Edward Rickets is the wonderkid who became a trading expert by studying currency trading tips on YouTube.
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.
Edward Ricketts, 16, 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’
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.’
He has become so proficient at currency deals that he now has 100 clients willing to pay him £155 a time for his tips on the markets.
To celebrate his success, he plans to buy a £30,000 Mercedes A-class when he’s old enough to drive. He also wants to treat his family to a holiday in America.
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.’
In July last year, Edward opened up his very first trading account and deposited £200 – the minimum amount allowed.
In December alone, Edward made over £14,000, and despite loses – of up to £10,000 at one time – his account shows an overall profit of £63,000.
Edward, from Tottenham, London, believes he is the UK’s youngest Forex trader – and says he doesn’t know any traders his age who are making serious money.
Edward monitors the money markets between college classes
‘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.
Edward’s dad, Oscar, says his son has his full support and he’s ‘proud’ of Edward for his 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.’