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Watch out wall street! Just got a Robinhood account.

DNADaveDNADave Posts: 7,238 ✭✭✭✭✭
edited January 10, 2021 2:14PM in Precious Metals

I just set up a Robinhood account with the help of my baby boy.

I’m way out of my comfort zone there. Maybe I’ll buy some paper silver and gold !

Ok now how do you do that?

Comments

  • derrybderryb Posts: 36,012 ✭✭✭✭✭
    edited January 10, 2021 1:37PM

    Precious Metal ETFs

    Mining ETFs

    Note Robinhood's early and late trading hours. On the website just search trading hours.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    They just stopped carrying many of the funds I typically hold. Looking to transfer my account to Schwab.

  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    mutual funds?

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    We’re currently in the process of phasing out certain types of securities on Robinhood. Starting on January 11, 2021, you’ll no longer be able to buy closed-end funds, limited partnerships, royalty trusts, tracking stocks, New York registry shares, and units. If you own any of these types of securities, please note that you’ll still be able to sell what you own at any time.

  • MsMorrisineMsMorrisine Posts: 32,007 ✭✭✭✭✭

    @Jinx86 said:
    We’re currently in the process of phasing out certain types of securities on Robinhood. Starting on January 11, 2021, you’ll no longer be able to buy closed-end funds, limited partnerships, royalty trusts, tracking stocks, New York registry shares, and units. If you own any of these types of securities, please note that you’ll still be able to sell what you own at any time.

    nothing like restrictions!

    look for another commissionless broker that's not named robinhood

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,012 ✭✭✭✭✭
    edited January 17, 2021 8:14AM

    @MsMorrisine said:

    @Jinx86 said:
    We’re currently in the process of phasing out certain types of securities on Robinhood. Starting on January 11, 2021, you’ll no longer be able to buy closed-end funds, limited partnerships, royalty trusts, tracking stocks, New York registry shares, and units. If you own any of these types of securities, please note that you’ll still be able to sell what you own at any time.

    nothing like restrictions!

    simplified trading for simple minds. Fits my mind to a T.

    If one needs more trading options than the stocks, ETFs or cryptos offered by RH, then one needs a high dollar broker. RH is a brilliant concept (not just another online broker) and is designed to serve simpler minds with a product Wall St. failed to provide in all of its years of existence. RH has brought investing to a whole new group of otherwise "not interested" players. I'm sure it will help ruin the finances of many a young gambler, buy it offers easy market access and potential rewards to those who do their homework.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • isaiah58isaiah58 Posts: 385 ✭✭✭

    Robinhood provides a basic service with some extended market hours.

    Webull provides many tools, including a scanner. They also have a PC based application. 1.99 a month for Level 2, I used my Google Rewards to pay for that.

    Neither support OTC or Pink Sheets.

    Etrade supports most markets, like TD Ameritrade they charge for OTC.

    If you have a retirement account, you may have access that you are not aware of. For example, Fidelity allows me to use my 401k, or set up additional personal accounts,
    and trade OTC with no fees.

  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    I believe RH is the only one that offers 24/7/365 trading in their limited selection of seven cryptos with no daytrading limits. Paypal is offering limited trading in bitcoin and ethereum with high fees and account limits. There are no crypto ETFs available yet through any broker.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • ttownttown Posts: 4,472 ✭✭✭
    edited January 18, 2021 8:11AM

    Here’s what some professionals use like Charles Netter (I think). Expensive but if you trade paper commodities then this is as good as slv or gld. There’s so many flaws in the infrastructure and security from an architect prospective.

    https://finance.yahoo.com/quote/GBTC/

  • Weather11amWeather11am Posts: 2,019 ✭✭✭

    @Jinx86 said:
    We’re currently in the process of phasing out certain types of securities on Robinhood. Starting on January 11, 2021, you’ll no longer be able to buy closed-end funds, limited partnerships, royalty trusts, tracking stocks, New York registry shares, and units. If you own any of these types of securities, please note that you’ll still be able to sell what you own at any time.

    I’m curious... what are you actually buying out of those generic types?

    I love Robinhood for allowing daily dollar cost averaging with their auto investments and the fractional shares!

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    These were a few on my list that I can no longer buy, just sell. Have not bought much in the last 6 months as cost average was too high.

    ACV
    EOD
    ERC
    EAD
    PHK
    CBH
    AIO

  • Jinx86Jinx86 Posts: 3,666 ✭✭✭✭✭

    ACV is one of my favorite dividend payers, average cost of just $20.03. Raking in 180$ a month plus the massive special dividend issued last month of 37¢ a share. This has been my largest holding percentage wise for the past 2 years now.

  • bidaskbidask Posts: 13,812 ✭✭✭✭✭

    @Jinx86 said:
    They just stopped carrying many of the funds I typically hold. Looking to transfer my account to Schwab.

    Schwab is execellet

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • DNADaveDNADave Posts: 7,238 ✭✭✭✭✭

    So I bought a half of a share of PLUG (picked it up right at the top and lost $5 right away).

    And 0.2 shares of alibaba. Wish I hadn’t done that though as I’m not really in favor of buying anything Chinese.

    I’ll be staying in the shallow end of this pool for a while. Maybe 50-100 a month or less.

