This is a copy and paste from a post a year or two ago..
This method takes alot of time but is very rewarding long term.
At the end of the 1st season do a player search on 0-21 year olds and shortlist every single player. Repeat this for aged 19-25 and all players should now be highlighted green.
Start the new season and week by week repeat searching 0-21 & 19-25 and the regens will be in black. look at them and if they are no good, add them to your shortlist so it turns them green. If they are decent, leave them black or bid.
At end of season shortlist everyone in preparation for the fresh batch of regens.
Note* the 1st seasons shortlisting always is the longest.
This is similar to tylerazevedo's method & credit is to him for giving me idea of using this system, however scouting in this version is not as easier as last years.
Personally I just use the player search filter, select a range of attributes that are green numbers and then look out for young players in the search results. They're usually playing for teams in the lower leagues. I do this every so often and pick up some excellent bargins who turn out to be class class players.
Agility, Aerial, Reflexes, Handling & Communication are the key attributes. If you find a U21 guy that has 15+ in all, sign him.
That being said, I also filter by Creativity 15 only as well as Shooting 15 only. Most of the time there are very few with 15+ shooting at a young age, sign all you can afford. Creativity is a little different because there are usually 1-2 pages worth of U21 guys with 15+ Creativity. Creativity is useful at every position, but more so in the midfield than anywhere else. Of course I would never play a guy in the Advanced Playmaker role if he didnt have 15+ Creativity, but that's just me.