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Broker for 17 year-old?

  • #1
  • First Post: Mar 22, 2008 9:28am Mar 22, 2008 9:28am
Hello everyone,

I'm looking for a broker which will allow me (17-yr old kid) to trade forex. I used to use NorthFinance, but they changed their terms and conditions and that forced me out.
  • #2
  • Mar 22, 2008 9:55am Mar 22, 2008 9:55am
Your kidding! I've read through your posts and never dreamed you were a kid.
There was a thread on here not too long ago regarding who was the youngest. Dig that up (if you don't get an answer here) and PM some of the youngest posters. I'm sure one of them can give you an answer.

All the best!
  • #3
  • Mar 22, 2008 10:47am Mar 22, 2008 10:47am
Hey u are not the youngest

Check that thread in the beginners forum to find the other youngest traders here. Jody Ong has been trading since 16.
  • #4
  • Mar 22, 2008 10:52am Mar 22, 2008 10:52am
At 17 you are not considered to have reached the age of majority. This causes issues w/ your ability to sign contracts etc. Here's a link that may explain a bit more about this. Its for Maryland, but is applicable to most states. (USA).
http://www.peoples-law.org/children/...ion%20home.htm
In trading, there is no bullshit. You either make money or you don't.
  • #5
  • Edited 4:24pm Mar 22, 2008 4:14pm | Edited 4:24pm
I also started trading with 17. Just send them a special approval from your parents.
You could also just let your dad open the account.
  • #6
  • Mar 22, 2008 5:06pm Mar 22, 2008 5:06pm
Hey everyone! Thanks for your help and advice.

Quoting mrgreen
At 17 you are not considered to have reached the age of majority. This causes issues w/ your ability to sign contracts etc. Here's a link that may explain a bit more about this. Its for Maryland, but is applicable to most states. (USA).
http://www.peoples-law.org/children/...ion%20home.htm
I know about legal emancipation. The main issue aside from time is that if I do get emancipated (where I am anyway) I cannot live at home. I would need to prove to the judge that I can fully support myself once emancipation is granted.

Quoting Tjpld
I also started trading with 17. Just send them a special approval from your parents.
You could also just let your dad open the account.
What sort of special approval? Is this a broker-specific form? Or something else?



The way I used to do it was that I had a trust fund started up, and had it so that I hired myself to run that trust fund, so I was basically both the trustee and beneficiary. This helped me in two ways:

  1. I could act--in some instances--as a legal adult.
  2. My parents would have no liability other than the legal fees to open the trust fund in the first place.

Number 2 is what's very important. Reduced risk and liability should my trading fail. We do the same thing with our real estate holdings. Control everything, and own nothing.

NorthFinance contacted me, informed me of some new clause in their ToS, and it effectively said that a only person in the age of majority is allowed to place a trade, thus forcing me out.

  • #7
  • Mar 23, 2008 2:06am Mar 23, 2008 2:06am
Iam 18 now but i have been trading since 17 ....i have my own thread and teaching...
  • #8
  • Mar 23, 2008 2:38am Mar 23, 2008 2:38am
Quoting Ronald Raygun
Hey everyone! Thanks for your help and advice.



I know about legal emancipation. The main issue aside from time is that if I do get emancipated (where I am anyway) I cannot live at home. I would need to prove to the judge that I can fully support myself once emancipation is granted.



What sort of special approval? Is this a broker-specific form? Or something else?



The way I used to do it was that I had a trust fund started up, and had it so that I hired myself to run that trust fund, so I was basically both the trustee and beneficiary. This helped me in two ways:

  1. I could act--in some instances--as a legal adult.
  2. My parents would have no liability other than the legal fees to open the trust fund in the first place.

Number 2 is what's very important. Reduced risk and liability should my trading fail. We do the same thing with our real estate holdings. Control everything, and own nothing.

NorthFinance contacted me, informed me of some new clause in their ToS, and it effectively said that a only person in the age of majority is allowed to place a trade, thus forcing me out.


