Under 30 years old and Trading Forex?
#382: Under 30 years old and Trading Forex?
In this video:
00:30 – Trading for the younger generation
00:55 – The benefits for the under 30’s
02:39 – Master the skill of trading
03:50 – Time is your friend
05:02 – You’ll be used to webinars, so take advantage of my webinars
05:42 – The webinars are on-demand
If you’re under 30 years old, you are in a prime position and prime stage of your life to take advantage of the Forex market to protect yourself going forward. Let’s talk about that and more right now. Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 382.
Trading for the younger generation
Now last week I made a video about people who are 50 years and older and looking at retiring. And I had a number of comments to say, “Hey, Andrew, what about us younger ones? I’m 20 or I’m 25, et cetera.” So what I’ve done is I made this video and podcast for you. If you’re on the lucky end of the scale and let’s say you’re 25, 30 years and under.
The benefits for the under 30’s
So if you’re in that category, that age bracket, you have many advantages, of course, the obvious one being time. But the other obvious ones would be well, you’re probably pretty good with computers and phones and iPads. You’re probably used to online webinars, Zoom, especially during the coronavirus lockdown. So you understand webinars, you understand online memberships, you understand e-learning all that kind of thing. So you had that in your advantage.
But what I really encourage you to do if you are in that younger age category is when you get into trading, if that’s what you want to do… By the way you have to want to do this. Don’t just do it because you think it’s going to be a way of making some easy cash. Don’t do it if that’s you. But if you’re at the mindset that you like numbers, you like patterns, you’re in this for the long haul. If you want to do that and learn a skill to educate yourself, to almost future proof yourself as best as you can, going forward, in terms of finances and time freedom, don’t start trading today, thinking that you’re going to give up your job and become a full time trader next year. Just don’t do that because it’s likely not going to happen.
Now, a lot of people that I’ve taught do go on to become full time traders, but it takes time. And of course you younger guys and girls love everything being instant and it’s just the way the technology and things… You’re used to that. And look, the trading, the Forex market does have that danger and that image out there of just being instant rewards. This money, money, money, money, money, flash cars, sit on a beach, go on holiday. That type of thing.
Master the skill of trading
The reality is quite different and the reality is, is that you need to learn how to trade. And a lot of people come to me and they say, “Andrew, look, how much do I need in my account to go and make X number of thousand dollars a week?” Well, my answer is, don’t worry about that for now. You have to invest in yourself upfront just like you would, if you were going through university or anything like that, any form of education and learn to walk before you can run and you have time as your advantage. So take advantage of the fact that you have time.
And don’t worry about trying to make money from day one. Learn the skill properly, start small, start on demo, then get to small live accounts and make money as a percentage gain. Don’t look at it and go, “I’ve got a thousand dollar account. How can I live on that?” Because you will not succeed at trading doing that. You’ll end up with that gambling mentality and you won’t trade correctly. So the important thing is to learn to do the trading correctly, learn how to trade.
Time is your friend
Time is absolutely your friend. To give you a very good example and a real example that if you’d started my course back in 2010 and did nothing else than just followed my daily trades, takes you five, 10 minutes once a day, you would have turned a hundred thousand dollars into 1.84 million today, just with the power of compounding. Now of course, the reality is that over time people would have taken funds out et cetera, but you just see the power of compounding with time, but still with low risk. And that’s the important thing. I’m not risking silly amounts here. I’m risking half of 1% of our account on each trade. Now, of course, those results, very impressive that they are, have nothing to do with any other trades that we post on any other timeframes or weekly or monthly charts or four hourly charts or hourly charts, trades that we post on our webinars on our forum sites. It’s got nothing to do with that. So you see how the advantage, how good this can be, once you know what you’re doing and the advantage that you have with time.
You’ll be used to webinars, so take advantage of my webinars
So I really strongly encourage you, because you’re used to online training and you’re used to webinars. If you’ve not yet done it, jump onto one of my webinars. I hold them each week for newer traders, for those who have traded less than six months and for the slightly more experienced trader, those of you who’ve been trading for more than six months and maybe at that kind of frustrated stage where it’s just not working and you’re starting to beat your head against the wall kind of situation. So you’re either going to be brand new or you’re going to be quite annoyed and frustrated that maybe, it’s not working quite as easily as you thought it probably would do. So jump onto one of those webinars. Just pick one, just pick the one that suits you.
The webinars are on-demand
To help you as younger people, I also have that webinar as a replay on demand. So you don’t even have to sit and wait for a session to come up in the future. You can actually go watch a recent replay on demand straightaway, perfect for you if you’re under 30. So I hope that helps.
And anything you need, any help you need at all, just come through to me, I’m here to help. We’ve been doing this for 11 years, helping traders right around the world. So come through to me, [email protected] and I’ll see you this time next week with another video and podcast. Bye for now.
Episode Title: #382: Under 30 years old and Trading Forex?