Last month, I downloaded an application Stock Trainer for free from the Google Play Store, using it to attempt to turn a profit day trading using virtual money (so nothing real). Throughout the month, I had great results - at one point having gained over a 33% return, ending the month with just over an 18% return. Though on such a short term (and no 3 day wait period after 'sells'), I can't claim that this strategy will always work. However, after having such good results, I determined it was time to take the play gloves off and try it again - this time with real cash!
Earlier this week, I registered with Robinhood - a fairly new, completely free, real-time stock trader. (By completely free, I mean no service charge and NO user commission charges which is great!)
Having such a long wait period in between sells (unlike Stock Trainer, which allowed you to make a new buy instantly), I'm sure the way I handle the day trading will change in ways that I cannot currently anticipate. However, I'm planning on going into it, implementing the strategy that did me so well last month - something I call The Rubber Band Theory.Continue reading