Anyone aged 18 or older can open a trade account and start trading with Forex. The older you are the better your chances to become a profitable traders. That’s right: senior citizen have MORE chance to make money, than young people. The older you are the more life skills you learn to master. Some of them are very important while trading Forex.
# 1 Patience
As a Forex trader you will have to be patient. Wait for the right opportunity to place your trade order.
Young people are more positive than older people: they see an opportunity in everything. In Forex it’s important to learn how to identify a good trade opportunity and (even more important) you need to learn when it’s time NOT to place a new trade order.
# 2 Controlling emotions
Young people respond much faster to situations. Not only at Forex trading, but also in daily life.
Waiting, making estimated calculations based on facts and earlier experriences are skills we learn when we get older. Not only wisdom, but also controlling our emotions comes with the years. Young people trade with more emotions, while older people use their knowledge and base their decisions on facts.
# 3 Money management
Older people usually have all kinds of systems in place to ensure their income is processed in a responsible manner. They often know how much they have to spend and what risks they can take.
Young people still often act impulsively and sometimes take irresponsible risks, for example by spending money that they don’t have or by borrowing money.
# 4 Time management
Older people have more time on their hands and are better in managing the time they have. They don’t get distracted very quickly and they don’t feel that they ‘always have to trade’.
Young people are still in the process of learning how to manage time. More than once, they are doing two or three things at the same time. They get distracted easily and are not always able to keep strict time limits. When they trade Forex, they will often feel that if they are not trading, they are missing opportunities to make money.
#5 Manage Satisfaction levels
Older people are usually less greedy than younger people. They know the value of items and have learned to be satisfaction with a certain amount of profit.
Young traders who made profit during a trading day, will often keep on trading and increase the risk to loose the profit they made.
The older the better?
Yes, definitly! Research has proven that skills you need during Forex trading are developed over time. The older you are, the better you’re able to master some of the most essential skills.
Young people should realize that the most dangerous factor in Forex trading is managing your emotions. That’s a skill you’re not born with, but need to learn.How fast you learn and how you learn depends on the level of education, your social contacts, family, your community and especially your commitment: do you really, really, really want to become a great Forex trader, then you shoulld take the right steps!
Train Your Forex Skills
We have devolped an online course where you learn esential skills and gain knowlegde about the most important aspects of Forex Trading. If you’re serious about Forex, please join our Forex community. It’s a small investment for your future as a succesful Forex trader