Online Trading - Robinhood

Zenak

Senior member
Posts
74
Does anyone else use Robinhood for casual (or not so casual) trading?

I've been using it for a little while now - I don't have a ton of experience, I've never used E-Trade or anything else, but so far I'm enjoying it. It's clean, intuitive, and I had no trouble getting things set up.
 

GreenThumb

Eminent member
Posts
1,998
Does anyone else use Robinhood for casual (or not so casual) trading?

I've been using it for a little while now - I don't have a ton of experience, I've never used E-Trade or anything else, but so far I'm enjoying it. It's clean, intuitive, and I had no trouble getting things set up.
IMO, the worst trading platform you could choose. You can get locked into (or out of positions), a short-term trader's worst nightmare when a stock is moving quickly. All I ever hear from other traders is complaints about this.

And, the RobinHood Reddit discussion forums are infested with scam artists, bunkos, and total noobs, which is probably a further indicator of the overall sophistication of their product.

I have TD Ameritrade's ThinkorSwim standalone platform, it's pretty goddam slick, so I'm willing to pay the slightly higher fees they charge on options. Being the total degenerate gambler I am, I'm mainly a part-time options trader, as I find equity trading too dull. I like putting out $500, with a chance to make several times that amount (or lose it all, which does happen, you just have to roll with it).

We should have a thread on here for best/worst all-time trades - I have some doozies to tell, on both the winning and losing end. Just as a teaser, years ago before getting into options, I bought 100,000 shares of a micro-cap for $0.007 a share and sold them later for $0.02, and I thought I had made a hell of a good trade. And, then, I watched that goddam miserab of a stock rise from $0.02 to $0.05, to $ 0.10 to $0,20, and onward.....it didn't stop until it hit $0.45. Do the math, I pissed away a chance at $45,000 for a whopping $700 investment. I kicked my own ass for months after that one.

Anyway, back to being sick, and hitting the re-fresh key on my USPS tracking page, woowhoo, life is great.
 

Zenak

Senior member
Posts
74
Interesting. I have heard about their day trading blocks. I'm not one to look to buy and sell in a short term, yet. I suppose if/when I get there I'll be paying someplace else for that privilege.

Thanks for the feedback!
 

Junepei

Member
Posts
39
I love Robin Hood. I can’t stop myself from checking how my stocks are doing every hour though! I’ve heard a few complaints from people where the app glitches when they go to buy/sell a stock at a good price which causes a delay and loss of money
 

Zenak

Senior member
Posts
74
I love Robin Hood. I can’t stop myself from checking how my stocks are doing every hour though! I’ve heard a few complaints from people where the app glitches when they go to buy/sell a stock at a good price which causes a delay and loss of money
My understanding is that casual traders seem to love it. It's really not meant for day traders, but they are usually more than willing to pay for the trades they make.

I'm looking forward to Bitcoins coming to my state so I can consolidate that there as well.
 

cp is me

Lapsed Senior Member
Posts
89
Hate that.
Always good to focus on the gains you made rather than the ones you missed (if it's even possible to do that),
I've found with time you become a bit numb to both gains and losses which makes you a better trader imo as you take the emotion out of things.
Never traded options myself (bit too rich for my blood) but I'm with interactive investor (which took over from TD in Europe there last year). Very easy site to use and definitely worth the few bob extra for that.
 

GreenThumb

Eminent member
Posts
1,998
I'm looking to put together a small bankroll so I can get back into the options game. I did okay for while, then had a few really bad losses that wiped out my trading account. My last play was a put on BYND (Beyond Meat). That one IPO'd earlier in the year at $40 and went to $200 in a matter of days, giving it a market cap over $10 billion which was just plain nuts. I knew it would come down, so I bought a Nov expiry put earlier in the year so I could catch the sell-off when the lockout period ended in Oct. Well, it came down all right, but never reached my strike. I ended up selling it for a faction of what I paid before expiration. If I had held it to the end, the put would have expired worthless.

The time premium on options is what really kills you, especially if the first directional move goes against you. Then, you have to either suck it up and sell for the loss or go through the obsession of waiting and hoping it reverses direction and moves toward your strike.

I think the best way to make money in the options market is actually writing out-of-the-money's calls, if you have the capital available to back the trade.
 

cupeater

Member
Posts
24
Robinhood isn't garbage; They just have tons of bugs. Probably didn't expect to gain popularity so fast. They created competition that essentially forced other platforms switch to the free trade model so if anything, they improved trading for individuals and small time investors and lowered the learning curve to get started. I personally like to use TD Ameritrade. I think their software is awesome and I'm addicted to ThinkOrSwim (playing the market with fake money).

Robinhood is still acceptable (IMO) for stuff like trading crypto currency. That's pretty much the only thing I use it for. My crypto portfolio is looking amazing today :)

I'd definitely use Robinhood if you're just getting started. It's dead simple to get started and it's honestly a really great learning tool if used correctly. Just keep investments low and track the percentages and not the dollar amounts. Like, literally make $5-10 trades, and track them just for the practice and experience. Also read a lot. Ironically, you can end up learning a lot just from reading all the complaints.

