There’s a lot of debate going on about how age can affect whether or not a person is successful in day trading.
Successful traders have been as young as 14 and as old as 70.
The truly important thing to consider is whether an individual possesses the required skill set to make money on the market rather than his age, but this question has no simple answer.
The average American investor is over 40 years old; therefore, there is still lots of room for those under this average. How does one start to learn how to trade forex? How will he generate his own capital? How much capital should be generated and what age would an individual need to begin investing? How do you know if you’re ready? How can success be measured? How does one actually go about beginning to invest their money into the FX market?
All these are valid questions that beg for more than a one-sentence answer. How an individual answer these questions will determine not only if he is ready to trade FX but also how successful he may be. The best way to learn about Forex trading is by reading about it and then practicing in a demo account. After gaining some experience, many people feel comfortable moving on to life trading where they risk real money.
There is a common worry about parents whose children show interest in trading. How does a parent prepare their child for the risks involved? How can they help them avoid rookie mistakes that could lead to financial ruin?
It’s natural for parents to be concerned about their child falling into the addiction of gambling and perhaps even developing other addictions such as alcoholism or drug abuse. How does one teach their teens not only how to responsibly use money but also save it for future investments, such as real estate and other larger purchases? How should parents tell them about taxes and other responsibilities that come with having money? These are all touchy questions that every family must answer on its own. How much education and guidance is enough and when do you know your child.
An average middle-aged person has already developed their life goals and is currently in the process of achieving them. How can FX help them reach these goals? How much capital should they begin with? How long should it be invested for before switching to another investment vehicle, such as real estate or gold? How will successful business professionals know when to quit while they’re ahead and move on to a new adventure?
Many people spend most of their lives doing a job they may not even enjoy just so they have enough money to live comfortably once they stop working. How does one actually prepare themselves for retirement? How can they start making money from home so that they don’t have to rely on savings until the time comes that society no longer takes care of them? How can someone in their 60’s or 70’s start trading so that they have enough time to build up a sizable investment account to live off of for the rest of their life?
No age is specifically the best age to start Forex trading. At the end of the day, it all depends on an individual’s experience, goals, and maturity level.