The writer: Jack Longstaff
Date first published: 20 April 2019
A teenager has turned £150 into more than £60,000 in just a few months by playing the money markets – using tips he learned online.
Edward Ricketts, 16, developed a knack for trading after he saw a foreign exchange expert on Instagram boasting of high earnings, flash cars and designer clothes.
The ambitious business studies student asked him for advice and was told he would never succeed without formal training in currency dealing.
To prove him wrong, the teenager spent up to five hours a day watching YouTube videos on how to make money by buying and selling global currencies online.
In just eight months he has turned his £150 savings from a summer job into £61,000 by monitoring the money markets. Edward – thought to be the UK’s youngest foreign exchange trader – made his biggest gains by following the news.
The teenager, who lives in Walthamstow, East London, with father Oscar, a 54-year-old security guard, and two siblings, said: ‘I keep up with the news because it makes a massive difference. The pound is affected by Brexit and I’ve been taking advantage.’
Edward, who passed eight GCSEs last summer, initially kept his deals a secret from his family for fear of how they would react, but eventually revealed his success. ‘To begin with my dad wasn’t happy at all,’ he said. ‘But he’s fine with it now.’
The student has bought a £350 Louis Vuitton wallet and a pair of £800 shoes but sees himself as a saver, saying: ‘I want to go into property investment when I’m older.’