Robinhood alternative for day trading

Firespawn
Firespawn

OK so trying to get into day trading, but i have just found out Robinhood doesn't like day traders.

Any other apps/sites that I can use that have the same financially friendly operating costs? Funds are low, keep that in mind. I'm just using what little I have after bills/mortgage to play with.

Pic related. Imma try to make enough money to get some of that lovely lovely lady.

Flameblow
Flameblow

How does Robinhood not like day traders? They have 0 commissions.

Stupidasole
Stupidasole

@Firespawn
save 25k to get around the pattern day trader rule if you must trade stocks

if you dont have the means to save that much money try your hand at either forex or futures - both of which allow you to daytrade as long as you can afford the margin (sometimes as low as $500/contract for futures, or any amount for forex)

also i thought that robinhood allows day trading except it takes a day for your funds to settle, meaning if you only have $1000 and you use that entire $1000 for a trade in one day (in and out) then you'll have to wait until tomorrow to use the same $1000 again.

i could be wrong since i dont use it but ask in the robinhood general thread /rhg/

Nojokur
Nojokur

ustocktrade you faggot

WebTool
WebTool

@Firespawn
sauce this babe. originaloo.

MPmaster
MPmaster

@WebTool
It's hella shoop'd. Just found her on Google searching "thick girl"

Evil_kitten
Evil_kitten

@MPmaster
thanks user.

cum2soon
cum2soon

@Evil_kitten
Np.

Methshot
Methshot

@Stupidasole

You can day trade, but only 3 per 5 days. If you do 4, your account gets restricted.

You can buy and then sell(or vice versa) immediately with no wait time, other then how fast you can scroll through the menus.

PackManBrainlure
PackManBrainlure

@Methshot
@Stupidasole
@Flameblow
@Firespawn
This is an SEC regulation for margin accounts.
It does not apply to cash accounts, which means if you use Robinhood and just never upgrade to Instant you can day trade until you run out of unsettled funds.

UStockTrade charges $1/mo and $1/trade, but it has instant settlement so you can day trade on a cash account, dodging the regulation.

Sharpcharm
Sharpcharm

@PackManBrainlure
until you run out of unsettled funds.
Meant settled funds, obviously.

Emberfire
Emberfire

@PackManBrainlure

Sounds neat. I'm still a bit new at this, but if I'm reading this right, if you get 25k into your robinhood account, can you day trade all day and night with no restrictions and fees?

SniperWish
SniperWish

@Emberfire
Correct, except you can only trade when the markets are open.
The SEC requires all brokers to restrict margin account day trading for anyone with a portfolio under $25k to protect retards and reduce volatility.

Fuzzy_Logic
Fuzzy_Logic

@SniperWish

Thanks.

I try to day trade and I've made some bad calls, but overall, I'm beating SP relative to what it would be if I were to just sit on it, so I'm looking forward to hitting that 25k.

Techpill
Techpill

@Emberfire
if you get 25k into your robinhood account
If you have that much and are trading with Robinhood, you are legitimately retarded.

Methnerd
Methnerd

@Methshot
are these 5 days business days or 5 days in general?

Sharpcharm
Sharpcharm

@Techpill
why do people say this? what's the alternative? I'm a huge jew and I just don't like the idea of paying for trades when I could just not pay for trades.

WebTool
WebTool

@Sharpcharm
there is no alternative,
robinhood is for poor ass degenerate gamblers, myself included. If you have that much use a much better brokerage that includes more bells and whistles for you to play with.

FastChef
FastChef

@Sharpcharm
Ok, there was some poor user on here the other day, crying about getting ruined when his stock fell in after hours trading.
He couldn't do anything about it, because RH has no access to after hours.
Would you rather pay $6-$8 each way for commission, or lose god knows how much on a crashed position?
It might make sense, if you're playing with pennies, but if you stand to lose hundreds (like you would playing with $25K), there's no contest.

Firespawn
Firespawn

@Methnerd

5 business days, and holidays aren't included.

WebTool
WebTool

@FastChef
RH has after hours now.
Only up to 6 PM at the moment, though.

Boy_vs_Girl
Boy_vs_Girl

@WebTool
Sure, but now you're talking about RH Gold, which means paying them a fee monthly regardless of how much you trade. And many anons here don't have the $2,000 required for this account.
My brokerage pays me monthly, which is only fair, seeing as how they're holding my money.

TechHater
TechHater

@Sharpcharm
if you have 25k you need to get an Interactive Brokers account.

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