Are you looking to make money with Robinhood day trading?
It is possible to successfully trade stocks using Robinhood because you don’t have to pay commissions. However, there are many variables that go into trading on Robinhood–variables that can increase your chances either way of being successful on the app.
Here are five, day trading secrets that you can use to be more successful at day trading with Robinhood.
1) Know Your Goals
What do you want? Is this just a hobby for you? Or do you want to maximize profit so much so that quitting your job is an option?
Whatever it is, know what you want and also understand why. It’s important to ask yourself these questions so that when times get tough (and they will), or when things aren’t going as planned (ha!), then you’ll be able to refocus on that goal.
2) Use a Variety of Order Types
Not utilizing the available order types might end up hurting you more than not using any at all. For example, Market Orders are quick and simple but don’t let you control your entry/exit points for a trade–this is especially important if you’re new.
Stop Loss orders are best used when trying to limit or prevent a loss from a previously set price point. Limit orders can help in some cases too, depending on the situation of course!
The bottom line: use what works for your trading style and have some sort of plan going into every trade.
3) Always Be Re-Evaluating Your Strategy
It’s important to recognize what works and what doesn’t work so that you’ll know when to switch it up. Constantly re-evaluating your strategy is necessary in order for you to be successful in Robinhood.
For example, if during a training period you notice yourself losing money with a certain trading style (e.g. day trading), then maybe consider switching sides and becoming a swing trader instead (swing trading does not involve buying and selling stocks on the same day; rather they stay in your account for days or weeks).
Don’t let emotions get in the way of practicing discipline either–if something isn’t working out like planned, maybe it’s time to take a step back and try something different!
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4) Have Patience
Successful trading takes time, so be patient. It’s cliche but truth nonetheless. Times of great profits will not come immediately and times of great losses won’t either. That being said, don’t let your emotions drive you to make hasty decisions–things are much clearer in hindsight!
Sometimes it’s helpful to take a breather from trading for a week or two if things aren’t going as planned. The point is that you shouldn’t feel discouraged if something doesn’t go your way because there are other opportunities out there–it just takes patience to find the right ones.
Want to Know More About Robinhood Day Trading?
We hope this was a helpful list of Robinhood day trading Tips. If you would like to learn more about how to be a day trader on Robinhood, and more importantly, how to be successful at day trading, please check out our blog!