When you want to start investing larger amounts, switch to a more reliable trading platform unless RH gets their shit together.

We should have a thread on here for best/worst all-time trades - I have some doozies to tell, on both the winning and losing end.
Haha I like this idea.
 
Last edited:

GreenThumb

Eminent member
Posts
1,998
Robinhood isn't garbage; They just have tons of bugs. Probably didn't expect to gain popularity so fast. They created competition that essentially forced other platforms switch to the free trade model so if anything, they improved trading for individuals and small time investors and lowered the learning curve to get started. I personally like to use TD Ameritrade. I think their software is awesome and I'm addicted to ThinkOrSwim (playing the market with fake money).

Robinhood is still acceptable (IMO) for stuff like trading crypto currency. That's pretty much the only thing I use it for. My crypto portfolio is looking amazing today :)

I'd definitely use Robinhood if you're just getting started. It's dead simple to get started and it's honestly a really great learning tool if used correctly. Just keep investments low and track the percentages and not the dollar amounts. Like, literally make $5-10 trades, and track them just for the practice and experience. Also read a lot. Ironically, you can end up learning a lot just from reading all the complaints.

When you want to start investing larger amounts, switch to a more reliable trading platform unless RH gets their shit together.



Haha I like this idea.
I've been on fire since the COVID mess started in March. Scraped up some money from various accounts and have doubled it in 4 months since then with cautious short-term trades.

One word of caution: if you use TD Ameritrade's ThinkorSwim platform, be extra careful if you use Snap Tickets. A Snap Ticket is basically point-and-click trading feature and it is very quirky. You can end up selling short when you meant to buy long, or buying 100 shares instead of 1,000 shares, because the feature has a tendency to re-set the fields randomly. If you use Snap Tickets, make sure you carefully review the ticket before you hit that "Send" button.
 

GreenThumb

Eminent member
Posts
1,998
Many millionaires were made in the last two days on Kodak's announcement that the federal government is loaning them $750M to develop chemicals used for pharmaceuticals. This is the first stab toward bringing pharma production back to the USA. Kodak's share price soared from $2 to a high over $60 earlier today. A few people that were fortunate to hold sizeable call options when the news hit probably cleared seven figures in profit, maybe more. Their lives will be changed forever. Unfortunately, I wasn't one of them, but I did make a few $$ actually buying puts on each price spike and quickly selling them on the temporary price pullbacks.

It's getting pretty crazy out there.
 

Seychelle

Honorable member
Posts
373
Many millionaires were made in the last two days on Kodak's announcement that the federal government is loaning them $750M to develop chemicals used for pharmaceuticals. This is the first stab toward bringing pharma production back to the USA. Kodak's share price soared from $2 to a high over $60 earlier today. A few people that were fortunate to hold sizeable call options when the news hit probably cleared seven figures in profit, maybe more. Their lives will be changed forever. Unfortunately, I wasn't one of them, but I did make a few $$ actually buying puts on each price spike and quickly selling them on the temporary price pullbacks.

It's getting pretty crazy out there.
Seems Shopify and like platforms showing pretty yield
 
Last edited:

Zen_Life II

Honorable member
Posts
418
@GreenThumb - Yes, many people made money on Kodak yesterday. Word from a securities lawyer - watch out! lawsuits are coming fast and furious right now, esp. against tech companies. I woke up this morning to 200 e-mails and 60VMs from investors about 1 particular investment. When the economy gets "iffy," securities litigation ensues.

Also, re: Robinhood: Stay away! They are under investigation now for their pricing practices. That's the next case that I will be working on. :lipssealed:
 

GreenThumb

Eminent member
Posts
1,998
@GreenThumb - Yes, many people made money on Kodak yesterday. Word from a securities lawyer - watch out! lawsuits are coming fast and furious right now, esp. against tech companies. I woke up this morning to 200 e-mails and 60VMs from investors about 1 particular investment. When the economy gets "iffy," securities litigation ensues.

Also, re: Robinhood: Stay away! They are under investigation now for their pricing practices. That's the next case that I will be working on. :lipssealed:
@Zen_Life II, I don't use Robinhood and wouldn't ever use their platform.

BTW, having a really bad day in the market so far. Managed to erase a weeks worth of gains in one hour. On top of that, my success rate for IOP deliveries is ptetty bleak. I'm working off some bad mojo right now.
 

Zen_Life II

Honorable member
Posts
418
@GreenThumb - Ok - here's some good mojo I am sending your way: Look for an acquisition to happen in 9/20 re: electric vehicles that will be built in Austin and an IPO that will occur in 1/21 involving space communiactios. Save the bulk of your money for those 2 investments and you should be able to turn your luck around. :bigsmile:

I'm not a financial expert, but I do listen to my clients and take their advice (at least the ones who are good at this kind of thing) seriously.

Wish I could say more.

Have a great day!
 
Top