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Watch out wall street! Just got a Robinhood account.

DNADaveDNADave Posts: 6,544 ✭✭✭✭✭
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: 30,702 ✭✭✭✭✭
    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.

    If I keep shrinking the value of the dollar, it makes it look like your stock portfolio is growing. But if you then take your stock portfolio and measure it in gold. . . - Peter Schiff

  • Jinx86Jinx86 Posts: 3,636 ✭✭✭✭✭

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

  • derrybderryb Posts: 30,702 ✭✭✭✭✭

    mutual funds?

    If I keep shrinking the value of the dollar, it makes it look like your stock portfolio is growing. But if you then take your stock portfolio and measure it in gold. . . - Peter Schiff

  • Jinx86Jinx86 Posts: 3,636 ✭✭✭✭✭

    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: 25,256 ✭✭✭✭✭

    @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: 30,702 ✭✭✭✭✭
    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.

    If I keep shrinking the value of the dollar, it makes it look like your stock portfolio is growing. But if you then take your stock portfolio and measure it in gold. . . - Peter Schiff

  • isaiah58isaiah58 Posts: 377 ✭✭✭

    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: 30,702 ✭✭✭✭✭

    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.

    If I keep shrinking the value of the dollar, it makes it look like your stock portfolio is growing. But if you then take your stock portfolio and measure it in gold. . . - Peter Schiff

  • ttownttown Posts: 4,450 ✭✭✭
    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: 1,885 ✭✭✭

    @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: 3,636 ✭✭✭✭✭

    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: 3,636 ✭✭✭✭✭

    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: 12,121 ✭✭✭✭✭

    @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: 6,544 ✭✭✭✭✭

    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.

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