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Started By
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Robinhood yay or nay
Posted on 10/3/18 at 1:09 pm
Posted on 10/3/18 at 1:09 pm
Want to do some short term penny stock trading for fun. I’ve been doing it on paper and I’m doing well. Is robinhood the best for this? It concerns me that I have to input my social over an app. I understand why they need it but I’m just wondering how many are using this app.
Posted on 10/3/18 at 1:11 pm to Chop77
Yeah, Robinhood is awesome for speculative day trading.
Posted on 10/3/18 at 1:16 pm to tigeralum06
have been using it for years ... easy, inexpensive and great app.
Posted on 10/3/18 at 1:21 pm to Chop77
Yes, I have been using it for about 9 months. It works very easily. Leave your email and I will send you a link to get a free stock. Also, it is absolutely free.
Posted on 10/3/18 at 1:24 pm to Dupont3
And for taxes, does it make it nice and easy for you? Do you just print off a form and give to CPA?
Posted on 10/3/18 at 1:25 pm to Chop77
Yeah, they send you an account update every month.
Posted on 10/3/18 at 1:28 pm to Dupont3
What are you doing on it? How are you doing?
Posted on 10/3/18 at 1:31 pm to Chop77
They really don't let you day trade. If you trade too much on the same day then they won't let you buy and sell in the same day for 30 days.
I am basically just buying stocks into smaller companies right now. Have one in apple and a few in microsoft. Its fun watching they money grow instead of sitting in a bank account. When I want out of a company then I sell and find a new one.
I am basically just buying stocks into smaller companies right now. Have one in apple and a few in microsoft. Its fun watching they money grow instead of sitting in a bank account. When I want out of a company then I sell and find a new one.
Posted on 10/3/18 at 1:34 pm to Dupont3
3 day trades in a 5 day period. I haven’t “Day traded” once on paper so I’m not too worried about the limit
Posted on 10/3/18 at 2:12 pm to leoj
You might check out the Webull app. It’s free just like Robinhood, but has better research materials.
Posted on 10/3/18 at 2:39 pm to Chop77
I've been using for 3+ years. Actually have a friend who moved to CA to work for the company. They are legit and I've been happy with the service. That said, I'm not in a bunch of questionable positions that I may need to trade immediately. Sometimes there is lag right at opening and closing bell. If you are simply socking long term money away or otherwise DCA'ing into certain stocks, I highly recommend. Turbotax can login to RH and download your tax info directly onto its platform. Couldn't be much easier in that regard.
Posted on 10/3/18 at 3:34 pm to Dupont3
quote:I think it's probably good for most people that they limit they amount of pure "day trading" since it seems like a losing proposition for the average person. On the other hand, I think people who consider something "trading" aren't usually referring to "day trading" and more referring to more short-term investing instead, although I don't know where trading and investing actually delineate from one another.
They really don't let you day trade. If you trade too much on the same day then they won't let you buy and sell in the same day for 30 days.
I am basically just buying stocks into smaller companies right now. Have one in apple and a few in microsoft. Its fun watching they money grow instead of sitting in a bank account. When I want out of a company then I sell and find a new one.
I've brought this up a couple times, but for anyone planning on holding a stock for a length of time that makes intraday fluctuations of little or no consequence, then I recommend M1 Finance instead since you can buy fractional shares of companies, which may offset the intraday fluctuations anyways if one can't or doesn't want to purchase a full unit (like say Amazon) immediately.
Posted on 10/3/18 at 6:01 pm to Wade Phillips
Ok, so if there is a lag would I be saved by pre-setting the amount I want to buy and sell for?
Posted on 10/3/18 at 6:17 pm to Chop77
I wouldn't know how to make an apples to apples comparison with a more established fee-based trading platform, when the concern is split second execution. My guess is that RH loses and you could sleep better executing large trades on a Schwab type platform. RH continues to improve every few months and has come along way in the time I've been a customer. I expect that to continue.
RH works great for me, as I'm investing in what I think are good companies to perform over the long haul. If I'm panic selling and praying it goes through, something has gone very wrong for my strategy and I would prefer to be paying whatever fee to be on a more established platform.
RH works great for me, as I'm investing in what I think are good companies to perform over the long haul. If I'm panic selling and praying it goes through, something has gone very wrong for my strategy and I would prefer to be paying whatever fee to be on a more established platform.
Posted on 10/3/18 at 7:26 pm to Chop77
Been using RH since it’s origins. It has improved tremendously. Great, reliable, accessible, Brokerage.
Posted on 10/3/18 at 7:45 pm to Chop77
quote:
penny stock trading for fun.
Robinhood no good for penny stocks. I see a lot of stuff recommended on here that you can't get on Robinhood.
Posted on 10/3/18 at 8:13 pm to Chop77
They make their money by selling your data. Just so you know...
"After digging through their SEC filings, it seems that today's Robinhood takes from the millennial and gives to the high-frequency trader.
Not only does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers' orders for over ten times as much as other brokers who engage in the practice. It's a conflict of interest and is bad for you as a customer."
LINK
"After digging through their SEC filings, it seems that today's Robinhood takes from the millennial and gives to the high-frequency trader.
Not only does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers' orders for over ten times as much as other brokers who engage in the practice. It's a conflict of interest and is bad for you as a customer."
LINK
Posted on 10/3/18 at 11:32 pm to arkiebrian
quote:This is a deceiving representation. They appear to be selling transactional system-wide data regarding the timing, price, type of security traded, etc. It’s their data, just like a retail company releasing information about sales for certain products and the performance of their individual stores is their data. Calling it our data makes it seem like they’re selling our personal information. Instead they’re selling the information about their overall service, that they created and provide.
They make their money by selling your data. Just so you know...
quote:Why is it bad for the customer? Because some groups who make risky, high-frequency trades, trying to take advantage of the small fluctuations (even pennies), which many believe actually results in a net benefit (lower spreads, more money in market, etc.) are buying (maybe even wasting) transactional information from a service to refine their process?
and is bad for you as a customer.
Maybe that college student who posted that histrionic nonsense needs study more in his economics classes, and maybe take an ethics class, or just learn the basic difference between a company’s rightful claim to data and personal data that would be selling out its customers, before writing an article like that.
Although maybe he shouldn’t since apparently you and a couple crypto sites fell for that nonsense.
Posted on 10/4/18 at 6:24 am to PhifeDogg
Correct, and they have taken stocks off of the app as well such as The MoviePass parent company
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