timothy sykes logo

Trading Tips-Tim Sykes Penny Stock

Canada Stocks & Reddit: Diving into Reddit Goldmine in 2024

Timothy SykesAvatar
Written by Timothy Sykes
Reviewed by Friedrich Odermann Fact-checked by Ed Weinberg
Updated 1/31/2024 12 min read

Canadian stocks on Reddit are a goldmine for traders looking for real-time information, discussions, and opinions on the hottest Canadian meme stocks. This online community can be a game-changer for your investment strategy in 2023.

Read this article because it’s your comprehensive guide to the best Canadian Reddit stocks to buy right now, complete with factors to consider and top picks for 2023.

I’ll get into the following …

  • What Is the Best Reddit Stock to Buy Right Now in Canada?
  • What Factors Should You Consider When Choosing a Reddit Stock in Canada?
  • What Benefits and Potential Returns Can You Expect from Canadian Reddit Stocks?
  • What Are the Risks of Investing in Canadian Reddit Stocks?
  • What Are the Best Sectors of Canadian Reddit Stocks?
  • How Have Canadian Reddit Stocks Performed in Recent Years?

Let’s get to the picks!

What Are Canadian Stocks on Reddit?

© Millionaire Media, LLC

Canadian stocks on Reddit are a hot topic, especially in communities dedicated to investing and trading. These are stocks of Canadian companies that are frequently discussed, analyzed, and sometimes even hyped on Reddit’s various investment forums.

Reddit Inc. has become a significant platform where Canadian investors, among others, share their insights, strategies, and even their wins and losses. It’s like a digital town square where money talks, and everyone listens.

The discussions on Reddit can range from buying and selling strategies to the intrinsic value of specific Canadian stocks. The platform has size rules that guide the depth and quality of content, ensuring that discussions are more than just casual banter. Streamers and programmers often create unique tools and bots that help in analyzing stock prices, income potential, and the overall size of the investment needed.

So, why should you care about Canadian stocks on Reddit? Well, in my years of trading, I’ve learned that information is gold. Reddit offers a wealth of it, but remember, not all that glitters is gold. Always do your own due diligence. Reddit can be a starting point, but your money and your investment decisions should be based on more than just a trending Reddit card.

Why Does Reddit Have an Impact on the Stock Market?

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

© Millionaire Media, LLC

Reddit has become a significant player in the stock market, influencing both shares and trade volumes. The platform’s structure, featuring options like “about hot open” and “rising change,” allows for real-time ranking of stocks based on user interactions. From my experience, Reddit can act as a catalyst, driving attention to overlooked stocks or sectors.

While Reddit is a treasure trove of discussions and insights, it’s also a playground for tech-savvy traders who use unique tools and bots for stock analysis. These tools can automate the process of sifting through massive threads to find mentions of specific stocks or sectors. They can even alert you when a stock is trending, giving you a head start in your trading strategy. If you’re looking to up your game, consider leveraging these tools to make more informed decisions. For more on how technology can aid your trading, check out this guide on free stock charts.

Does Reddit Matter to Ordinary Investors?

Absolutely, it does. Reddit provides ordinary investors with access to information and discussions that were once confined to financial analysts and industry insiders. It’s a valuable tool for anyone looking to diversify their portfolio, whether you’re into index investing or hunting for individual stocks.

If you’re interested in diversifying with penny stocks, here’s a guide on penny stocks under 10 cents.

Identifying Trending Stocks on Reddit

Reddit is a treasure trove when it comes to identifying trending stocks. Users often post thumbnail previews of companies, complete with financial metrics like earnings, growth, and dividend information. I’ve seen many of my students use Reddit to discover stocks that they later successfully traded.

Reddit can be a great starting point for identifying trending stocks, but it shouldn’t be your only resource. Always perform your own due diligence. Look at a company’s financials, read up on their management team, and consider their market potential. Reddit can give you ideas, but your money deserves a well-rounded research approach. For a deeper dive into how to analyze penny stocks, check out this guide on penny stocks on Nasdaq.

How To Find Trending Stocks on Reddit

Navigating Reddit for stocks involves using features like the post thumbnail to preview companies and the sidebar for quick navigation. You can also use the search function to find discussions on specific sectors or industries. Trust me, it’s worth the time to learn the ropes.

Reddit’s Top Stock Picks

My top Reddit stock picks are:

Reddit users often share their top stock picks, complete with reasons and sometimes even accompanied by QR codes for easy access to more information. These aren’t just random picks; they often come with detailed analyses, touching on everything from dividend growth to sector-specific opportunities. I’ve personally found a few gems through Reddit that have been solid additions to my trading strategy.

Before you send in your orders, take note: I have NO plans to trade these stocks unless they fit my preferred setups. This is only a watchlist.

The best traders watch more than they trade. That’s what I’m trying to model here. Pay attention to the work that goes in, not the picks that come out.

