Here are the top 5 mistakes I made in my first months using Robinhood. When I first started using Robinhood, it was my first time buying stocks directly, ever. But this is not the only way to buy a stock, and definitely not the best. Which leads me to my 2 mistake. But darn it, you forgot to add funds, so the opportunity passes you by. But I am working on patience. Although the response to news events has been shown to be minor and more pronounced in reaction to positive news like stock earnings than to negative news fluctuations can last as little as 40 seconds , so I will set up something automated to make sure I catch the price I want.
Computers now do the majority of trades, cashing in on milliseconds , so being a sausage-fingered human is a major disadvantage. Instead, I track the value of my portfolio monthly in a spreadsheet. You want to look at the big picture over time. Set up some Google news alerts for yourself so you can stay aware of any major information involving the companies you hold stock in.
Robinhood, ClosingBell , and WikiWealth. Robinhood only gives 1 year of stock history, which may be enough for some. But I often like to use Yahoo Stocks or another tool to look at prices for 5 years or longer, as well as to research dividend history. ClosingBell compiles analyst and user ratings and news, but I actually use it more for an alert system.
Since I started using Robinhood, I have been learning a lot about the markets, but of course I still have a lot to learn. I found out, for example, that for tax reasons, I could likely be having a better outcome if I were investing inside of an IRA rather than through Robinhood. Not too bad, especially considering the market conditions.
Now I just need to learn how to do even better, and more about the tax implications of buying stocks. If you have tips or links to help, please feel free to put them in the comments section. Sign in Get started. Never miss a story from Jen Quraishi Phillips , when you sign up for Medium. Blocked Unblock Follow Get updates.More...