facebook banner
logotype
Back to list

What Is the Best Age to Start Trading Forex

9:18 AM Dec 11, 2019
23924
Trading Psychology

If you ever mind how old you have to be to trade Forex, and are there any impact of age on your trading career, then this article is for you. Many factors determine what kind of trader you will become and whether you can become a trader at all. It’s possible to be a successful forex trader at any age, but there are some pros and cons of starting at different ages. Young traders may learn faster, have more energy, and take losses more easily, but may be prone to excessive emotionality. Mid-life traders, on the other hand, are more likely to have intelligent investment skills, better emotional control, and experience.

A lot of factors determine what kind of trader you will become and whether you can become a trader at all. What is your personality, what kind of mindset you have, and even how old you are? Yes, your age has a big impact on your Forex career, especially if you are a newbie.

Please don’t think that there is only one age group that is capable of achieving success in trading. Each age, including yours, has its own advantages that you should know and use.

Age restrictions

Of course, the statement that you can become a trader at any age is an exaggeration. Most brokers do not accept clients under the age of 18. In some countries, the minimum age for Forex is 21 years. And there is a reason for that since trading in the foreign exchange market requires making important and complex financial decisions.

However, if you have not yet reached the age of 18 but are eager to plunge into the world of trading, you can use the time remaining until adulthood to good use. You should begin studying the theory - read books, articles, and forums. When you are 18 years old, you can proceed to practice with a whole baggage of useful information you’ve gained before.

Young Traders

Now let's talk about young traders aged 18 to 35 years. It is believed that this is the best age to start anything, and Forex is no exception. What are the advantages of young traders?

Learning Ability

When we are young your mind and heart are open and you eagerly absorb the flow of ​​information that life has prepared for you. And it works out easily and without any effort.

Forex training involves understanding and remembering a huge amount of data. In youth, it will obviously be much easier to do this.

Infinite Energy

The foreign exchange market is open 24 hours a day. Often, the best trades are available when you are already or still asleep. Moreover, your trading positions will require constant monitoring and not always at a convenient time for you, due to scheduled news releases or for any other reason. In youth, you are full of energy which will help you to stay in good shape even with such a crazy rhythm.

Dealing with Losses

Most young people don’t yet have families or children to take care of. They have no financial obligations so they take losses much easier. And this is the basis of a good trading mindset. According to statistics, young people initially have the correct attitude to losses.

Disadvantages of Young Age

It would be strange if this age group had the benefits only. Let's look at a couple of disadvantages:

  • Excessive emotionality. Emotions such as pride, irritation, and even anger are quite common for young people. Trading under the influence of feelings inevitably leads to mistakes. And even if the financial loss itself does not upset young traders, the infringement of their pride may result in the loss of their entire capital.
  • Lack of initial capital. At the age of 18, most people don’t yet have any saved funds that they could invest in Forex. And I don’t mean $100 which is allegedly enough to start trading. I am talking about real capital which can actually bring profit - $1,000 and higher.
  • Light-mindedness. Young people often don’t take even the most important things seriously. Due to their age, they prefer to spend time with friends or loved ones. Forex trading requires perseverance, discipline, and consistency. Not every young person is capable of this.

Middle-Aged Traders

Now let's talk about the benefits that are provided by the age of 35 to 55 years.

Suitable Personal Qualities

It has already been mentioned above that for Forex trading you need discipline, perseverance, responsibility, as well as patience. All these qualities people acquire with age. That is why traders over 35 are more likely to make informed trading decisions, unlike young people.

Smart Investment

By the age of 35, many people already have savings, some of which they can invest in Forex. Moreover, by this age, many people already have families that need to take care of. That’s why they are smart in their investments. When depositing $1,000 or more, a middle-aged trader will try to make thoughtful financial decisions:

  • Follow the trading plan
  • Risk no more than 1-2% of the capital in each trade

For a middle-aged person Forex is no longer a game. When you are over 35, you come into trading for profit, not for adrenaline. And this is your big strength.

Emotion Control

Life constantly teaches us to control our emotions. The ability not to show your feelings when required comes with experience. That is why the older you are the easier it is for you. It is also a big advantage you might use when starting trading at 35 and older.

Age 55 and Older

Forex is open to older people as well. At this age, you have all the benefits of middle-aged traders. Moreover, your children have probably grown up, and therefore you can manage your money and your time more freely. Yes, training might be more challenging for you but no one is stopping you from trying. If you have enough desire and patience, you have every chance to earn enough for a comfortable pension.

What Is the Best Age?

Each age group has its own advantages and there is simply no perfect age for Forex. Even if you fail to become a successful trader, in the end, the knowledge and skills you’ll gain during the trading process will be useful to you in any case. Forex teaches many beneficial things, such as patience, discipline, the desire to win. Even if currency trading is not suitable for you, you can apply the acquired skills to achieve other, more suitable goals.

