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Thread: Can a young kid like me start Forex trading?

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    Default Can a young kid like me start Forex trading?

    Hello, im Eric, a 15 year old high school student very interested in starting business. I have researched forex trading and it seams very interesting and i would like to research it a little bit more. It also appears to be a very good career if you have talent for it, but also it is risky, but it comes with experience. I know this isnt really starting a business related (maybe it is), if anyone on this site has any knowledge in forex trading, and has advice for a 15 year old boy to start trading. I am willing to start researching and putting lots of time into this, just need to know if this is really for me, or if theres anything else I should know before starting.
    Thanks for your time,
    Eric

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    Many of the Forex trading houses have free practice acounts and/or mini accoutns. Get a free practice account and spend MONTHS on it before trying real money. Read some serious books on currency---NOT THE GET RICH SYSTEMS Books.

    There is alot to know and many many different strategies including carry trades. Most people try to trade from tracking charts and graphs on a short term basis, much like day trading stocks. Some make money but most get crushed. You have to understand every type of charting (dozens of them) what they actually represent and how to reconcile them to make a trading decision.

    Charting can work when markets are stable BUT you can be wiped out in half a second by geopolitical events, central bank announcemets, oil and gold price fluctuations and any number of unchartable situations. I mean literally 1/2 of a second!

    Your best chance is to be expert at charting AND expert at global economics, politics, international trade etc. Many play, few can stay,,,but if you have the discipline it can be good.

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    In the USA, you cannot do trading in financial instruments until you're 18, because those financial instruments are implied contracts and until you're 18, you can't be held to a contract you sign.
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    Quote Originally Posted by Freelancier View Post
    In the USA, you cannot do trading in financial instruments until you're 18, because those financial instruments are implied contracts and until you're 18, you can't be held to a contract you sign.
    So if you're really serious about it, you have 3 years to learn your craft. I suspect you will find other interests between now and then.

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    How much do you know so far?

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    Sadly, nothing, but like I said, I like learning new things and learning this could hopefully bring me some pocket cash, or even a full time career. But it sounds like, by the other replies, I need to age a bit before i can start this up. Maybe is there anything else similar to this I can learn and start at my age?

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    Quote Originally Posted by erichtecreator View Post
    Sadly, nothing, but like I said, I like learning new things and learning this could hopefully bring me some pocket cash, or even a full time career. But it sounds like, by the other replies, I need to age a bit before i can start this up. Maybe is there anything else similar to this I can learn and start at my age?
    I don't know the exact name for them, but I've heard about different "jr. broker" programs over the years that seek to introduce high school kids to careers in investments and trading. Maybe seek out if any of those are still available for you to get your feet wet and learn a little.

    But honestly, trading in currency and other investments is an educated profession. Your odds of success, even just getting in the door, are going to be much greater with a college education in finance and investing. You cannot....I should say, you should not go into this thinking that you're going to learn from some program, or seminar that promises to teach you Forex in 30 days and there are a LOT of Forex scams out there that prey of people who think they can just jump into currency trading with no experience or education.

    Yes, I'm sure a small percentage of people can tell you the whole "I started with nothing and didn't go to college story", but that's rare and 9 times out of 10 they're selling you something. That's their pitch. That's not the rule.

    If you're serious about a career in trading and investments then you'll be serious about going to college. This is not an easy business.

    Last thing I'll refer to is the 90's. You're too young to remember this but in the 90's and early 2000's there was this huge movement of people getting into day trading. A few stories went out profiling some day traders, and the next thing you know everyone and their Mother was jumping into a business that they knew nothing about...and most failed miserably.

    This pattern replicates itself every few years where whole sections of society proclaim that one industry of another is now the easy money boom. Web Design, eCommerce, Day Trading, Real Estate Investing, House Flipping, Mortgage and note brokers and Forex and the list of infomercials goes on and on.

    Don't waste your time getting caught up in what other people are telling is the next new thing, or easy money. Trading requires education. If you truly want to do it, get one.
    Last edited by Harold Mansfield; 02-06-2015 at 09:29 AM.

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    Your probably right, I seem to be jumping the gun on every business/money scheme i have. Maybe I should just enjoys these last few years before I have to start paying bills haha. I stopped reading those i started with nothing and now im here stories, they kind of got faker and faker sounding the more I read. I took a career test in school the other day and it told me it recommends me to be a house flipper, which im fine with, it sounds interesting and all. But I also know there is a lot of risk incorporated in that, but my father tells me its a good profession when your good at it, coming from a machinist. Ill search around, see what i can do, but I think im going to stay with mowing lawns, as that gave me as a 14 year old a generous 1000 dollars.

  9. #9

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    Look into a skilled trade. Electricians, plumbers, pipefitters, cabinet makers. These are just some of the professions you can get into and make decent money while deciding on how to actualize a dream you may have in the works.

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    If you have an interest FXCM Forex trading sends me emails with certain offers. (I used to trade Forex with them). Anyway it gives free acces to webinars and education on charts and different types of analysis reports. Not sure if this offer still valid or if need an account but it will give you an idea of what is involved. There is a section for beginners with vids. FXCM is one of the largest.

    http://www.dailyfx.com/forex/publish...pen-House.html

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