Hey guys so I just have a few quick tips for trading especially for a small account and if you're new to trading.
I was 18(just turned 20 last week) at the time and wasn't disciplined for trading I worked and had $800 to invest so I did and figured the only way to make substantial gains was penny stocks, at the time I followed twitter pumpers and after a few weeks that $800 turned to $200 I was really upset so i took about a year of trading off now I'm becoming disciplined and making better trades.
1. Always cut losses as soon as possible I usually cut around 3%, yeah a 3% loss sucks but rather that then a 13% loss. Don't be a bag holder like I was! Please!
2. Minimize the amount of trades you do cause those commissions will eat right into your profits.
3. Try to take out all emotion of your trades.
4. Don't feel bad after having a losing trade.
5. Don't trade based on people pumping or bashing stocks on social media, they're most likely doing it to help themselves.
6. Learn as much as possible YouTube videos, articles, guru tips anything to increase your knowledge.
7. I trade only using the Etrade app on my phone so take advantage of Level 2 so u can see where the support and resistances are.
8. Be calm while trading, because your emotions will get to you.
These are just some basic tips that I found helpful and believe you could too.
I will now talk about my experience with Robinhood trading platform app. it takes 3 business days to initially deposit money in your account. It is great for the aspect of COMISSION FREE. It's platform is nowhere near Etrade but it is free comission so can't complain too much. I just traded with $10 just to test it and it's at $11.59 in 6 days doesnt sound like much but I think that's like 15.9% return (mostly scalping $PGN) other then that the app is pretty new and very very basic. No level 2. Crappy Charts. No PreMarket or Afterhours trading(to my knowledge) the app is definately good if you're a new trader/small account and don't want to worry about commissions. For me to transfer my etrade funds to Robinhood it would take months if not years to get anywhere close to Etrade. But great fun to play around with small amounts of money.
I hope you all enjoyed this! Let me know what you think. Have a great day/night! Thanks, Jack
Thanks for your post
Thanks alot! Everytime I enter a traede my heart explodes, im just taking a deep breath and thinking "relax its just a game and you know the rules."
@GofastGohard glad you liked it!
@Feuse135 No problem. yea take it one trade at a time you'll get a lot more relaxed!
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