Popular articles

Stay tuned for the latest FXCL stories

trading mindset beginners novice traders trading strategy losses forex mistakes trading habits trading plan forex trading women in Forex female traders risk management broker profit trading instruments pairs price advantages of forex leverage FXCL investments copy trading advantages of Forex social trading professional traders trading psychology demo trading buy/sell bid/ask spread Metatrader 4 market analysis technical analysis fundamental analysis trade trading platform Forex trading novice trading dealing with losses charts timeframe indicators MetaTrader 4 trading routine support level resistance level trend low-hanging fruit stop loss loss trading history long-term goals open trade close trade daily charts swing trading intraday trading scalping trading setup Forex traders bullish bearish resistance support MA 200 trend trading professional trading EMA EA daily chart weekly chart Forex news highs lows account type cent trading Mini Micro Cent Partnership commission fees trading terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial markets indices commodities stock metals trading robots Forex mentors confidence bias low-frequency trading set and forget end-of-day trading exit trade auto-trading OCO trailing stop auto-management competitive advantage partnership IB referral Introducing Broker Sub-IB EURGBP EURCHF Donald Trump Twitter exotics minors trading patterns wedges pennants triangles breakout trading range trading confident trading trading goals Japanese candles inverted hammer hanging man abandoned baby spinning top spinning bottom inverted head and shoulders trading figure trading pattern beginner mistakes unrealized profit/loss Forex scammers money managers overtrading Trader’s Cabinet MT4 trading styles exit point Forex myths currency bitcoin ethereum tether litecoin tick chart education European session cross currency GBP/USD GBP/JPY M15 intraday strategy American session USD/CAD M5 Bollinger Bands MAM investing high water mark currency market stock market cryptocurrency market japanese candles stars morning star evening star figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex useful tips motivation on Forex expanding triangle 5 candlesticks signal confirmation loss control currencies Germany market execution instant execution taxes laws remote trading withdrawals time management British pound BoE unemployment rate interest rate breakout Sydney session Tokyo session disposition effect continuation pattern golden rule enter trade high volatility risk trading trading discipline trading strategies Forex risks trading risks systemic risks technical risks force majeure criminal risks self-education self-study professional education Forex forecasts partnership program Forex bonuses Forex contests self-employed trader bars harami cross engulfing belt hold sandwich piercing line dark cloud cover marubozu three black crows upside gap two crows multitasking wedge figure trading sessions major trend million financial literacy budget goal setting Forex resources Myfxbook useful tools account analysis account monitoring trading analysis economic sentiment consumer price losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance
trading mindset beginners novice traders trading strategy losses forex mistakes trading habits trading plan forex trading women in Forex female traders risk management broker profit trading instruments pairs price advantages of forex leverage FXCL investments copy trading advantages of Forex social trading professional traders trading psychology demo trading buy/sell bid/ask spread Metatrader 4 market analysis technical analysis fundamental analysis trade trading platform Forex trading novice trading dealing with losses charts timeframe indicators MetaTrader 4 trading routine support level resistance level trend low-hanging fruit stop loss loss trading history long-term goals open trade close trade daily charts swing trading intraday trading scalping trading setup Forex traders bullish bearish resistance support MA 200 trend trading professional trading EMA EA daily chart weekly chart Forex news highs lows account type cent trading Mini Micro Cent Partnership commission fees trading terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial markets indices commodities stock metals trading robots Forex mentors confidence bias low-frequency trading set and forget end-of-day trading exit trade auto-trading OCO trailing stop auto-management competitive advantage partnership IB referral Introducing Broker Sub-IB EURGBP EURCHF Donald Trump Twitter exotics minors trading patterns wedges pennants triangles breakout trading range trading confident trading trading goals Japanese candles inverted hammer hanging man abandoned baby spinning top spinning bottom inverted head and shoulders trading figure trading pattern beginner mistakes unrealized profit/loss Forex scammers money managers overtrading Trader’s Cabinet MT4 trading styles exit point Forex myths currency bitcoin ethereum tether litecoin tick chart education European session cross currency GBP/USD GBP/JPY M15 intraday strategy American session USD/CAD M5 Bollinger Bands MAM investing high water mark currency market stock market cryptocurrency market japanese candles stars morning star evening star figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex useful tips motivation on Forex expanding triangle 5 candlesticks signal confirmation loss control currencies Germany market execution instant execution taxes laws remote trading withdrawals time management British pound BoE unemployment rate interest rate breakout Sydney session Tokyo session disposition effect continuation pattern golden rule enter trade high volatility risk trading trading discipline trading strategies Forex risks trading risks systemic risks technical risks force majeure criminal risks self-education self-study professional education Forex forecasts partnership program Forex bonuses Forex contests self-employed trader bars harami cross engulfing belt hold sandwich piercing line dark cloud cover marubozu three black crows upside gap two crows multitasking wedge figure trading sessions major trend million financial literacy budget goal setting Forex resources Myfxbook useful tools account analysis account monitoring trading analysis economic sentiment consumer price losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance