Josh — Forex lessons from a 15 year old
I love my son.
But he drives me nuts.
Josh is at that age when he should be thinking about the serious things. Like any 15 year old, it’s time to start focussing on High School finals, university, career, mortgage, pension — and all in that order. That’s the way our parents did it … and I’m absolutely sure this generation should do the same. I think.
Why should he even consider any other approach to life, that doesn’t follow a tried and tested formula? After all, he could work for 50 years, and get a retirement that will just about see him through to the Golden Years of spending time with the grandkids … visiting coffee shops … or garden centres.
There’s nothing wrong with these things. It’s just that Josh wants more.
There has been a certain ‘pulling away’ from school. It’s not quite disassociation, and definitely not disobedience. Perhaps more along the lines of ‘reluctance.’ While I’m my usual bright n’ breezy early morning dad, cajoling my kids into another day at the chalk face, there is a feeling that Josh is spending just that little longer in bed. Counting every second until the inevitable.
So a father / son talk beckons. And this time I’m a little more nervous. There’s a world of difference between the kid at primary school and the nearly grown, amazingly confident, young person beginning to make his way in the world. All it will take is a little gentle guidance, from a lifetime of experience, at the appropriate moment, in the correct non offensive language, without appearing patronising, or in any way superior. It’ll be easy.
And, as it turned out, it was.
A few months ago Josh discovered the Trading 212 app, and excitedly set out to prove that he could make a fortune. Using their virtual £50,000 account it was a breeze to grow by tracking investments, buying and selling at the correct time, and ‘banking’ your profits. It was just another hobby — along with months of Mixed Martial Arts, kayaking, fishing and various obsessions that I’m sure are common to all 15 year olds. I must admit I was only aware on the periphery… Forex trading would become another byproduct of growing up, while he discovered ‘what he really wanted to do.’
There was the occasional texted screenshot, as he made another £8000. I even tried myself — except I was terrible at it, and had to reset on a number of occasions — before I just lost interest. Forex didn’t figure largely, and I certainly don’t have enough commitment to learn more.
But Josh has: and the internet delivered.
Through watching YouTube, reading blog posts, and scouring articles for hints n’ tips, it seems that Josh has developed a strong affinity for all things financial. This 15 year old has become a bit of a whiz kid — given to talking about candles, upturns, downslides, and the effects of Brexit. It’s really quite impressive.
He’d even changed the account settings to virtual £150 — to see if it was still possible to make a profit, by trading very small amounts of money.
After a few weeks, I decided to change the virtual to actual money, and invest in Josh’s future. It was a big decision dressed up as a ‘Christmas present,’ although I really wanted to encourage some level of responsibility.
So, on to our chat, here’s a summary of the conversation:
‘Hmmm, errr, well …. it’s just that I’ve noticed that you’re not as enthusiastic with school as you used to be.’
Guardedly: ‘Yep, most of the year 10’s have just lost interest.’
‘OK … it’s difficult to keep motivated … you just need to focus on one more year. There’ll never be this level of pressure, once you get through High School’
‘Hmmm, school’s boring — I’ve learned more about Forex, and you can just learn anything on the internet now. It’s easy — they don’t really teach anything useful, and anyway, I’ll be into 4 figures by the end of January.’
Now I’m slightly on the back foot, sensing that there is a definite change in the conversation. Perhaps a slight animation creeping in? I had promised not to ask about the money, and definitely didn’t want the wrong sort of pressure applied. This was going to be tricky: ‘Hmmm — tell me about Forex.’
And that was it. The most interesting conversation ensued.
Josh is absolutely on track (after a month!) to reach £1000, from an investment of £150. To be honest, at this stage, if he loses the money, I’ll be fine with it. Because he seems to be doing everything right:
- Only speculate 10% of your capital
- Watch for patterns
- Don’t get greedy
- Make enough to move to London, and start a business showing other people how to do it.
It’s the last point that is the most exciting. In fact it’s the most mature, and I just know he’ll be fine. Regardless of school results, Josh — at 15 — is one of the most level headed, forward thinking and responsible adults I know.
And he’s got a plan.