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How do I become a profitable trader, as well as trade under 18 and request and receive a payout from it?
I want to become more profitable and futher my knowledge in trading. I am a day trader who currently trades Futures. I want to get a payout, but I am underage and have no adult to help me with their SSN and ID.
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Sijoy’s Answer
Hi Demarion,
It's fantastic that you are already interested in trading and futures at your age. This shows great initiative and curiosity. Although you can't legally open a brokerage account or trade in your name until you are 18, this is a perfect time to prepare for your future success in trading.
Here's how you can get started:
1. Use demo accounts or paper trading platforms to practice and improve your skills without risking real money.
2. Learn about risk management, including setting stop-losses and managing leverage to protect your capital.
3. Read up on futures, options, and equities, and keep up with economic news to understand the markets better.
4. Develop discipline by keeping a trade journal, analyzing mistakes, and following a plan.
5. Explore free resources like Investopedia, CME Group education, and Coursera to expand your knowledge.
While you can't open a live account or receive payouts yet, you can focus on learning and treat this time as valuable training. Practice with demo accounts to test your strategies and plan for the future. When you turn 18, you will be ready to open your own account and trade live.
Consider finding a mentor or joining trading communities to learn from experienced traders. Although you can't trade legally under 18, you can build the skills and strategies needed to succeed once you can. Think of this time as creating your "trader's toolkit" so you will be ready to enter the real markets later. PLEASE ENSURE YOU ARE 18 YEARS AND ABOVE AND FOLLOW THE RULES APPLICABLE FOR YOUR RESPECTIVE COUNTRY.
It's fantastic that you are already interested in trading and futures at your age. This shows great initiative and curiosity. Although you can't legally open a brokerage account or trade in your name until you are 18, this is a perfect time to prepare for your future success in trading.
Here's how you can get started:
1. Use demo accounts or paper trading platforms to practice and improve your skills without risking real money.
2. Learn about risk management, including setting stop-losses and managing leverage to protect your capital.
3. Read up on futures, options, and equities, and keep up with economic news to understand the markets better.
4. Develop discipline by keeping a trade journal, analyzing mistakes, and following a plan.
5. Explore free resources like Investopedia, CME Group education, and Coursera to expand your knowledge.
While you can't open a live account or receive payouts yet, you can focus on learning and treat this time as valuable training. Practice with demo accounts to test your strategies and plan for the future. When you turn 18, you will be ready to open your own account and trade live.
Consider finding a mentor or joining trading communities to learn from experienced traders. Although you can't trade legally under 18, you can build the skills and strategies needed to succeed once you can. Think of this time as creating your "trader's toolkit" so you will be ready to enter the real markets later. PLEASE ENSURE YOU ARE 18 YEARS AND ABOVE AND FOLLOW THE RULES APPLICABLE FOR YOUR RESPECTIVE COUNTRY.
Thank you for sharing your perspective.
Demarion