Can I buy penny stocks at 16?
I read about a high school kid who made $300K out of penny stocks using mostly his iPhone on an app.
Obviously I know he was lucky, but he was in high school, like I'm currently.
It says his dad made him an E-trade account.
Can I do that?
If your Dads up for it - but don't abuse his card. Make sure you've got good paid antivirus.
Your father would need to open an online brokerage account. I'm a finance major and I do not recommend picking penny stocks as a method of investing, if anything I always suggest allocating a maximum of 20% for speculative purposes or only play with money you are willing to lose.
Yes you can with your parents permition. But penny stocks are the hardest stocks to trade. I would recommend reading and trading with fake money before you start doing it with real money. You don't wanna lose your money.
But to make 300k in that time you would need to be extremely good and have a good amount of money. He 16 year old your talking about started with around 10k if I'm not wrong.
Penny stocks are scams.
Take your money to a casino for a better chance to win. To save time and energy, just mail the casino a check.
Don't believe everything you read.
Penny stocks are mostly SCAMS. Stories about 16 year olds killing it are LIES.
Read the SEC warning link below and forget about chasing get-rich-quick schemes.
Its slightly possible but much more likely that you will lose everything. You should not want to play those odds. It is a good sign that you want to invest at such a young age, though. Don't give up on wanting to invest just because you found out that penny stocks are not a good way to invest. Please do yourself a favor and be very driven to want to better your money making ability by either going to college to get a good degree in which you can get a fantastic paying career or invent the next big money maker that the world can't live without. When you get into a comfortable life for yourself and have a good amount of savings in case of an emergency, learn about the stock market and invest your disposable income. You could become a millionaire by the time you are 50. Maybe even earlier if you make very good financial decisions and investments. Best of luck to you.
Yea, but a broker probably would invest his time with you
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