Teen Trader Turns £150 Into £60,000 In Less Than A Year
A 16-year-old has managed to turn £150 into over £60,000 in less than a year thanks to his smart currency trading.
Edward Ricketts, a college student, says he used to watch a Foreign Exchange Market (also known as Forex) trader showing off his cash on Instagram and reached out for him for some tips. However, the teen was warned that without formal training he wouldn't succeed.
Determined to prove him wrong, Edward watched YouTube videos on trading in foreign currencies online and in just eight months has turned his initial £150 investment - which he got from handing out leaflets in a train station - into a whopping £63,000. Anyone else feeling pretty bloody useless right now?
Edward, from Tottenham, reckons he might be the youngest Forex trader in the UK.
He says his biggest gains have come following key Brexit negotiations, adding that he buys currencies when they slump, waits until they go up and then flogs them.
Edward is so good at what he does, he's now able to charge clients up to a £120 a pop for his tips.
Edward, who lives with dad, Oscar Ammad, 54, brother, Earnest, 27, and sister, Anita, 25, said: "I keep up with the news because it makes a massive difference.
"Right now the pound is very volatile because of Brexit. It's unreliable and is changing all of the time.
"I have to take an interest because the pound is affected by Brexit and I have been taking advantage.
"Whenever there are talks or the MPs have a vote, it always makes a difference to the price.
"When it came to the deadline at the end of March and we knew we wouldn't leave it fell in value.
"That's when I entered into the trade. I bought it when it was low because I knew it would rise again. It did and I sold it for a higher value."
He hopes to spend his cash on a £30,000 Mercedes A-Class - once he's old enough to drive, that is. And would also like to treat his dad and siblings to a holiday to the US.
Edward started his trading journey back in July last year, depositing £200 he saved from his pocket money but he didn't have a flying start, losing £120 in his first two weeks.
He said: "I just didn't have enough knowledge to begin with and I thought it would be easy.
"The mental side of it was hard to get my head around. I ended up chasing what I had lost.
"It took up a lot of my time. I had to put a lot of time in otherwise I'd never have understood it."
He ended up losing £196, before withdrawing his last four quid.
But that wasn't enough to put him off, Edward got himself a summer job in August handing out leaflets for £30 a week and saved up £150 to reinvest - this time, he watched YouTube videos and tutorials to get a better understanding.
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"I came across a group where people were giving out trading signals and investment ideas for free," he said.
"I was aware of where the risks were and my management got a lot better. I started winning at least half of my bets."
One of the main techniques Edward uses is called 'support and resistance' - where currencies rise and fall in value. .
In simple terms, Edward bets between £10 and £20 on currencies to either rise and fall in value over another.
When he buys his chosen base currency, he wants it to rise in value over another.
When it does, he receives a value back in points, and points make pounds - giving him a profit. This is all way above my head, but Edward is smashing it.
Although earning the big bucks, Edward hasn't spent much of his money yet - although he has splashed out on a few treats including a £350 Louis Vuitton wallet and £2,000 gold chain.
Edward says: "My main goal is to just keep saving. I want to go into property investment when I'm older.
"But money does make me happy. I never had much money growing up, as a kid. I had to ask my parents for money
"I want to be independent and be able to pay for my own things. But I want to be able to help out my family too. I want to take them on holiday, to America.
"To begin with my dad wasn't happy at all. He knows that I do it and I've told him I am making a profit. He's fine with it now but didn't know what to think.
"I get such a buzz from it. There is definitely an adrenaline rush when I do it."
The teen now spends some of his time helping other people get into Forex trading.
"I want to help other people do it," he added. "I'm an expert at it and people pay me for signals. I have around 100 clients. Some people are over in Dubai, Spain and Africa.
"I'm going to keep it up for sure. I want to see how far I can take it. I don't have many big plans yet. I'm just doing my thing.
"I would want people to realise that trading isn't as risky as they make it. I think investing in something with a lack of knowledge is the biggest gamble."
Edward's dad, Oscar, is, understandably pretty proud of his son's achievements.
He said: "I am aware of the fact he is doing it and I think it's fine if that's what he's interested in doing.
"I fully support him. It's amazing what he is doing, I am proud of what he has done it.
"I am with him all the way, he's doing great."
Featured Image Credit: SWNS
Topics: uk news