No you have to set it up yourself.
"I Mr. XY alow my son XY to do XY. blabalbabalbabllba


Signature"

Send your fathers ID too.
  • #9
  • Mar 23, 2008 3:30am Mar 23, 2008 3:30am
He might be accepting liability by doing that tho, so he'd really want to talk w/ an attorney first and make sure everything is safe.

I know this isn't the vein of the thread... but have you just considered demo trading till you're 18? Surely the extra practice can't hurt.
  • #10
  • Mar 23, 2008 8:14am Mar 23, 2008 8:14am
In most cases, your absolutely right Rabid.

the idea is to own nothing and control everything. My dad taught me how to reduce liability, and I intend to keep to my lessons. Besides--he knows the risk and would never co-sign with me anyway.

However, once you get the bug, it's hard to stop lol. When I started live back around thanksgiving, I had a high of a 10,000% return (the same period as the guy who made an account grow from $1,000 to $100,000), all through automated program trading.

My current return before I was booted was somewhere in the 8,000% range after recovering from a 90% drawdown thanks to a division by 0 error.

My point is: I can do it already, I've proven to myself that I can do it, the only thing really holding me back is that stupid 18+ clause. My other point is that I'm trying to get $50,000 to donate to the school prom fund in exchange for the senior class address/speech thingy.

NorthFinance used to not have that clause until I guess when they found me.
  • #11
  • Mar 23, 2008 1:31pm Mar 23, 2008 1:31pm
Well I guess you could try FxPro. com

And they are regulated in the EU.

But I guess waiting for a few more months wouldn't hurt.

Hey the market is always around.

Good luck!
  • #12
  • Mar 23, 2008 3:58pm Mar 23, 2008 3:58pm
Quoting Tjpld
I also started trading with 17. Just send them a special approval from your parents.
You could also just let your dad open the account.
I did the same. Open the account under a parents credentials. That was the only way I figured I could trade back then and I'm not too sure of any other way because of underage laws prohibiting it.
I dream, therefore I become.
  • #13
  • Mar 23, 2008 4:01pm Mar 23, 2008 4:01pm
Quoting Ronald Raygun
My point is: I can do it already, I've proven to myself that I can do it, the only thing really holding me back is that stupid 18+ clause. My other point is that I'm trying to get $50,000 to donate to the school prom fund in exchange for the senior class address/speech thingy.

NorthFinance used to not have that clause until I guess when they found me.
Erm, a lot can be done with 50 g's man. Think about that one. I doubt any prom night would ever be worth that much money dude. If you can't get your dad to cosign, just keep making money in other ways until you are 18, then you'll have more to work with once your there. Keep demoing until then to keep your skills honed.
I dream, therefore I become.
  • #14
  • Mar 23, 2008 4:41pm Mar 23, 2008 4:41pm
It's more of a legacy thing.

The idea is to be the first class to make prom both free and enjoyable. If I can achieve it, then by all means, I will. If I cannot, there's always the graduation party xD/.
  • #15
  • Edited 7:26pm Mar 23, 2008 7:25pm | Edited 7:26pm
trading to pay the prom.Somehow Im feeling lucky that there is no prom at my country back then when I was on junior/high school.Let me guess, u will win the contests of prom "king and queen "? lol I dont know about this stuff.I guess I watch too much hollywood movie now.The bright side on my country is that u can fake almost anything (bis smile)...you even can create the un exist to exist and vice versa so there is no such an ID problem here to open bank acc, trading, driver license, passport etc etc.But again if I suggest you to move in here, there is no prom thingy here, but im sure u can open your trading acc and trade..or stay there with the prom..but have to wait to sell the GBP....ur call..

