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Brian Jones
Club 27



Registered: 12/18/12
Posts: 12,340
Loc: attending Snake Church
Last seen: 3 hours, 31 minutes
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Re: What’s your favorite stock right now? [Re: SoupyGeorge]
#26786556 - 06/27/20 07:20 AM (3 years, 6 months ago) |
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I heard penny stocks was something to stay away from. In my very limited education, day traders are looking for something with high enough volume to make it worth their while, but they want to be swimming in different waters than the big institutional traders. They want something that is moving for rational reasons, apart from the larger movement of the market or that sector.
My friend, who is an absolute beginner, has been making consistent money, not big money, on some natural gas instrument. He is on Robinhood, which I guess is what a lot of younger people are using now. The big money people are saying this Robinhood thing will end very badly. My friend should be OK. He is just trying to make some small profits most days while he is in between his real job contracts.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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Az88
Stranger
Registered: 05/04/20
Posts: 88
Loc: Texas
Last seen: 3 years, 1 month
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Re: What’s your favorite stock right now? [Re: Brian Jones]
#26805016 - 07/05/20 10:50 AM (3 years, 6 months ago) |
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Quote:
Brian Jones said: I heard penny stocks was something to stay away from. In my very limited education, day traders are looking for something with high enough volume to make it worth their while, but they want to be swimming in different waters than the big institutional traders. They want something that is moving for rational reasons, apart from the larger movement of the market or that sector.
My friend, who is an absolute beginner, has been making consistent money, not big money, on some natural gas instrument. He is on Robinhood, which I guess is what a lot of younger people are using now. The big money people are saying this Robinhood thing will end very badly. My friend should be OK. He is just trying to make some small profits most days while he is in between his real job contracts.
I’m a millennial and really like Robinhood but they do make it very easy to leverage your money
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Brian Jones
Club 27



Registered: 12/18/12
Posts: 12,340
Loc: attending Snake Church
Last seen: 3 hours, 31 minutes
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Re: What’s your favorite stock right now? [Re: Az88]
#26806392 - 07/06/20 08:16 AM (3 years, 6 months ago) |
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Does Robinhood keep records for you? It seems like records and taxes would get really complicated with frequent trading.
-------------------- "The Rolling Stones will break up over Brian Jones' dead body" John Lennon I don't want no commies in my car. No Christians either. The worst thing about corruption is that it works so well,
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SoupyGeorge
Hazy Daze since First Grade



Registered: 05/25/20
Posts: 216
Loc: Southern US of 'Merica
Last seen: 1 year, 6 months
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Re: What’s your favorite stock right now? [Re: Brian Jones] 1
#26806425 - 07/06/20 08:37 AM (3 years, 6 months ago) |
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Quote:
Brian Jones said: Does Robinhood keep records for you? It seems like records and taxes would get really complicated with frequent trading.
Yes, Robinhood keeps a detailed history of your exchanges in the market, your transactions between your bank and Robinhood (deposits and withdraws), as well as printable tax documents for when that time comes. All very easily accessible. If you join it would be awesome if you used this link as a means. It's a referral. The app is extremely easy to use on you phone or PC.
-------------------- Mellow heads will prevail. You look like everyone else because the T.V. tells you to. I look like everyone else so that i don't stand out to the man. We are not the same.
Edited by SoupyGeorge (07/06/20 07:41 PM)
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


Registered: 05/08/01
Posts: 23,417
Loc: city of angels
Last seen: 7 hours, 19 minutes
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Re: What’s your favorite stock right now? [Re: SoupyGeorge]
#26807719 - 07/06/20 06:58 PM (3 years, 6 months ago) |
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As of about a decade ago, every licensed US broker is required to create a 1099 that details your sales and basis, which makes tax accounting relatively easy. While I understand the appeal of Robinhood for being one of the original "free trade" brokers, most of them offer free trades now, and the reliability of Robinhood has been notoriously weak during high volume trading days (i.e. during the initial pandemic crash). If you're trading a small account with generally medium to long term holding periods (and don't actively trade volatility), Robinhood is probably fine. But if you're managing a larger account or like to trade more actively, you ought to do yourself a favor and find more reliable technology.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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