So, I am very new to Robinhood but so far I am not overly excited about the platform.
I thought the sign up process was pretty straightforward and I was able to get my account funded and start making “trades” without much difficulty. I think the best thing about Robinhood is the ease of use and low fees.
You might be wondering why I am a little “miffed” I am sure if you have seen anything on the news you have seen the recent run on some stocks like Gamestop $GME. Well as a newbie I was hoping to be able to jump in on some of the action although I am probably just a danger to myself and my bank account.
Now I am not one to make baseless accusations but is this not having an affect and causing some manipulation of the stocks? Or possibly even responsible for some market manipulation?
I woke early today with the hopes of jumping on the bandwagon and trying to ride the wave or time the market. You know all those things we are told not to do but do them anyway. Well, I was not able to get much done in the way of trading and I was wondering WTF was going on then I saw a message that said:
Due to ongoing market volatility, the following securities are currently set to position-closing only:
So, basically if I already bought them then I could sell them but since I am too slow I was not able to buy any and therefore can’t sell any.
I also have a gripe about buying crypto on Robinhood. Although it is not really buying crypto since there is no wallet and there is no way you would be able to send your crypto to anyone or anywhere. I was playing with #dogecoin and bought some close to 0.008 the other day I was fortunate to have sold at more than double what I paid. That was great! I also put some buy orders out for #bitcoin but #BTC just keeps on climbing and never dipped down to my buy limit. I am not too upset about that since I do have a little crypto in my MyConstant account still racking up a healthy %8 APR (compounded every second) and even if I did grab a little more I wouldn’t really be able to do much with it other than sell it.
I have also seen some instances where my buys didn’t get bought even though I had surpassed the strike price. I am guessing that is just because the way that Robinhood algorithm runs and the purchases and sales are not truly done in real time.
Have you experienced any issues with your Robinhood, or do you have any tips for a Robinhood newbie? Leave any tips or comments below.
Thanks for reading.