YES. Depending on the function he is performing, he will need to be licensed under the Securities Exchange Act of 1934, as amended, the Investment Advisor Act of 1940, as amended, or your state’s securities laws.
His taking money from you to “invest” sits really wrong with me, particularly if he claims not to want a commission or fee. One possiblilty is that he has run out of his own money to play the market with, and is looking for additional capital. If he makes money, you may get your money back. If not, you can be sure you’ll lose what you’ve given him.
Just to clarify, I’m not trying to do some long-term stuff to retire with or something. I’m just looking for easy money to blow basically. Part of me is telling me that I kinda just want to be his friend cause he’s real cool. I admit it sounds suspicious if you’re not in my shoes but he is straight if you ask me. Thanks for your guys’ concerns though.
Anyways, I really just want to know what day-trading actually is. This guy says that he wakes up real early, like 5 am or something (I live in San Fran), when the east coast markets are opening and is done for the day by 6:45 PST. How can stuff get done so fast? I’m just really looking to find out what these people do, not whether I should try it or not.