ATTN: any teenagers into trading....

[SybilCut]

I want to let the younger generation know what mature adults probably already know too fine well.

When it comes to going into something with profit potential, there is a correct mindset and a wrong mindset:

1) This person is confident, pretty happy with themselves, has an ego, high self-esteem and drive.They come to trading in order to face a challenge,pit their wits and strive for success. Whilst having an ego in trading is always bad, this is still the right mindset for trading/any business.

2)This person is lacking confidence, has low self esteem, has little of an ego, isn't happy with themselves. They come to trading in order to plug this sadness with money. The drive they have can ultimately be more fierce than person 1) and can make great traders. This is the wrong mindset.

If you're a teenager just ask yourself honestly, which type are you? If you are 1) then go for it. If you are 2) I STRONGLY suggest you quit trading now, and focus on nurturing high confidence and self esteem.

I was type 2) and started when I was a teenager, now in my early twenties having lost thousands of hours to learning to trade,with an immense drive, I am a consistently profitable trader. However trading never solved my issues.


Why can't you be person 2), still trade and focus on getting happier with yourself? Because you will be infected with the trading bug. Trading has an God-like ability to skew your prioties in life; I often found I wouldn't even want to go on a family holiday for a week in a foreign country because I'd miss the daily chart close.

So honestly, If you are 2), quit trading. If you have been bitten by the bug, honestly, you're too late to quit trading-it is inescapable. I would recommend you change your trading style to swing trading, but even then, you must re-assess your priorities and BE YOUNG WHILE YOU CAN.Never turn down something for trading, strong social memories/experiences are invaluable-getting laid is 10x funner than winning trades.

edit: Also, person 2) often knows that they are not happy with themselves, and knows that they are trying to fill a hole. The problem is you can fall in love with the label of someone who is 'brilliant but depressed' or something like that- as if it would impress people. Over time you will realise this is **** and the label is just an immature want for social recognition.

I re assessed my priorities , underwent some therapy, got to the root of my deep issues, and I am honestly SO much happier than I was when I was avoiding these issues.Granted I was somewhat neurotic. So you kids can do it, but it's often not nice exposing your issues and accepting them, it has to be done though and until you do you will be ****ing miserable.
Do it.

 

[BeginnerJoe]

Too early for teenagers to get into gambling, they haven't stopped growing spots yet.

 

[eighteen]

ATTN teenagers, dont lose all your therapy money trading

 

[TASK]

I started learning in September 2010 when I was 17. I'm 19 now and haven't gone live yet.

 

[FringFX]

unless you are out of school, a few more years should pass by before you go live.
my view is people should learn about trading as soon as possible.... assuming they have an interest (ideally a passion) for trading.

 

[tullybear]

unless you are out of school, a few more years should pass by before you go live.
my view is people should learn about trading as soon as possible.... assuming they have an interest (ideally a passion) for trading.

Although I agree with the fact that one should wait a while and educate themselves on how to trade, I find that waiting "years" to start will only teach you how to get fed up playing fake money, will take away the emotions of trading in reality which is what you need if your going to have even the slightest bit of hope of success. I'm not saying throw all your life savings into a live account but just enough to gain a feel for what its like to actually win or lose something physical, its also an incentive not to loose your money..

As for BeginnerJoe they say younger people learn faster and more effectively so I wouldn't go that far, also if your learning from being a teenager to an adult you'll probably stand a better chance of succeeding than most adults in the business at their current age.

 

[FringFX]

yeah, it's ok for some people to trade a small live account right from the start. it works too. Just need to be mindful of the goal or purpose.... and how much they fund it with and how often, as it may balloon into a staggering amount.

 

[BeginnerJoe]

As for BeginnerJoe they say younger people learn faster and more effectively so I wouldn't go that far, also if your learning from being a teenager to an adult you'll probably stand a better chance of succeeding than most adults in the business at their current age.

