Being a Stock Broker
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Get licensed and appointed
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To become a stock broker, you must first get a securities license and become appointed with a broker-dealer. The standard investment license is the Series 7 General Securities Representative license. Taking the test will take several hours and cost several hundred dollars. Many applicants spend several weeks studying. Once you have passed your licensing exam, you must be appointed with a broker dealer such as LPL, RaymondJames, Edward Jones or Commonwealth.
Have Prospects to Call On
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Once you're licensed and appointed, start calling on prospects. Try building a prospect list to get started and be prepared to make lots of phone calls. Many stock brokers spend hours on the phone every day trying to find new clients. Be ready for lots of rejection, but also be prepared to make your sales pitch when someone is ready to listen. Without a steady stream of new prospects, you won't be in the investment business for long--so keep your pipeline full.
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Buy Low, Sell High
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Be sure that you have well-defined trading strategies ready for your clients. When you get a check and make your first securities trade, have well-defined entry and exit points to recommend to your clients. There are a variety of stock-picking strategies you can employ, such as CANSLIM, value, growth, momentum, technical and more. Try a few and see which one suits your style best. Once you find one that works for you, be sure to call your clients when it's time to buy low and sell high.
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