Ive seen everywhere on tiktok about making money and forex was one of them for a 14 year old i make no money and im trying to learn how to make money for me and my family because i am not that fortunate to live a life like others which is the main reason i want to make money so please may i have some tips on how to start
No, because you need to focus on your schooling, not gambling on FX. Ignore tiktok and other social platforms because they live in a scam fantasyland, and 85% of new traders blow their accounts within weeks.
That’s the reality.
Hello and Welcome to the Babypips forum @wifimbz!
As a beginner learning Forex you’re in the right place. Check out Education section here at babypips. (It’s completely FREE). Learn How to Trade the Markets There you’ll find School of Pipsology, Trading Quizzes and Forex Glossary. Everything you need as a newbie starting this field.
If you’re looking for good books to read check out this post by pipcrawler Pipcrawler’s Favorite Trading Books updated . Lot of book recommendations there find what you can and read them too.
If you’re looking for YouTube channels. TastyTrade, Adam Khoo, Candice B, Trading Rush, Investopedia has been recurring recommendations from many traders. Watch as much as you can and gather knowledge from them.
Investopedia and Forexfactory are another two great sites to learn the basics other than babypips.
One of the most important tools for a trader is Trading Journal. Check out the trading journal section in the forum to learn how traders keep track. Trade Journals - BabyPips.com Forex Trading Forum
Addition to these FX related channels invest your time to learn about Trading psychology, Risk Management and Decision making . Find any article or video you can and refer them.
Other than that, there are many interesting sections in the forum. It’s not time wasting to spend time there reading and learning. Check out every section you can and learn something from everywhere.
These are just a few tips to begin. There are many sources out there GOOGLE is the GOD if you have any question you just have to type it and He’ll give you not one by multiple answers.
Try all this and open a Demo account and trade at least for 6 months . Most people get confident around one month and start investing real money but most of them fail. One month of demo trading is absolutely not enough to understand anything. So trade demo at least 6 months to get a proper understanding of the chart pattern behaviors.
Having said all this, I also must tell forex is a risky business. It’s a High Risk, High reward situation. Many fail. From their own fault. Not spending enough time to educate themselves. Not understanding the basics. But with all the resources available you only need patience to educate yourself. Then you can go for the prize!
this is a good post with exact information , nice reply
Learning to trade profitably can be very time consuming,I personally wouldn’t recommend it to someone of your age but there probably exceptions.Depressing it sounds under stating it’s not an overnight success
i think it is more appropriate to start with psychology of school including a practice account. this is a good learning combination for beginners level.
Personally, I would focus on the subjects being taught at school and only consider forex, or any other type of investment, as a substitute to your normal recreational activities (reading, writing, playing video games, watching video games, etc).
Welcome! Don’t believe on everything you see on social media about forex. Most of them are scammers trying to lure newbies. It’s not easy making money in forex . It’s a long journey of learning and practice. I agree on what brandleese just said. Focus on your studies first and take forex as your side activity.
At 14, you probably won’t be able to open a trading account yourself. You shouldn’t write off your dream if that’s what you want to do, but I would spend the next four years learning about trading without rushing. I don’t think it is the means to immediately solve your family’s financial problems if that’s the direction you’re thinking. Getting a good job or schooling and learning about trading in your free time is probably the best way to go in my opinion.
Wishing you the best of luck!
Hi @wifimbz ! It’s great you’re interested in trading, but be really careful You’re only 14 so not old enough to trade for real yet. When my daughter was your age I opened a demo account for her cos she asked me to. Why not see if your mum or dad could do the same for you? But you should concentrate mostly on your school work, cos you need to get a good job first because trading can’t be relied upon. Best wishes.
If you’re only 14, you’ve got plenty of years to learn and when you are 18 you can start trading.
However, most people lose money when trading. It is not all glamour.
First become stable without forex. Earn enough for you to live. Put some money aside that you can lose. Then look up ICT on Youtube. Practice it for a good while on demo till you mastered it. Only then you are allowed to trade.
Also block out any social media traders. Even Youtube has many scammers yes. Forex is real business. Not a dream world.
You are 14. You have enough time. Just study what I told you and practice it on demo on the side. Get a degree though → mandatory. That can be your safety in case forex takes longer than you think. We are risk managers in money and in life. Start healthy, grow healthy and you will end up healthy.
That fact that you’re getting into this at an age where most people spend their time on entertainment shows how fortunate you already are king, keep going.
Hi, welcome. First of all, kudos for starting to learn trading at this age. Make sure you don’t let trading get in the way of your education.
Keep it aside and do not compromise with your studies. Also, have a source of income so when the time comes you can start with your trading journey. Good luck!