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April 28, 2017

Using Robinhood for free Stock Trading

I put $75 a week into my Robinhood account, which is how I buy and (rarely sell) stocks. There are no fees, which is my favorite part. I put my money almost exclusively in dividend stocks, especially ones that pay monthly dividends. I always reinvest those dividends.It is a mobile app, so there is no real website to use. The Android app is great, the iOS app is less good looking, but can do everything the Android app can. Robinhood does not link into Personal Capital, unfortunately.

Orchid Island Capital (ORC) has been my favorite stock. ORC goes up and down annoyingly quick, but they give high monthly dividends. Gilead Sciences (GILD) and Walmart (WMT) did well for me. I just sold my GILD and WMT because I was going to buy a second car (decided against it), but I made about $30 on each just for having a few shares of each for ~3 months. I’ve done well/been lucky with stocks so far. I don’t buy anything super risky. I always buy on Monday (which is not supposed to be a great day to buy, but that’s when I have my transfer set up for). Dividends are already getting me about $150/year! Don’t listen to my stock advise though, I have no idea what I’m doing! It’s just a game to me.

If you want to try it out, use my referral code. If you do, you get a free stock when you sign up, and I get a free share when you buy your first stock. These shares are worth from $3 to $150. My girlfriend signed up and got a share of HP (HPQ) worth about $19 at the time. I got a share of Chesapeake Energy (CHK), which I already buy pretty regularly. CHK was about $5 at the time.

When you’re trading on Robinhood, I highly recommend doing a limit buy or limit sell. This way you specify the most you’d pay for a stock, or the least you’d sell your stock for. Some people put in many limit buys for low prices, and many limit sells for high prices. That way, if a stock happens to get pretty high, it’ll automatically sell. This could be awesome if you’re just trying to flip stocks, but it might go up even higher than your limit sell is set at. Pros and cons.

Referral link: http://share.robinhood.com/roberts459

 

Robinhood Android App (and my gains this month!)