Can I make money by recommending stocks
Hi, I want to start charging people for stocks I believe have potential and that can make them a profit. I was just wondering where do I start. Im asking for peoples opinions who have done this before. Thanks in advance for any helpful comments.
do you have a track record or have you just gotten lucky with a few picks in your TD paper account?
kids think getting lucky with picks is a track record
OP, it's possible but not likely. you'll have to be part of a subscription service, and the reputation of those is awful, absolutely awful. very few have audited numbers, many peddle penny stocks & doomsday scenarios, and none of them actually manage money.
if you truly want to do what you're talking about you need to go into AM/HF/PWM as an analyst and work your way to PM (way easier said than done). get more educated about investing, and try investing on your own. if you still like it, maybe consider an investment club at your school, so you get practice pitching recommendations. but if I were you, I'd steer clear of what you're talking about.
I'd be interested in small cap/micro cap potential M&A ideas. Will send you an email and can discuss.
99% of those subscription services are predatory at best.
I've done something similar to that with good success but I had a track record, people read my stuff for a very long time before I went with a subscription, which I did for cheap as hell just to have on my resume for running a site and pay my monthly bar tab.
Honestly if you want to give people 'tips', maybe you should align your education, internships and personal investing toward one day either managing a portfolio or advising people on theirs.
Just a side note, are you investing in these stocks or just selling your 'advice'? How do you feel about losing people money, not taking a loss yourself and still pitching your advice? If that doesn't give you pause, you have a special knack for moral turpitude.
Wait a second...this sounds familiar.
Yes, you can. Go into equity research, private wealth management, institutional sales, Asset Management and probably a few other roles I'm missing. The advice above is correct-it could be pretty sketchy otherwise.
Maybe someone more experienced on the sales side who's had to deal with more regulation can chime in on this, but can you even recommend securities of any sort and in any way while charging them without being FINRA/SEC registered?
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