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I want to buy, sell and short stocks. Emphasis on day trading. Will Robinhood let me do this for free? What are the restrictions and catches? Also looking for referral bonus.
Reddit - “The FINRA (Financial Industry Regulatory Authority) has set laws. If you have less than $25k in your account, you are allowed 3 day trades within 5 trading days. After that, you are marked a pattern day trader. This means that you are no longer allowed to make a day trade for 90 days or until your account is over $25k. You can still make trades, just no more day trades. So, what counts as a day trade? If you “open” a transaction and then “close” a transaction, that counts as a day trade.”
This doesn’t apply if you want to trade options.
You are going to get burned on the spreads since RH makes money by earning exchange fees which pretty much guarantees you lose out. Not a big deal if you buy and hold but it could burn you if you day trade.
how is the spread different than something like e trade?
Just set a limit order. I hope you weren’t putting in market orders anyway. Avoid all the FUD.
Make sure you are allowed to do it.. like not in h1b or so
if you want to learn the most efficient way to lose all your money, go to r/wallstreetbets
If you are gonna day trade you need a big boy broker that both allows and can execute. Apex is not that.
http://share.robinhood.com/sashang3 You can use my referral
no
If the commissions are a big deal for you day trading, you're doing it wrong. Get a platform with the best data presentation, research, and speedy order execution. A mobile first millennial app that exchanges pay to get access to its terrible orders is not that.
They're not, but I want to understand realistically what they cost.
Robinhood does not allow Trust accounts, does it?
worrying about cost per transaction while considering day trading as a path to wealth is like rearranging deck chairs while the titanic is sinking
Need $25k+ on the account to day trade
Easy. That it?