Stock Market

Goodbye Robinhood

It has been nearly 3 years since I started using robinhood back in December 2015 to begin my trading and investing journey. I decided to say goodbye to robinhood, because I wanted to start investing long-term with a Roth IRA with TD Ameritrade and use Tastyworks for options trading.

Robinhood in my opinion is great for beginners who want to learn how to trade and invest or use it as a fun account to experiment with if you already use another brokerage account. The comission-free trades help disrupt the industry, but comes with cons such as limited functionality, and delayed data. It is great to see Robinhood grow into having options trading, crypto, and slowly adds new features to the site and app itself. In the end you get what you paid for. I will go back to Robinhood when impovements to options trading with new features will be avaiable.

Once my funds go into Tastyworks, I look forward to trying out options trading as it more complex, it gives me the opportunity to trade with more data and increase my knowledge of trading with options. The fees are afforable per contract compared to other brokerage accounts such as TD & Scottrade. I will do a detail review in a future post about Tastyworks.

I decided to use TDAmeritrade to start my future retirement and buy and hold stocks for the long-run. I believe it is important for young people to take advantage of a Roth IRA to take out the money tax-free in when retirement for you kicks in. Of course you should find other ways to make money, such as trading, running a business, etc. I am glad to start getting more serious about building my finanical future and I look forward for you to build yours too.

 

 

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