Even though I am not a parent, something inside me says kids shouldn't start gambling so early. You might as well say you should start children from 3 years old in the casino. Then by the time they are 20, they would have beaten the house in roulette, blackjack, crabs, and you name it's.

If you have a child, would you really want him to get into something that has 90% (99% my estimate) loose rate ? Or would it be better for him to study to get into a university where the prospect for his future employment success would be improved to 90% or greater ?

If you do not accept trading, aka gambling, has high rate of failure, then feel free to make some live calls. I will then reassess my position based on your results.

 

[tullybear]

Even though I am not a parent, something inside me says kids shouldn't start gambling so early. You might as well say you should start children from 3 years old in the casino. Then by the time they are 20, they would have beaten the house in roulette, blackjack, crabs, and you name it's.

If you have a child, would you really want him to get into something that has 90% (99% my estimate) loose rate ? Or would it be better for him to study to get into a university where the prospect for his future employment success would be improved to 90% or greater ?

If you do not accept trading, aka gambling, has high rate of failure, then feel free to make some live calls. I will then reassess my position based on your results.

I've pretty much understood everything you say and I agree especially with the path of choosing a sensible career and one with a decent success rate.

However, I although it may seem like your pouring your money in a slot machine, your missing out the fact that data is available to guide choices and make better analysis of what your putting your money on. If I was to either put my money on a company hitting rock bottom after hearing the worst news you could imagine or putting my money into a machine and pulling a level, I know which one I'd choose.

 

[BeginnerJoe]

If I was to either put my money on a company hitting rock bottom after hearing the worst news you could imagine or putting my money into a machine and pulling a level, I know which one I'd choose.

Some of these companies never come back and take all your average downs with them. Remember this post for future reference. In the mean time enjoy your winnings.

 

[pboyles]

I've pretty much understood everything you say and I agree especially with the path of choosing a sensible career and one with a decent success rate.

However, I although it may seem like your pouring your money in a slot machine, your missing out the fact that data is available to guide choices and make better analysis of what your putting your money on. If I was to either put my money on a company hitting rock bottom after hearing the worst news you could imagine or putting my money into a machine and pulling a level, I know which one I'd choose.

Like Lehman Brothers? Great thinking.

 

[Gup16v]

I agree with your mind set having a big influence on your trading. Trading to fill a void is essentially gambling (as stated before).

To develop the correct mind set you have to be exposed to the markets. So for people that have little confidence or no ego the only way they will change this is by trading (but to do so in a controlled and disciplined manor). The only way your going from Person 2 to person 1 is by a concious effort and trading practice.

So yes if you find yourself losing control of your trading because your 'fed up' then stop. but if your missing a trick in the market, take a step back re-think and go again. Good money management means you can afford to make mistakes without getting wiped out and which would otherwise result in losing all confidence in your ability and faith in the markets to ever have a go at it again.

As for demo's, in my experience they are good to get your foot in the door. Ie understand how trading platforms work, setting up charts etc without it costing you anything. You can also use it to practice and to gain consistency but when your account is live it changes everything. Suddenly losing money becomes real and we think its an exact reflection on ourselves or we trade with money we cant afford to lose. the bottom line is its not a reflection, we cannot be right all the time unless we control the market??


I say this from past experience. i've traded since 17 and im nearly 22 now (not a long time by some standards). To an extent i found myself frustrated with losing trades but i don't now. Thats not down to blaming the markets or by giving up.

It's down to understanding the game and you can only really understand it if you play the game

So for any teen, if you want to become a trader, go for it and do it in your own time, but take on board any advice given by the senior members and understand trading is very real and unless you know what your doing you will get eaten up very quickly.

Also the best traders are those that are passionate about trading but know when to stop. Some times the market wont give anything and you just have to wait. PATIENCE!!! (which comes with experience)

Bit of a essay but its a interesting topic and something i can relate well too

also no teen has any business putting thousands into a trading acct. Start small but live is the only way

 

[lynhappytrader]

They should wait a dew more years, before going live. Ain't nothing wrong with learning about Forex and reading stuff, but going live... I don't think so.