Too old to trade forex?

Beginner Questions
21

Wao! Another very detailed analysis of my situation, thank you for taking time to explain all these to me. This is true love in action. Thank you very much. I am now better informed.

22

Thanks Wara afif, I appreciate your kind words of encouragement

23

OK, many thanks.

24

Thanks a million.

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25

Thanks, God bless you

26

Wao! True talk I think. At least away from serious corporate meetings give more time to reading and practice.

27

If there is a will there is a way

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28

Words to live by, in my opinion.

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29

Common, if you never try you will never know. Nothing difficult especially for a person, who has probably have done a lot of things in his life. BTW what is your background? What you need to know before you start, that this will require a lot of your time, efforts and studying. If you have it all then go for it.

30

Age is no barrier to entry…you go for it man!

31

One more thing. There are a lot of competent people willing to help on this forum, so if you do decide to trade you’re always welcome to ask any questions that you may have.

32

keep always interactions with the forex guru for guidance when there are things that you don’t know.

33

Hello Arteng,

I will offer a quote that has been a strength to me for years, though no one knows who actually said it first: “If I knew that the world would come to an end tomorrow, I would still plant a tree.” You are obviously wise enough and old enough to appreciate its meaning.

I am 74 years old, and do not have a large enough income or nest egg to carry my wife and myself through our final days; but two or three years ago I planted a tree: I began to study forex and am getting very close to applying the $3000 that I have set aside to invest in forex.

I expect to be consistently profitable because I have been very careful to study every aspect of forex applicable to me and to devise a trading strategy that I am confident in. All that is required now before I deposit my $3000 with a broker is refinement of my strategy and adequate testing on backtesting software and demo accounts.

It takes a long time for a tree to grow, and I am planting this tree quite late in life - but some trees do grow very quickly, and I am not discounting the possibility that that this will happen with my forex tree - but I am certainly not counting on it. I do have an ace up my sleeve. That ace is called proprietary trading companies, and there are quite a few of them.

If you can prove to them that you are a consistently profitable trader either by sending them your trading record or by trading with them either on a demo account or with your own money (each company is different), they will front you the money to trade; and, it seems, in all cases, you get to keep the lion’s share - more than I, and perhaps you, can expect to win on the small margin amounts we can place on our own trades. The more you prove yourself, the greater the amount of money they will front to you.

Here is a list that the Apiary Fund provided me a couple of years ago or that I found on their web site. (Please do not take this as an endorsement of the Apiary Fund. I need to do more research and ask more questions.)

TIER 1: $2,500. I KEEP 60%.
TIER 2: $10,000. I KEEP 70%.
TIER 3: $50,000: I KEEP 80%.
TIER 4: $250,000: I KEEP 85%.

Are these the margin amounts they’ll front you to place on trades, or the account balance they’ll front you from which you’ll draw your margin? Honestly, I forgot. So let’s do some digging. I’ll do mine later, when I’m ready.

Another company that piqued my interest was Blue Point Trading. If you Google “Proprietary Forex Trading Companies” you will find a number of them listed.

Now, that’s all well and good - but you’ve got to be very careful. You must research the integrity of each company. You must carefully understand their policies and ask plenty of questions. Some of these companies charge you for training, and even charge you a certain amount per month (I think) after you begin earning money for them. Some require you to buy software. One of the two companies I mentioned - I think Apiary - will show you the door if you lose more than 2% on any trade. So be very careful! Seek out reviews. Perhaps there are reviews or discussions of these at Forex Peace Army: https://www.forexpeacearmy.com/. Perhaps also on a BabyPips thread

You are a businessman. You understand these things. Be very careful. But as for me, as I recall, I think Apiary and Blue Point may be very good possibilities.

But I can’t emphasize this enough: Make sure you understand everything about these companies’ policies before you lay down your first dime with them. Ask plenty of questions.

One other thing: Be very careful about spending hundreds of dollars on forex courses. It seems to me you can learn all you need by asking Mr. Google, as I did. I did, however, buy a few good books.

All the best and God Bless,
Norm

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34

Aaaaah! I need not look further if I can follow you in this journey of tree planting on the eve of world end, you have given me the real deal that is not common in human. I am amazed that someone can be down to earth in wanting to help others. I am willing to follow your footsteps even if it leads me to uncertainty. I HAVE FOUND A COMPANION IN YOU. I will check all the references that you gave me, I will research into more, I will put my mind at studying to succeed, I will write your candid opinion in my diary and act it like my bible. Thank you for igniting my hope, together we shall succeed. God bless you real good.

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35

Never too old for anything :slight_smile: Live for today, plan for tomorrow and learn as if you’ll live forever :slight_smile:

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36

Hello Arteng,

I would be happy to chat with you personally as we find our way through forex, but please don’t consider anything I say as anywhere near the level of a Bible. Although I have made progress, I am not a forex guru. I have not even earned my first penny yet; and, of course, there are so many decisions to make along the way that we each must follow the path in trading that we feel is best of us.

I will send you a personal message through BabyPips’ personal messaging system, and we can begin. You should be notified of it by email. If there is no link in the email to respond to me directly, then log in to BabyPips, click your picture, then click Messages. My message to you should be at or near the top. Click the topic, and that should open my message. There should be a Reply link on the bottom. If not, then click my picture on this forum, and in the upper right should be a Message link through which you can reply to me.

You wrote, [quote=“arteng, post:34, topic:201410”]
I am amazed that someone can be down to earth in wanting to help others.
[/quote]

Well, by your greetings I can tell that you are a believer in God, so I can say this to you: If Jesus died on the cross to save me, then the least I can do is type a few words to help you.

Perhaps our companionship will grow and we can learn from each other.

Blessings to you,
Norm

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37

It’s never too late to do something what you really wanted to achieve in life. Good luck! I think it is worth it.

38

Just try man. I think age is not a problem.

39

First all all welcome and second of all 63 is still
Young! Your never too old to learn anything if you put your mind to it!

40

Don’t be silly, age is just a number.
Go for it I say! Let me know how you get on.