Are there any Cons for getting tagged as day trader in trading app Robinhood? Any suggestions to keep in mind before day trading few stocks? I do have more than 25k in my account. Thanks for your help. TC: 210k
Robin hood breaks into your house and robs you for being too wealthy. He then gives the money to the government for questionable homeless programs...
While an exaggeration, not too far from what it actually does... (robs you -> price arbitrage, homeless programs -> excess cash is invested in treasuries)
You'll be prevented to do day trades for certain period if your account falls below 25k.
U gonna get fucked by taxes
I would highly discourage day trading on a phone app... I personally have a cash account on TD, yes you pay commissions, but thinkorswim is an amazing platform
The question is about RH or DT?
both
I think everyone try trading. Do some reading beforehand. Most of it is garbage when it comes to strategy but almost any source will have useful info on mechanics and many considerations such as taxes and fees. I’d start by looking at the firms that you’re interested it’s easier to follow them that way. As to RH , if you’re not an active trader they’re ok. Once you start making frequent trades you need to be careful with them. I don’t want to disparage them , do your own research on their execution and order flow arrangements
Uh, it'll distract you from your day job (but I see you work at the pinnacle of rest and vest so have fun) And you either won't make money or will make just enough money to get ballsy when your beginner's luck wears off (happened to me)
+1 for TDAmeritrade ThinkorSwim platform. They have a mobile app too. Regardless of the platform, you better know wtf you are doing.
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