Coming my senior year in high school I start hanging with some friends who mentioned some online “scam” called Forex. Didn’t pay any mind to it until a few weeks later i saw one of those IML Instagram ads flashing all the cash etc. the guy in the video mentioned Forex and the markets so i immediately took thing to YouTube to find out what this Forex thing really was and if it really was too good to be true. Watched almost every single video on YouTube and i opened a real account ended up making 20$ then blowing my account immediately. Currently on my 3rd blown account. i now Know Forex isn’t a scam. I’M going to dedicated myself to learning these markets, because even though I’ve lost a great deal of money in the markets i know my victories will over shine my losses i’m confident this page is a step closer to my success on the markets and shout outs to baby pips for being a free platform i wish success on anyone ready this
funny guys they were.
You really have two choices while you’re learning. Busting a live account because your capital is small and you are risking more than 1% per trade, or opening up a demo account while you save up money.
IMO, the Holy Grail of Forex trading is Money management whereby you aim to stay in the game as long as you can, otherwise you cannot trade. That means a patient disciplined approach to risk, a small lot size, and preferably a small leverage.
At the moment you have not displayed the right money management mind set to succeed, but on the positive side you’re determined to become a profitable trader. That’s great.
Best of luck, going forward, by keeping a journal of all your trades, and why some lost. That’s how you learn to trade smart…
I was just 18 when I started to trade forex. I agree that as a beginner, there were a lot of obstacles that I had to face. But over time, as I gained confidence, I learnt new skills and got better at making profits. Thanks to my mentor and all the experienced traders on babypips who help new traders.