So you’ve been looking at getting into trading stocks and you’re not sure where to start. What program or app to use, how to use it, how much does each trade cost, etc. Maybe you’ve heard of Robinhood before and you’re looking into using it as your main platform to trade stocks. Well you’re in the right place! We are going to dive into all the Robinhood Basics in this post.
One of the most important things to know about Robinhood is that there are no fees per trade. This means that if you’re staying within the Pattern Day Trade Limits for accounts under $25k, then you can trade away without any commissions. This is great for beginning traders so that you don’t waste away your initial investment on fees. Other platforms like TD Ameritrade charge $6.95 per trade, which can add up quickly on smaller accounts. For this reason alone, Robinhood has become incredibly popular.
Additionally, Robinhood also offers cryptotrading. The app itself is incredibly minimal and simple to use, but still offers incredible amounts of information. You can set watch alerts for stocks or cryptos. You can also set a watchlist of specific stocks that you’re wanting keep an eye on. If you click into each stock you can see information about the company and see articles that have been posted about them. It’s very helpful to quickly research a company. You can also see earnings information in this section as well.
Another cool feature of Robinhood is Pre/Post Market Trading. This is a more recent addition to Robinhood, but a really great way to get in to your position before market opens. Markets are less fluid during this time so it can be riskier, but you have a greater potential to get into the positions you want at, hopefully, the price you want.
There are some downsides of Robinhood too though that you should know. Compared to TD Ameritrades ThinkorSwim program, Robinhood is fairly basic in the technical side of things. You can set different order types for buying and selling. These include Market Buy/Sell, Limit Buy/Sell, Stop Loss Buy/Sell, and Stop Limit Buy/Sell. Once you start getting the hang of consistently trading you might find that using ThinkorSwim for your analysis will provide better results even if you still use Robinhood for buying and selling.
The last really cool thing that I thought I should point out about Robinhood is that they offer a free stock promotion when you sign up or share your link to have a friend sign up. To sign up for Robinhood click here to join! If you join using this link you will both receive a free stock valued anywhere between $2.5 and $200. Once you’re signed up if you decide to have your friends or family sign up to you can share your link with them and then you will BOTH get a free stock too! That’s free money!
My hope with this post is that you will now understand the basics of Robinhood and be able to get started trading stocks. In the coming weeks I will be releasing more in depth tutorials for Robinhood and other apps as well! If you want to trade stocks with Ricky live every day and learn how to trade stocks: https://learnplanprofit.net/lesson-li...
- Nick Benko