1-you have no experience with the markets
2-you have no experience with securities
3-the minimum margin requirement is at least $2,000 (this is federal law not the rules of the firm so you DO NOT meet the minimum
4- you're only 18 years of age
5-Virtual trading counts are nothing
6-Do you have a job?
7-Do you have a bank account?
8-"You don't know how to do it (whatever "it" is.
So to sum it up - you don't what you're doing, why you're doing it; how to do it, or what the rules are governing what you're trying to do, this is the main reason you do not have nor are you going to get a margin account Alos based in the info you provided, you're not entited to a margin account.
If one of my people approved you for margin, they would no longer b e one of my people
You're not ready for a margin account - get some years of experience behind you, make some real money then you can re-apply for margin
to risky
There are higher income and credit requirements for margin accounts because they are RISKY. At your age and level of experience, you should be grateful that they denied you.
Margin accounts are risky and so trading companies take several things into account before approving them. First, you need an active account (sounds like you don't have one yet). I suspect that they also look at the amount in the account, your declared net worth, and possibly your trading history. Margins are only allowed as a percentage of the actual cash value of the account, usually excluding any stock positions you currently have.
I am an 18 year old kid and have had no past experience in stock trading. I did a virtual stock in my business class and make over 30k and really want to start investing. I know how to do it and applied for a margin account with TRADEKING.COM and was denied a margin account. I plan on putting less than $1000 in this account.
What should I do?
