Can you really day trade your way to $30,000/week in profit on Robinhood?

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While the pandemic has kept everyone locked inside, a new trend has gained steam – day trading, and it’s new, young investors who are jumping in the mix more than anyone else, and some are seeing pretty stellar results. But how, and why now?

First things first, yes – day trading isn’t anything new, people have been doing it for a long time, what is new is a Silicon Valley darling called Robinhood that has made day trading more accessible than ever before.

One of the first things Robinhood did to get massive notoriety is to pioneer the concept of commission free trades. Some people say it’s not really commission free because Robinhood users see a increased bid-ask spread…but that’s really a non-issue IMO since it really won’t be noticeable or impact any normal trader.

The reality is, when you’re talking about investors that might want to start small with say, $100, commission free is the only way to really get them into the market. Two other things that make Robinhood different from other solutions like the once cool eTrade, or the now trying to be cool Charles Schwab boils down to two things:

  1. Marketing – Robinhood markets to millennials
  2. UX – Robinhood is to stock trading apps as Tesla is to cars or Apple is to computers, they’ve build a simple and beautiful UX that people love

All that being said, what I think has really catapulted Robinhood into what it is today is You Tube influencers day trading their way to Teslas and then telling everyone how they did it, like this guy:

In many cases I see this paralleling the way that many new investors get started in the domain investing world – they hear about someone making a fortune with domains and think, “why not me!”

Just like the headline of my blog post got your attention, so do You Tube videos like the one above. The challenge is, as many of us know or have learned the hard way, for every day trader who makes $30,000 in a week, there are an uncountable number who lose $30,000 in a week. The key difference is, the person who loses all that money usually doesn’t make You Tube videos about it.

All that being said, there’s no better way to learn about investing in anything from stocks to domains, than to jump in, make mistakes, and learn. The challenge is, with younger investors trading on margin and trying to really understand all the complexities of day trading some of these mistakes can be financially devastating.

Still, I’ll be honest, I find it interesting to hear how these new investors are learning, innovating, and cashing in on stocks. I think as we get older we can decide to either ignore what younger people are doing in a space we may think we “already know about” or we can approach it with an open mind and think, “hmmm, maybe they’re doing something differently.”

For me, I look at this as an opportunity to learn. Where are some of the successful Robinhood investors talking with other investors? How are they sharing and learning together? What strategies are working now? What’s not working and who is being bold enough to talk about their failures?

Like most things in life I think good things come to those who ask…so I’ve decided to email some of the top You Tube influencers in the Robinhood day trading world to see if they’ll answer some questions and maybe even do an interview here on my blog.

The reality is, probably none of us has made $30,000 in a week day trading. I think that’s pretty darn interesting, I want to learn more, and when I do, I’ll share what I learn with all of you.

All this being said, like anything new, I’m going to try to just be a sponge here in the beginning. I have no plans to start day trading anytime soon, for now I’m just going to kick back and enjoy some You Tube videos from people half my age who might just be doing something twice as smart as anything I could think of 🤷‍♂️

Whether you day trade or not, want to learn from 20-something’s about investing or not, I can tell you that Robinhood is easily the best stock trading solution I’ve ever used. If you haven’t signed up yet, you can use my code and we’ll both get free stock.

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