I got this idea, since I'm only 15 and i can't buy stocks(not that I would anyway), to withdraw money from my bank in american funds (RBC) and wait till the canadian dollar drops and exchange that money for canadian money, thus making profit.
2007-08-19 15:37:26 · 6 answers · asked by Will 1 in Business & Finance ➔ Investing
Actually, being 15, you can buy stocks and have it in your name. A friend of mine in when I was in 7th grade had stocks back then. I'm not sure if they changed the law now but I don't see why they wouldn't. I'd imagine your parents would just fund you the money for the stock market. Yes it is also legal.
http://www.tradeeuros.com/
That is a website where you can trade foreign currency. But yes, there's no law regulating that.
2007-08-19 15:58:59 · answer #1 · answered by Adiuvat 3 · 1⤊ 0⤋
yes, absolutly. this sort of thing is done all the time. the is even an entire market for it, oddly enough, call the foreign exchange market. just remember to exchange it back to american when the canadian dollar goes back up. however, you have picked a bad time to do this. the dollar is at a pretty low level compared to most foreign currencies. seeing as you are only 15 i would suggest you take your money and invest in a good mutual fund. you stand to make a much higher return with much less work. there are many funds out there that put most of their money into foreign currencies. do some research on yahoo finance.
2007-08-19 23:01:35 · answer #2 · answered by larry j 3 · 1⤊ 0⤋
A lot of currency traders make a lot of money everyday doing just that. A lot also lost a lot of money. There was a huge amount of money made recently by traders taking advantage of very, very low interest rates in Japan, borrowing money at that rate and investing it elsewhere at better rates, for a profit. Only the Bank of Japan raised rates and all of that unwound pretty quickly.
What I would suggest is that you have an adult, Mom, Dad, etc, open a trading account for you at Vanguard or Fidelity or other such large brokerages so that you can enter into a beginning investor program in no load mutual funds. Good Luck
2007-08-19 23:06:42 · answer #3 · answered by overheight1 1 · 1⤊ 0⤋
Talk to a financial advisor who works with the stock market.
2007-08-19 22:45:13 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Your move would be totally gambling. Now's the best time of your life to learn investing (not gambling). Read as much as you can.
Best of luck!
2007-08-19 22:58:20 · answer #5 · answered by Common Sense 7 · 0⤊ 0⤋
idk sorry, but good question
2007-08-19 22:44:43 · answer #6 · answered by darkstar 2 · 0⤊ 1⤋