If your new to the Robinhood Trading App we have 5 solid tips for beginners in 2021. First off if you’ve just started using Robinhood let me say congrats! If not you can get started by clicking here. I’ve personally been using Robinhood for the last 8 years. In that time I’ve learned some things that I would like to pass on to you. So lets get right into it.
Tip 1 – Setup Recurring Deposits
Look one of the hardest things to do when it comes to investing is consistently adding to your account. There are two ways to setup recurring deposits on Robinhood. The first option is to have money go into your account once a week, twice a week, or once a month. You can also setup recurring deposits on a daily basis for individual stocks which was just recently added as a feature.
Tip 2 – Research Before Buying
Our next Robinhood App trading tip for beginners in 2021 is to research before buying. You don’t want to just buy a stock because your friend said it was a good one. The best thing to do is pull up the companies earnings reports for the last couple of years to see how there doing. You will be able to see if there growing or losing money. This is a must do!
Tip 3 – Think Long Term
A big mistake newbies make is thinking they are the next day trading millionaire. Historically the best way to grow your account is to buy and hold for 3-5 years. As long as you do the research and check on the companies earnings reports every quarter you should have no issues watching your account and indivual stock prices grow. You may be tempted to take earnings if your up 30 percent on a stock you bought, but think hard about it before you do.
Tip 4 – Don’t Get Emotional
If the stock market crashes and your account goes down 20 percent in one day don’t freak out. Sometimes this happens and its all part of the game. The best thing to do is remember why you bought the stocks you did, and hold through the pain. Almost always do stock prices go back up so don’t sell immediately and regret it later.
Tip 5 – Set Sell Price Targets
Our final Robinhood App trading tip for beginners in 2021 is to have selling price targets. At some point your going to need to sell the stock you bought in order to take profits. Even if its a few years down the road you have to ask yourself this question and have some kind of plan. If you never plan on a selling a stock you buy than you should plan ahead of time for that too. Most importantly just be consistently learning and growing your account! If you enjoyed this article you can also learn more about Robinhood by clicking here.