It all started at my wife’s apartment one evening almost three years ago. We had been dating for a few months, and I was waiting for her to finish getting ready before we went out to eat. Sitting on her bed, I was killing time on my phone and thinking seriously about my financial future. I wondered: is there a way I can make money with an app on my phone?
I googled something that roughly resembled the previous sentence and scrolled though the results. Among the recommendations for Uber, Task Rabbit, and some random game playing and survey apps, Robinhood stood out like a green beacon. I had always been vaguely aware of the stock market, investments, and even penny stocks, but I really had no idea how any of it worked. My most relevant experience up to that point was watching my measly Wells Fargo IRA gain value over the year only to have those gains wiped out by commissions and management fees.
An Abbreviated History
When I saw that Robinhood offered zero commission trading I was immediately intrigued. I can be impulsive (or spontaneous if you want to be generous), and I had the app downloaded and an account created before my future wife had finished blow drying her hair.
I did have some trepidation about risking real money, but after a week I took the plunge and deposited twenty-five whole dollars on the stock market. The very first stock I bought was Bioscrip (BIOS). I risked $10.70 on 5 shares and held the position for 13 days before selling all 5 shares for $12.71. I had no idea what I was doing, I was making decisions based on what little instinct I had and nothing else. If I had kept going this way my first 2 years might have turned out differently. . . or not. Most likely I would have ended up in the exact same place no matter what path I took.
I’d inadvertently stumbled across the volatile world of biomed penny stocks and I liked it. Not long after, I discovered Stocktwits. Combined with my impulsivity and lack of knowledge, I lasted a surprisingly long time. I ended that year with losses of just under $200. (I’d been slowly adding to my account during the intervening six months.)
Over the next two years I contributed a total of $2000 dollars to my trading account, and by September of 2019 my balance was $0.47. I won’t go into all of the details of those two years, because that is going to be the fodder for a lot of my upcoming posts. Suffice to say I learned a ton from that$2000.
As of January 1, 2020, I started fresh with an initial deposit of $150. I have a new strategy I’m following, and I am hopeful the results will be positive.
I’m excited to share my progress as I embark on this new trading endeavor! Follow my Trading Journal for weekly in-depth reviews of my trades.