The idea of making some extra cash from simple economic growth is very appealing to me. Thanks to Robinhood, I can pursue this idea and invest without brokerage fees.
My strategy is simple. Speculate on industries or corporations which I think will grow in the next 6-12 months. Buy a stock or two in said corporation. After my buy order is fulfilled, immediately place a sell (limit) order at 10% more than I bought it for.
The next part is just a waiting game. If the stock does well, and goes up in price 10%, my share of stock sells automatically. No timing the market required, it often happens while I sleep.
One minor annoyance of Robinhood app is that my sell orders expire after 90 days. The remedy for this is simply to log in again, and place an identical sell order. Luckily, Robinhood E-mails me every time an order is cancelled, which gives me a concise notification to follow up on.
Sometimes cancelled orders fall through the cracks. Maybe I get a half dozen orders cancelled at the same time, and I replace orders only half paying attention, and end up missing one. I wish Robinhood made a clear indication in the dashboard UI on which stocks in my portfolio had open orders, but it does not.
That’s why I came up with a nifty userscript which does just this.
I’m a big fan of the design philosophy, “the best interface is no interface.” I got this idea from something Elon Musk mentioned several years ago when discussing the automatically opening doors of the Tesla Model S.
A door handle is an interface, and Tesla removed the need for that interface by reacting to the proximity of the driver’s keyfob and opening the door when the driver approaches. Once drivers get used to this simplicity, they often prefer it over manually opening doors.
The best interface is no interface. I incorporated this paradigm into my Robinhood enhancement userscript which I have dubbed, “Robinhooder.”
Once loaded using Tampermonkey (or similar browser extension,) the user simply visits Robinhood.com and Robinhooder shows the open orders below the number of owned stocks.
Would you like to get started with Robinhood? Sign up using my referral link and we both get a free stock! https://invite.robinhood.com/chrisg893