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Question: Can i invests in stocks/stock market but i'm only 13?

(Posted by: 2much2do on 2009-07-30 15:19:50)

I'm only 13 but I heard I could umm so can I. how do I do it? do I need to go to the bank to invest? or do I do it online? do I need my parents to sign something? please help (10 points to whoever answers the best please use details websites anything thanks!)

Posted by: Max M on 2009-08-07, 15:19:34

Yea...of course. you just need a parent to sign off on it.

Posted by: Howard on 2009-07-30, 15:59:10

Hi - you will need your parents permission to open an investment account (you can use brokerages near where you live or online such as scottrade, etrade, zecco, and others) because you are underage. You do not usually go to a bank to invest in the stock market, since most do not have a department for stock trading. It is legal for you to own stock, and your parents can buy stock for you and put it into a trust (a legal thing that holds your money) for you which you will have complete access to when you turn 18. You buy stock by placing an order to buy a particular amount of stock at a particular price through a brokerage either in person or electronically through your online trading account (a stock is just a representation of a fractional ownership of a company that is publicly traded, which means many different people can own it. If a company has 100 shares, then then the company is split into 100 parts and 1 share represents 1/ 100th of the company). Someone must sell the stock at the price you want to pay for it, and you can buy 9:30AM - 3:00PM Eastern time. the price of different stocks is available to see on the internet (google finance, yahoo finance, and many other places). Buying and selling costs money, and most people want to spend less than 2% on their transaction fees (cost to buy and sell stock, which range upwards of $7 per trade of a group of stocks), so it takes a fair amount of money to invest cheaply. Your best option is to have your parents invest for and with you. If they dont know anything about it, ask a financial adviser who you can find in a phone book, about what you should do. It would be unwise to invest on your own, since it takes several years to learn about markets and finance (just like biology or math or becoming a surgeon).

Posted by: !!! on 2009-07-30, 18:10:25

Learn about the stock market first. What makes companies go up in price and what makes companies go down in price.

Posted by: Nayuko on 2009-07-31, 09:00:21

No you can't do it. But you can get your parent to setup a eTrade account, and you can use their account. Work out something with them... Also, most of the online trading account require funds to be transfer in, either by credit card, etc. So take to your parent first.

Posted by: troja on 2009-08-04, 00:02:08

Yes, ofcourse you can if you have your parents consent and they open an eTrading account for you. But before investing gather all the information about the market you can. Log onto stockmarketsreview.com/ to have the latest update and expert reviews. Good Luck