Question: How to get into the stock market?
So I am 14 and I have done a fair bit of research about economics and investing. I live in Alberta, so how should I go about trading stocks? I have looked at some online trading sites but most of them require you to be 18 with a social security #. Is it possible for a minor to technically buy stocks, or do you have to have a parent buy them for you?
Thanks
Answer:
I wrote a (kind of) long paper on investing in stocks and mutual funds - its kind of like a quick study guide thing. If you want to read it, I'll send it to you if you give me your email address. And yes, you do have to be 18 with a SS#.
Yes, you will need your parent's assistance to actually trade stocks ... they can open a custodial account for you (as a minor). To convince them that you are 'worthy' of such trust, it might be a good idea to test your ability at virtual trading (as offered by some brokers). If you are able to make money with the virtual account, you may be ready for real money.
Your goal to learn about investing is a good one - however, it is premature for you to 'jump in' without knowledge of what you are doing. It's similar to wanting to drive a car, and 'just hopping behind the wheel' and expecting to be able to do so as well as the thousands others who currently drive - except in this case, your money will be the casualty. Take time to learn before your invest, and you will not regret it.
The stock market is all about investing and trading stocks. There is far too much to learn for anyone to learn easily - some take years, otheres never learn. In fact, you can and should NEVER stop learning ... If you do an online search (Yahoo, Google, etc.) for 'How to learn investing and trading', you will find many online resources with good information - pick one or more you like, and read as much as you can, then come back daily and read some more.
Don't put real money at risk until you are sufficiently knowledgeable - you almost certainly will lose it.
All the best!