A great way is at the start of every season (when the board tells you how much budget you have etc), go to every club in the league and look at their U18 regens. Click on them & approach to sign. When you do that, the assistant manager will tell you if the player will be a "good", "decent" etc signing. If its good or above, then offer him a contract. If its decent, then get a scout report on him from your best scout and see what he says. You're sure to pick up plenty of awesome youngsters this way. You can do this for other leagues as well but their start dates are different and their regens will appear on different dates. In England, its usually 20th June I think. Not sure of the other countries.
Obivously, like said above, scouting is also important. Send your scouts out to as many different countries as possible and they'll come up with suggestions for you.
A third way is to go to the player search screen. Make a filter to search for players who're at most 17 years of age first. Have a look through them. Approach them and see with the assistant says again. Then after you're done with that, put the filter to players of 18 years of age and view them by price. Scout the ones that are priced the most etc etc. All this takes a heck of a lot of time but is worth it because you usually find quite a few good prospects.
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