PS: just joking a bit.Hope you'll find your broker.
  • #16
  • Mar 23, 2008 7:55pm Mar 23, 2008 7:55pm
i'm fairly young myself, in my early 20s and i can say i understand you for the most part, but 50k is a lot of money.keep the money for yourself and for your future in case you manage to get to that sum, or if you want to do something extraordinarily nice, donate to a charity or something.

unless most of the teens in your school come from really modest families and a ritzy prom is their ultimate dream...

even if that would be true, i have a feeling in the end it would be not much else besides a night when they had a chance to get drunk en masse, act regrettably stupid and eventually lose their virginity.

although it may seem like, trust me, that's not an event to celebrate.if you're trying to get and donate the money just so you can have the respect of your peers for a few days, again, trust me, it's not worth it.
take care of your future, that's the most important thing.

if you really want some attention for a while, you can donate the money to a local charity and talk to the press and tell them how young people should pay more attention to what goes around them and be more kind and care for the elderly bla bla.and voila, you'll do a good deed AND be all over the press.

i hope you won't feel offended by what i said, it's just really honest advice.
  • #17
  • Mar 23, 2008 8:06pm Mar 23, 2008 8:06pm
you make plenty of sense tenantro, and perhaps I am overshooting in this instance.

Maybe 20k, instead or something to raise the bar for future classes to beat. Earlier in the year, during the class presidential elections, I ran under the "reduce prom prices" banner, and lost. I suppose this whole donate 50k thing was more or less a revenge plot against the guy that beat me. My thinking being,

  1. Make prom free or near-free for the class of 08.
  2. Embarrass the guy that beat me
  3. Be the kid that gives one of the graduation speeches come graduation time.

Probably wishful thinking on my part, but it's still a pleasant thought to me. Helping my graduating class of 649 or so kids get drunk, have sex, and act stupid, all for the highlight reel that's sure to play during the graduation party, and the satisfaction that some new guy could beat their parents at their own game.


As for press coverage, I already get that from the fuel cell competitions, science bowl matches, and Stock Market Game wins. The jocks in school may grace the front of the sports section, but I get the front page, where we should be.


As for the thinking about myself bit, I'm playing with the assumption that if I did it once, I could do it again. That's what kept me trading after any significant drawdown. I could make the profits before, there's no reason why I cannot make them again.

  • #18
  • Mar 23, 2008 9:09pm Mar 23, 2008 9:09pm
Wow! 17 that is amazing, I think I was on drugs at that age. (I'm 23)
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 17.5%
  • #19
  • Mar 24, 2008 6:08am Mar 24, 2008 6:08am
Quoting Phil_GMT
Wow! 17 that is amazing, I think I was on drugs at that age. (I'm 23)
LOL! But I'm sure you weren't the only one...
  • #20
  • Mar 24, 2008 6:19am Mar 24, 2008 6:19am
Quoting Ronald Raygun
you make plenty of sense tenantro, and perhaps I am overshooting in this instance.

Maybe 20k, instead or something to raise the bar for future classes to beat. Earlier in the year, during the class presidential elections, I ran under the "reduce prom prices" banner, and lost. I suppose this whole donate 50k thing was more or less a revenge plot against the guy that beat me. My thinking being,

  1. Make prom free or near-free for the class of 08.
  2. Embarrass the guy that beat me
  3. Be the kid that gives one of the graduation speeches come graduation time.

Probably wishful thinking on my part, but it's still a pleasant thought to me. Helping my graduating class of 649 or so kids get drunk, have sex, and act stupid, all for the highlight reel that's sure to play during the graduation party, and the satisfaction that some new guy could beat their parents at their own game.


As for press coverage, I already get that from the fuel cell competitions, science bowl matches, and Stock Market Game wins. The jocks in school may grace the front of the sports section, but I get the front page, where we should be.


As for the thinking about myself bit, I'm playing with the assumption that if I did it once, I could do it again. That's what kept me trading after any significant drawdown. I could make the profits before, there's no reason why I cannot make them again.

You sound just like me when I was your age.
But select your goals carefully. I also wanted to donate money for my prom. Instead I took my class out for dinner which was nice and not that expensive only 500$.
I hope we can set something up. Can you contact me via ICQ or MSN?
Hope you got my last e-mail.
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