shoon
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Gamifying Trading And The Stock Market

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If you:
  1. Enjoy trading stocks and making money
  2. Are hypercompetitive
  3. Like to be recognized for your achievements
Then you may like my app idea!

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Idea:

A hybrid of a social media site (think Facebook, Twitter, Insta) and a stock trading platform (think Charles Schwab, TD Ameritrade, Fidelity).

 

Why:

Retail investors are taking the investing world by storm but there’s no platform that services them. Instead, these traders have self-organized into disparate, informal groups through online forums and message boards. With the right marketing and messaging, a site that helps bring these individuals together and facilitates the online trading culture may become the hub for retail traders.

 

Where I Could Use Help & Advice

– Are there legal risks to brining together non-accredited, individual investors to share trading advice with each other (beyond obvious prohibited acts like insider trading etc.)

– What are the challenges in registering/creating a brokerage. Can anyone create one? What would be the investment required?

8 Comments

  1. Love this idea, man. I can totally see myself using something like this. What I think could take it even one step further is being able to see how other people’s portfolios are doing and seeing rankings within smaller groups or even my friend groups. I’m thinking something like Strava or Runkeeper but for investing.

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  2. Interesting idea. With the rise of “finfluencers,” I would recommend you partner with some of them in order to bring their followers and communities to this app. I definitely see value in something like this: there are many barriers to investing, and one of them may be lack of knowledge and trust in investing. Having “social proof” and your friends and family offer advice and opinions could definitely lower that barrier.

    In terms of legal risks, I imagine community members would likely need to include disclaimers like “I am not a Financial Advisor, and my content is informational and not investing advice.” In terms of creating a brokerage, I’m not sure of the investment required, but with sites like Robinhood being relatively new and modern, I imagine it’s possible to create your own brokerage…

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  3. Interesting idea. I’d love to see sub-groups by industry and investing expertise within this, e.g., doctors investing, real estate investing, etc.

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  4. Some great comments above on what it takes to open a brokerage. In terms of the risks of bringing together non-accredited investors to share trading advice, I’d recommend the approach of laying out liability clearly in your Terms & Conditions. As a publisher, you shouldn’t hold too much liability in the opinions provided on your site, provided the individual posters are clear that what they’re offering is not financial advice, unless they’re licensed financial advisors…

    Given that the brunt of responsibility is likely to fall on individual contributors, you may want to share easy posting guidelines in the onboarding experience, as well as set default disclaimers for accounts that are not financial advisors within their profiles…

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  5. Another thought– folks might be more open to sharing their portfolios if there is an optional way to remain anonymous in the community.

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