Tuesday, May 3, 2016

Robinhood App

So for the last few years I've thought about getting into trading stocks.  I've read numerous articles on it and I've always been interested however I never had what I would consider enough capital to really get started.  You have to have funds to purchase the stocks then fees for trading stocks, it can be a little overwhelming for someone who doesn't have a large budget to work with.
Then I discovered the Robinhood app.  I'm not making large sums of ridiculous money on it but I've also just started out about a month ago.  Right now I only have 3 shares of stock.   I have a stock in Twitter, 1 in Pandora Media, and one in Zynga.  Today, Pandora is doing better than Twitter but last week it was completely the other way around.  I just purchased the Zynga stock today (although you will notice from my screenshots I had it previously, sold it, and then repurchased it today).
Trading stock isn't like putting money in your savings account that accrues interest.  It's a gamble.  You could make money or you could lose money.  Currently I've deposited $30 and my account is worth $26.90 in my portfolio and $1.38 in buying power.  My goal is to deposit between $10 and $20 every paycheck and buy either a new stock or another share of one that I already have that is doing well.
Your Robinhood account is linked to your bank account to facilitate transfers.  They will validate your account by depositing 2 small sums of money that you will then verify.  Later those amounts will be removed from your account.  After you are validated you are ready to buy and trade!