Sign up for my NO-COST weekly watchlist to get my latest picks!

BlackBerry Limited (NYSE: BB)

My first Reddit stock pick is BlackBerry Limited (NYSE: BB).

BlackBerry, once a leader in mobile technology, has pivoted towards cybersecurity and software services. While its share price has seen ups and downs, it remains a topic of interest among investors. The company’s operations have expanded into various segments, including IoT and enterprise software. If you’re considering investing in BlackBerry, pay attention to its revenue growth and recent acquisitions, as these could be indicators of future performance.

Shopify Inc. (NYSE: SHOP)

My second Reddit stock pick is Shopify Inc. (NYSE: SHOP).

Shopify is a Canadian e-commerce giant that has seen tremendous growth. With a strong business model that caters to both small and large retailers, it has a competitive advantage in the market. The company’s performance is often highlighted in analysts’ reports, and its valuation is a subject of much discussion. If you’re looking for a tech stock with strong fundamentals and growth prospects, Shopify should be on your radar.

Tilray, Inc. (NASDAQ: TLRY)

My third Reddit stock pick is Tilray, Inc. (NASDAQ: TLRY).

Tilray is a pharmaceutical and cannabis company that has garnered a lot of attention. Its share price can be volatile, so it’s essential to consider its EBITDA, cash flow, and debt levels before investing. The company has made strategic acquisitions to expand its product line and increase its market share. Keep an eye on its performance in both the North American and international markets.

Bright Minds Biosciences Inc (NASDAQ: DRUG)

My fourth Reddit stock pick is Bright Minds Biosciences Inc (NASDAQ: DRUG).

Bright Minds is a biotech company focusing on the development of therapies for neuropsychiatric disorders. While it’s a smaller player, its unique approach to drug development makes it an interesting investment opportunity. Before diving in, consider the company’s revenue growth, its research and development strategy, and the competitive landscape in the biotech industry.

Cybin Inc (AMEX: CYBN)

My fifth Reddit stock pick is Cybin Inc (AMEX: CYBN).

Cybin is another biotech company, but it focuses on psychedelic therapies for mental health conditions. The company is in the early stages of clinical trials, so it’s considered a higher-risk investment. Look at the company’s financials, including its cash flow and debt levels, to gauge its long-term viability. Keep an eye on news about its clinical trials, as positive results could significantly impact its share price.

Here’s a Former Reddit Stock That Holds Promise in a Recovering Industry: mCloud Technologies Corp (OTCPK: MCLDF)

mCloud Technologies Corp, a cloud technology solutions provider, has been through a rollercoaster. The company recently faced delisting from the Nasdaq due to its inability to meet stringent listing requirements. Interestingly, this news led to a 5.54% surge in the company’s share price after hours. Investors seem to be betting on the company’s resilience and adaptability. It’s a classic example of how market sentiment can shift rapidly, something I’ve seen countless times in my trading career.

Don’t get confused — this is at the bottom of the barrel of junk penny stocks. But Reddit traders don’t care.

One hot press release and this thing could heat right back up.

Key Takeaways

trade like a coward - sykes
© Millionaire Media, LLC

Reddit is more than just a social media platform; it’s a dynamic community that can offer valuable insights into the Canadian stock market. From my years of trading, I’ve learned that such platforms can be incredibly useful, but they should never replace thorough research and analysis. Always remember to cross-reference any Reddit tips with other reliable sources.

Trading isn’t rocket science. It’s a skill you build and work on like any other. Trading has changed my life, and I think this way of life should be open to more people…

I’ve built my Trading Challenge to pass on the things I had to learn for myself. It’s the kind of community that I wish I had when I was starting out.

We don’t accept everyone. If you’re up for the challenge — I want to hear from you.

Apply to the Trading Challenge here.

Trading is a battlefield. The more knowledge you have, the better prepared you’ll be.

What Canadian Reddit stocks are on your watchlist? Let me know in the comments — I love hearing from my readers!

Frequently Asked Questions

© Millionaire Media, LLC

Should You Invest in Top Reddit Stocks?

Reddit can be a good starting point, but it shouldn’t be your only source of information. Always consider the tax implications and consult other financial products and services before making any investment decisions.

What Does Morningstar Think of the Reddit Advice on Investing?

Morningstar, a respected financial services company, often provides a more traditional analyst perspective that can serve as a counterpoint to Reddit’s crowd-sourced wisdom. It’s always a good idea to compare multiple sources.

How Can Canadians Access Reddit for Stock Information?

Canadians can access Reddit home through various platforms, including mobile app stores. Many programming subreddits also discuss stocks and algorithms for trading.

What Kind of Investment Opportunities Can Be Found on Reddit?

On Reddit, you’ll find numerous investment opportunities, including information on investments and etfs, tailored specifically for the Canadian market.

How much has this post helped you?

Leave a reply

Author card Timothy Sykes picture

Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”