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Whether things are good or bad in the stock market, everyone always ask, what are the top 10 stocks to buy, what are the best stocks to buy right now, and so.
It’s kind of like asking your family or friends what they want to eat for dinner…chances are, you’re going to get a lot of different answers 😉
So, here’s the thing when it comes to getting the top 10 “best” stocks to buy right now lists or picks, the truth is, no one knows, especially random, free articles on the Internet. Or, even worse, some pick you read about on social media.
And it doesn’t even matter what your financial goals or investment style is.
Yes, the “best” stock for a day trader is different than the one for a long term buy and hold investor. It’s different for those looking for nice dividends vs those who just want the stock with the biggest run up in stock price.
No matter what you’re looking for, no one knows what the best one will be. Even the top stock picking gurus out there get it wrong.
To be fair, there are some truly credible sources for stock picks out there that get it right more than they get it wrong. And one of the beauties of investing is it only takes one or two stocks like an Apple or Tesla (historically, at least) that shoot to the moon to make your portfolio’s return look nice and juicy.
The trouble is it ain’t so easy to pick the Apples and Teslas of the world in the stock market.
So How Do You Figure Out What The Best Stocks To Buy Right Now Are?
Here are a few recommended ways to figure out the top 10 stocks to buy right now.
Focus on Industry Specific ETFs
Having a hard time trying to figure out which EV stock to buy? Research EV focused ETFs and buy those. ETFs are bought and sold like stocks, they just combine the best of the best with some cash, bonds and sugar (not really) to help mitigate risk. In essence, you are are buying the top 10 EV stocks in this example.
Hire A Financial Advisor
Seriously, whether you give Edward Jones a try, or find a specialty firm/broker, they’re in the game daily and can pull from a bevy of experience, resources and perhaps more importantly, current, active client management.
Try Out Different Stock Picking Services
As noted above, there are some amazing stock picking services out there, ranging from $49 per month and up. They offer every piece of information available on the stocks you’re considering and have great tools to break down performance, latest news, projections and so on. Some of our favorite service include The Motley Fool and Seeking Alpha, both offering multiple services based on the type of investing you’re into, aggressive growth vs long term picks. In addition, there are some great day trader services like Trade Ideas, or Mindful Trader for swing traders.
Regardless of what post, service or person you listen to on finding the best stocks to buy right now, don’t forget to consider why the stock or stocks you’re looking at are so hot.
Case in point, Peloton saw a meteoric rise during the pandemic lockdown, up to 171+ per share. I loved the company, bought it on the way up, then refused to listen to my financial advisor to sell as it started declining.
My love for the brand and company blinded me to the reality that it had done so well because of the pandemic, which, thankfully has ended, but unthankfully saw a huge correction for stocks in the growth/tech space, opps.
If a stock is hot, ask why it’s hot, and if it’s from short-term factors, or ones that should last.