The $26,000 Robinhood Stock Market Trading Challenge

robinhood

13599103_2950946264041_1621600663_n

Current portfolio:

  • NOK – 400 Shares
  • OREX – 1047 Shares
  • NUGT – 8 Shares
  • BCS – 441 Shares
  • KMI – 30 Shares
  • F – 1382 Shares
  • Cash- $1,334.80

Total Value: $26,308.33
Total Investment: $26,000.00
Return on Investment: 1.18%

About the challenge:

I recently gained access to a stock trading service called Robinhood which allows users to make free stock trades with $0 transaction fees. To take advantage of this benefit, I’m starting this “$26k Challenge” thread with the following premise:

  • I’ll swing trade different stocks, my goal is 30K by the end of summer
  • Each day, I’ll report here with an update on my picks and overall portfolio progress

I’m hoping this will spark some interesting conversation about Robinhood, about my specific stock picks, general investment strategy, hot topics such as high-frequency trading, etc… I’m making this public because I think it will be fun for people to follow along. Please don’t take my updates as advice or suggestions: I’m not a professional investor and this is just an experience for me.

The vast majority of investing professionals would tell you to invest for the long haul and that timing the market and riding the ups and downs is a coin toss at best unless you’ve got millions of dollars at your disposal. I agree and it’s a strategy to which I largely subscribe. The $0 transaction fees offered by Robinhood do somewhat reduce the barriers that potential low volume day traders face, but I’m not suggesting it’s a strategy you use yourself. Again, I’m doing this for fun.

I may update this first post with more information depending on the interest/response… but here goes nothing.

Screen Shot 2016-06-25 at 11.04.40 AM

Update 6/7/2016

Alright… honestly making trades daily is a little exhausting because of the market, at least today was very volatile. It is too easy to get stuck for no good reason. I took profits as the markets rallied this morning and sentiment rose. My account value was at $26,457.76 at one point today. As SPY peaked I went ahead sold all my positions and then did some trading around lunch hours which I could have done without as some trades did not go my way ($DWTI). I have a feeling that the economy may be at its tipping point. I did not want to hold any positions overnight and my account is all cash for now as tomorrow the Labor Department releases the June jobs report at 8:30 am E.T.

Sold:

  • NOK – 400 Shares
  • OREX – 1047 Shares
  • NUGT – 8 Shares
  • BCS – 441 Shares
  • KMI – 30 Shares
  • F – 1382 Shares

Traded today:

  • NUGT
  • SPXS
  • DWTI
  • DUST
  • FAZ

Current Portfolio:

  • Cash: $26,457.76

Total Value: $26,457.76
Total Investment: $26,000.00
Return on Investment: 1.76%

13625260_2951420555898_130183777_n-1

[Update]

I found Robinhood to be very buggy and for this amount of money I wanted to move it in a more reliable stockbroker with low commissions. I ended up moving my funds over to Ally Invest because it has one of the lowest commissions of any broker I’ve found. Stock and ETF trades are just $4.95. If you want to use one of the cheapest brokers on the internet, Ally Invest is for you. 

Open An Account With Ally Invest

 

I should also mention that they also provide professionally managed portfolios starting at $1/mo for balances below $5,000 if you use this link and also No-Fee IRA’s

Follow me

Brian Meiggs

Just a few years ago, Brian Meiggs, the founder of Millennial Money Guide, graduated from college with a degree, as well as $30,000 worth of debt. Thanks to smart side hustles, experimenting with stocks and receiving regular payments from his new job, Brian was able to pay off his mountain of debt in just 12 months. Brian then created Millennial Money Guide where he shares his tricks for paying off student loans and becoming financially free in record time! His story has been featured on the front page of AOL Finance and other news publications. He's passionate about helping others achieve their financial goals through guided advice and actionable steps. His FAVORITE book is the Millionaire Fastlane!
Follow me

Latest posts by Brian Meiggs (see all)

Some of the links in this post are from our sponsors, but all opinions are my own.

4 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here