|
PureBytes Links
Trading Reference Links
|
16 year olds can't trade the CME....CBOT.....CBOE and most other major markets
except in what is called an UGMA account. In Illinois they are not adults and
technically..OWN NOTHING. New York laws are almost identical. Unless a
misrepresentation has been made the brokerage house can't open the account and I
am yet to find a brokerage account that will accept an UGMA for any form of
derivative, even if they did the adult would have make the trades.
If you opened an UGMA and allowed the minor to trade they would have what is
called "recision'. In essence they could get out of any trade they wanted to bail
from.
DOlson8888@xxxxxxx wrote:
> I support allowing 16 year olds trade.
>
> In general, I am sick of listening to people decide what others should be able
> to do or not do. I HATE when others tell me what I can do or NOT do.
>
> As far as a 16 year old trading. I think that is GREAT ! I think it is a
> very positive interest for a 16 year old. If more of this happened (with
> parental consent), there would be less 16 year olds just hanging out. I know
> many 16 year olds that have much more sense and vision than most 46 year old
> loosers. Or should we not allow 46 year old loosers to trade. That would
> about put the stock market to an end.
>
> After learning their lessons from the past, how many trading firms allow ANY
> person to risk more equity than is margined in their accounts ? I'd like to
> see a trading firm take my wife, kids and home, because I allow my 13 year old
> trade. W'ont EVER happen. Let's get real, no trading firm wants our wives &
> kids.
>
|