Fast cash? Not really….
So it’s been exactly a month since I bought my first shares in the stock market and there is so much I have learned just by watching this one stock! Before even downloading this app, I knew that Robinhood doesn’t allow day trading unless you have 25k in your Robinhood account, therefore i’m not allowed to make 3 trades with the same stock within a week, otherwise I can be suspended from buying that stock again for 90 days. Keeping this in mind when browsing for stocks, I looked for stocks that were really suffering during this time (unfortunately, but fortunately for me), I found a stock that was half the price of what the price would normally be if we weren’t having a worldwide pandemic.
When I first downloaded Robinhood, I joined a few Facebook groups by searching keywords; Robinhood, Investing for Beginners, Stock Trading. Joining these Facebook groups has helped me so much! Many people use these groups to ask questions and/or give advice and there are hundreds of posts every day, it’s a rabbit hole of so much great information from people giving other people advice. Just by reading a few posts a day, I learn so much about stocks. I enjoy these groups because it’s more personal than to just read an article I found on google.
There came a point while having this stock where the market price was $10 over what I bought the stock at, a $10 dollar profit per stock I owned, which I had three. I decided to hold out though because I thought the price would go up more. Instead over a two-ish week period of time, the stock dropped significantly! Below the price I even bought it at! It got so low I regretted not selling! I could have then rebought the stock at an even lower price and continued to make money.
Since I didn’t sell my stock, I held onto my stocks and waited about a week for the price to get close to my selling price. One morning I woke up with a notification on my phone that said BA Up Today, I then set a reminder on this stock, called a Stock Order, which basically sells your stocks if it reaches the minimum amount that you selected. I set the price a little higher than what the market price was (I didn’t want to shoot too far and miss out on a small opportunity, like I did before). I was able to sell the three stocks at the minimum price I placed. And in about a month, I made $34.89 from selling my Boeing stocks. Not so much fast cash huh?
Since I sold my Boeing stocks, it’s now another waiting game and I’m hoping that this stock will go back to what I bought it for or lower. With everything going on currently, I believe the travel industry has a long way to go before getting back to “normal”, so that’s why I sold the stock and expect the price to go back down before really jumping to its peak. When/if Boeing drops to the buying price I am willing to pay, I’ll set a Limit Order to buy when the market price is the amount I selected. I will continue to research more stocks and probably buy other stocks with the money I got back from selling those stocks.
I’ve read many articles where they bring up how investing is a slow process. It has everything to do with how our economy is doing, what the trends are and who is getting the most business. So, because of this I would definitely not say investing is fast cash, but a great hobby to pick up with small rewards. Investing and stock trading is a whole new rabbit hole if you’re interested in joining the bandwagon. If you have a stable income, you can play the game more frequently and have bigger wins. If you can only afford to spend a small amount of money, you’re also limited to how much you can win. If you play the waiting game and keep your eyes peeled, you can slowly gain by watching the market, finding and researching the right stocks and buying and selling at the right times.
What makes Robinhood great for beginners is that you get a free stock when you sign up! The stock can range from $5 to $250+ and when your friends sign up, you can get another free stock! You’re allowed up to $500 of free stocks from joining for free and getting your friends to join! Another reason this deal is so great is because you can play around with your free stock when you first download the app to see how everything works. Watch the free stock you got and see how the market price fluctuates. Use the articles they attach to the stock as well as looking into similar stock companies.
If you are interested in investing in stocks, I would highly recommend joining Robinhood. It’s a great investing app for beginners who are wanting to learn how to stock trade for yourselves and not just hire a broker to do their work for you. If you are interested in joining Robinhood, you can sign up here to receive a free stock. Experience is the best way to learn and Robinhood gives you the opportunity to feel it out before you actually start putting your own money towards stocks!
XO,
Kai