I wanna start trading Options, but there’s 2 problems, first I’m only 16 years old 2nd I only have 0 to invest with.. So I’d like to know How do I get started trading Options and is 0 enough to trade with?
Thank you
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No reputable brokerage is going to allow a 16 year old to open an investment account of ANY kind, much less one with options privileges.
Unfortunately, you are out of luck at least until you turn 18.
"$500 enough to trade with?"
No.
You need to be 18 years old to open a brokerage account. Once you get a brokerage account established, you would have to apply to the brokerage for an options account. On the application you will have to give them your net worth, income, and strategy you will be using so they will be able to determine if you have the funding and experience to trade options. So, my guess would be that would have to at least have your parents open an account and let you trade with it or wait at least a couple of years.
No 500 is not enough to trade options. And a 16 yr old can not open an account, without their parents signing an agreement.
Even with your parents consent, I doubt they will let you trade options, until you are at least 18, and maybe even 21. This is high risk stuff & you will need more like 5,000 – 10,000 and not 500.
$500 is too little money to start. One option contract can easily be more than $500. If you’re wrong at the first at bat you’re done. Most brokerage minimum deposit is ~$1000 to $3000.
Take your learning about how options work. Determine if you are speculator or capturing time decay. Both styles are very different and you need to understand the strategies that work best. Check the site below to learn more.
Options trade in 100 unit blocks so with $500 you won’t get very far. Also, you are going to have to be 18 or get your parents help. Most online brokerage firms want to see some trading experience before they let you trade options anyway.
1 – To open an account with a brokerage firm in North America you must be 18 years of age, You could have a parent open a custodian account using your social security number. When you turn 18, the assets in the account can be moved to an account in your name.
2- No you can not trade options with only $500.00 If you had been studying options you should know that 500 can not buy too much.
It would be in your best interest to do more studying option securities before you even think about "trading" them.
I know you wont like my response, but it’s based on reality. Do yourself a favor and do more studying, not only about options, but also trading in general.
While you’re studying you will have the opportunity to accumulate additional investing capital.
Well, 1. You are underaged. 2. $500 is barely enough for anything.
Learn all about options for free in the link below. You are at the age where you should be learning about things and not really doing anything.
$500 is low, and to be honest, you have to make sure you understand options before trading. If you really want to try, binary option trading platform eztrader is one I recommend, and it has promotion recently, for example, If you deposit a total of $550.00 today, you will receive a bonus of $250.00 (%45). take a look at the source review before making a decision.
I suggest you take the long view. You need to learn as much about trading options as you can. Begin by visiting educational websites and reading good options trading books. Then determine the options trading strategy you wish to use. Perhaps is would be selling covered calls, a fairly conservative options-trading technique. Then practice trading in real time but at no risk by using "fake" money, a technique known as paper trading. Do this for at least 20 trades and determine if you are profitable on paper or not. While you are learning and practicing, begin to save money for a dedicated options-trading brokerage account, which you can open in a few years time when you are 18. Refer to the sites listed for Information about option trading, paper trading, and options-trading books. Good luck and enjoy your paper trading!