Robinhood App

[ndbwhunter]

For those of you that are just starting to play around, how much are you planning to invest upfront? It's something I always thought about doing just for fun, but I cannot afford to invest thousands of dollars right now. Are any of you guys just playing around with a few hundred to get your feet wet, or are you going all in?

 

[Kurtr]

For those of you that are just starting to play around, how much are you planning to invest upfront? It's something I always thought about doing just for fun, but I cannot afford to invest thousands of dollars right now. Are any of you guys just playing around with a few hundred to get your feet wet, or are you going all in?

haha few hundred i got 50 on it.

 

[sweeney]

How is the robinhood app come tax time? That is one of my major fears, as it seems most self investment buy sell apps a guy uses like etrade or any of the others have a pretty specific tax breakdown at the end of the year.

 

[Kurtr]

I looked at that and seems pretty straight forward they email or have it ready for you. I was reading about the capital gains I have a long ways to go to worry about that

 

[Rut2much]

For those of you that are just starting to play around, how much are you planning to invest upfront? It's something I always thought about doing just for fun, but I cannot afford to invest thousands of dollars right now. Are any of you guys just playing around with a few hundred to get your feet wet, or are you going all in?

That's why I would start out with a minimal deposit and do weekly/semi-weekly deposits of what u can afford to play with/lose. (Gives you time to research on what to buy as long as you don't buy those tempting little penny stocks every chance you get..) Weekly deposits of $20-40 are my go-to because it builds up in a hurry and allows you the bankroll to buy the dip. Much better than a big ugly vehicle payment that's working against you.
Wish I could go back and tell my 17 year old self what to do with built up high school money from no bills and how to go learn more about in college instead of winging it..

 

[Coalburner]

I first got into stocks about a year before the 2009 financial crisis. I was 25 and dumped in $5k, at the bottom it was down to like $700, I dont think i looked at my account for about a year during that, it was to depressing.

I feel ya man! I trade in oil and gas and after the last few days I might not look again for a long time. They say it doesn’t go down in a straight line but I put that to the test. Robinhood is a great app though especially now that they have instant deposit and you can trade options.

 

[GSM]

Has anyone that uses these apps actually had money earned transferred back into your bank account? Any issues? That is my biggest hesitation from an app alone vs. like E*trade, Ameritrade or similar. They seem a bit more reputable, but maybe I am over concerned?

 

[Bfishn]

Trade in a Roth IRA, no tax reporting to worry about, tax free gains!!

 

[Kurtr]

Has anyone that uses these apps actually had money earned transferred back into your bank account? Any issues? That is my biggest hesitation from an app alone vs. like E*trade, Ameritrade or similar. They seem a bit more reputable, but maybe I am over concerned?

There is a web site now not just app but i cant say how it is getting money but transferring it to robinhood was seamless.

 

[GSM]

haha few hundred i got 50 on it.

What has your 50 turned into

 

[Coalburner]

Has anyone that uses these apps actually had money earned transferred back into your bank account? Any issues? That is my biggest hesitation from an app alone vs. like E*trade, Ameritrade or similar. They seem a bit more reputable, but maybe I am over concerned?

You can move it in and out no problem. Sign up for robinhood gold and you get instant deposit, margin, and option trading. Right now would be a great time to get in if you have cash you don’t need for a year.

 

[bravo]

Robinhood is kinda like gambling. I did hit once on a <$1 pharmaceutical, but other than that, pretty slow gains. But stocks are on sale right now!

 

[Kurtr]

What has your 50 turned into

well it is addicting so I have been reading and learning all kinds of new stuff which is fun. I got 80 in total now and am down 6.87. This is by no means my retirement I have professional to that. This is like going playing black jack for me

 

[Kurtr]

well after last week idaho trip is paid for and now working on the swarovski fund. With 150.00 invested it has been a great market to make some money. There is a great thread on Rokslide about the market and those guys have made me some money

 

[Rowdie]

How much of a pain is it to declare gains and losses on taxes?

 

[Kurtr]

How much of a pain is it to declare gains and losses on taxes?

it has a whole section on taxes that it makes the forms for you. i really dont know though havent had it during a tax season yet. i will start getting more concerned about it when a couple zeros get behind my profits. I was thinking about just keeping 30% to cover any taxes

 

[oltrader]

If your planning on stepping into this pond do your homework. Most of these trading apps. end up with monthly fees that end up higher than many trading fees. Best way to start is pretend trade for at least 6 mo. See if you can pick stocks without just making it a gamble. I bought my first stock in 1970, never looked back. The Dow Jones was 880 at the time. So--- pick winners. Dont know where
market is headed but one thing for sure in 5 years it will be higher than today. Good Luck

 

[Kurtr]

If your planning on stepping into this pond do your homework. Most of these trading apps. end up with monthly fees that end up higher than many trading fees. Best way to start is pretend trade for at least 6 mo. See if you can pick stocks without just making it a gamble. I bought my first stock in 1970, never looked back. The Dow Jones was 880 at the time. So--- pick winners. Dont know where
market is headed but one thing for sure in 5 years it will be higher than today. Good Luck

No monthly fees on robinhood

 

[GSM]

well after last week idaho trip is paid for and now working on the swarovski fund. With 150.00 invested it has been a great market to make some money. There is a great thread on Rokslide about the market and those guys have made me some money

Nice. I finally jumped in around the end of March. I haven't sold anything yet, but what I bought I didn't expect to sell for a year or so until it climbs back to what it was hopefully. I put just under $300 in so far and am valued just over $600 now. Looking back I wish I would have bought a hell of a lot more around the end of March/beginning of April than I did!!
You must be buying and selling on the swings? I think I am going to start doing that a bit more now that I have a better understanding of whats going on.
I checked out the rokslide forum you mentioned and felt pretty good because a couple of the ones mentioned on it are ones I bought!!

 

[Kurtr]

Nice. I finally jumped in around the end of March. I haven't sold anything yet, but what I bought I didn't expect to sell for a year or so until it climbs back to what it was hopefully. I put just under $300 in so far and am valued just over $600 now. Looking back I wish I would have bought a hell of a lot more around the end of March/beginning of April than I did!!
You must be buying and selling on the swings? I think I am going to start doing that a bit more now that I have a better understanding of whats going on.
I checked out the rokslide forum you mentioned and felt pretty good because a couple of the ones mentioned on it are ones I bought!!

Ya i have been buying down and selling up. No more than three in a period though then you are considered a day trader and have to have 25000 in your account to day trade. I am only short 24300 to be able to do that haha. Playing in the penny stocks is fun . A long hold i have is dfen it has made a bunch for me so far

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lot of red today means opportunity