I started with $50, then bumped it up to $100. I've got about $19 still, but figure I'll kinda wait and see how my luck works with the stocks I've bought so far before putting every penny of it into circulation.
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Robinhood for Android is Now Available!
- Thread starter dgstorm
- Start date
Meanwhile I'm still waiting for them to verify my checking account. Supposed to take a couple days. They have to deposit and withdraw an unspecified amount, then I'm good to go.
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I keep Googling "Cheap stocks that pay dividends" just to get a feel for the inexpensive stocks out there.
You should be comfortable with losing whatever you put in. That's the bottom line. $100 isn't a scary amount to me.
The absolute best part of RH is NO TRADE FEES. I can't begin to tell you how huge that is. And no minimum start. I think E-Trade is $500 minimum and $10 a trade. You can drop and pickup stocks EVERY DAY with no trade fees. It is the best feature IMO.
//EDIT// And I am impressed with the app. It's very well done.
You should be comfortable with losing whatever you put in. That's the bottom line. $100 isn't a scary amount to me.
The absolute best part of RH is NO TRADE FEES. I can't begin to tell you how huge that is. And no minimum start. I think E-Trade is $500 minimum and $10 a trade. You can drop and pickup stocks EVERY DAY with no trade fees. It is the best feature IMO.
//EDIT// And I am impressed with the app. It's very well done.
So far PereDroid, you have given great tips for us newbies to get started. I'm actually excited to get started playing this American game.
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I'm treating this like I do the rare trip to the casino for sure. I go out there expecting to spend x amount of money. Once that's gone, I'm done, unless (like usual) the wife's up some, then she gives me a bit of her "winnings" to pay back to them. That's why I started with $50. Wanted to get something in there to get started. Once I realized I could comfortably afford to add $50 more, I did so, but now that money is "gone" in my mind. I'm still checking it every day and just setup Google Now to keep me even more updated on the stocks I've purchased, but I figure this is an investment in learning about investing if nothing else.
With some of the financial stuff coming up for us in the next few months, I'll likely be at a holding pattern here and not invest more for a while. If I get lucky and one of these sky-rockets up, I might sell a couple shares off and put that money elsewhere, but I'm also keeping in mind the advice of those of you who've played this game slightly longer and trying to keep the long-term in mind.
My thoughts exactly Jonny Kansas! I'm not much of a gambler. Can't see putting my money into a machine, pulling down a lever and watching my money disappear. Is just plain mindless & boring. But this, although always a gamble and you still need to set your limits as to what your willing to risk, it will be a whole different ball game (or slot machine, lol). You actually have to put a little thought into it and have some insight into which machine might give you a better return.
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Dang that's no good! I'm thinking I will start putting a small percentage of paychecks into this. It won't be much but 10-15 a month is better then nothing. Figure worse case scenario I lose a few bucks, best case I Make a few bucks. Even making a dollar on 50 is better then a couple years in your average savings account.
I closed out yesterday 10 cents up from my initial investment. Today, I'm down 28 cents so far. Haha!
That's where this app is nice. It's green if you check your stocks & you're even or up & orange if you're down. Like, the entire app changes color. With that and the big "this is what you have right now" dollar amount when you first login, as long as you check at least daily, I feel like it'll be easy to watch.
It's scary though some days & I only invested $100 to start. Well, technically $80.
It's scary though some days & I only invested $100 to start. Well, technically $80.
From what I can tell its an extremely well thought out app. I don't think your going to want to dump huge amounts of money here but it's good to get your feet wet if nothing else.
No fees is great for someone like me with not a lot to invest, but who wants to get my feet wet.