  • MKUltra24MKUltra24 Posts: 652 ✭✭✭✭
    edited January 23, 2021 4:34PM

    @DNADave said:
    I just set up a Robinhood account with the help of my baby boy.

    I’m way out of my comfort zone there. Maybe I’ll buy some paper silver and gold !

    Ok now how do you do that?

    Congrats! I’ve been using Robinhood about 2 years now. My portfolio is up about 55% in that time.

    If you have any questions let me know :).

    Also to buy paper silver buy SLV
    To buy paper gold buy GLD

    Sure you don’t get actual metals but it’s only meant to profit off the change in price. Not to keep it physically.

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • 3stars3stars Posts: 2,278 ✭✭✭✭✭
    edited January 26, 2021 9:51AM

    @DNADave said:
    So I bought a half of a share of PLUG (picked it up right at the top and lost $5 right away).

    And 0.2 shares of alibaba. Wish I hadn’t done that though as I’m not really in favor of buying anything Chinese.

    I’ll be staying in the shallow end of this pool for a while. Maybe 50-100 a month or less.

    Now you're up!

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    @MKUltra24 said:

    >

    Also to buy paper silver buy SLV
    To buy paper gold buy GLD

    Sure you don’t get actual metals but it’s only meant to profit off the change in price. Not to keep it physically.

    Nothing wrong at all with paper metals as long as you have the means to exit them quickly. RH provides that means.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • DNADaveDNADave Posts: 7,238 ✭✭✭✭✭

    @3stars said:

    The stock market as a whole.

  • Weather11amWeather11am Posts: 2,019 ✭✭✭

    Anyone buy GME?! Lol

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    @Weather11am said:
    Anyone buy GME?! Lol

    If you did, might want to sell now before the bagholders bloodbath

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • blitzdudeblitzdude Posts: 5,273 ✭✭✭✭✭

    They finally allowed me to link my bank account after a year of trying. May deposit some funds and buy some of that papergold. GDLCK!

    The whole worlds off its rocker, buy Gold™.

  • hchcoinhchcoin Posts: 4,825 ✭✭✭✭✭

    It would be really cool if @DNADave actually bought some GameStop (GME) when he opened up his account. That would be an epic story on the forum.

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    Does anyone know if the Reddit group takes requests?😁

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    Robinhood has just changed the rules - only allowing accounts to sell the likes of GME, AMC and not buy. So much for free markets.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
  • derrybderryb Posts: 36,012 ✭✭✭✭✭
    edited January 28, 2021 1:53PM

    I suspect their servers can't handle the massive daytrading volume on very volatile equities. better to shut down the culprit(s) rather than the whole trading platform. Unlike an exchange halting all trading on a specific issue, at least holders were able to exit positions.

    Crypto trading on RH was affected by the overload for a short time.

    Excerpt of RH's email to account holders on the matter:

    "This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity. As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today. To be clear, this decision was not made on the direction of any market maker we route to or other market participants."

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • DrBusterDrBuster Posts: 5,299 ✭✭✭✭✭

    derry I hope you don't believe that BS.

  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    Who me? after a good run up with bitcoin, then ethereum and then last night with doggy, I've cashed in. Tripled my bets in less than a month. Now to get it out of RH's hands (which may eventually prove to be tricky), $50K per trading day limit on transfers back to the bank.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • DNADaveDNADave Posts: 7,238 ✭✭✭✭✭

    @hchcoin said:
    It would be really cool if @DNADave actually bought some GameStop (GME) when he opened up his account. That would be an epic story on the forum.

    Alas no. I wish I did. I did want to buy some dogecoin but it’s not allowed I. West Virginia :(.

  • blitzdudeblitzdude Posts: 5,273 ✭✭✭✭✭

    Question is do they allow you to buy or sell more than 1 share a day? lol

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    @blitzdude said:
    Question is do they allow you to buy or sell more than 1 share a day? lol

    Only the Sheriff of Nottingham knows for sure.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • Any alternatives to robinhood? I dont feel comfortable using them after they blatantly attempted to manipulate Gamestop

  • derrybderryb Posts: 36,012 ✭✭✭✭✭

    Disagree they attempted to manipulate GME. Like other brokers they had to take steps to protect themselves from the volatility. The fact that they had to do emergency borrowing to stay alive confirms this. No different from the exchange halting trading on a particular issue, just on a smaller scale.

    My only concern with RH is how close this puts them to freezing everything (including my pending cash withdrawal) and going bankrupt. The GME episode took its toll on more than just hedge funds.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • BaleyBaley Posts: 22,658 ✭✭✭✭✭

    A flood is a flood, whether in a slot canyon or in the TP aisle.. or a run on a bank, or whatever.
    GL profiteers! 🥂🍻

    Liberty: Parent of Science & Industry

  • Panda4456Panda4456 Posts: 362 ✭✭✭

    I bought some SLV too! By the way, if you want to sign up for robinhood use the link in my signature! We both would get a free stock

  • 3stars3stars Posts: 2,278 ✭✭✭✭✭

    So, I wonder if any enterprising hedge fund starting shorting GME when it was over $400? That’s a license to print money.

    Previous transactions: Wondercoin, goldman86, dmarks, Type2
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