My Robinhood Account Updates: The Beginning

This will be the first post, or the beginning of my trading journey. If you're new here please check out this post first so that you can understand what I'm doing. Though it is possible that I could change without warning, I'll do my best not to. 

First things first, I do have a little cash in my account. My current buying power or cash is $313.95. I have four of the ETF's that I'll be using in this Velocity trading loop already with a little cash invested. I'll be selling them tomorrow morning if they are still in profit, otherwise I'll wait until they are in profit.

So my cash holdings are $313.95, and my total holdings in ETF's are $63.78. We're just going to call $379.73 my starting point. Keep in mind that I have Ethereum and a few options contracts in my robinhood account at this time. I will be holding on to them for now. Anytime I add cash to this account from outside sources or from other trades I may make outside of this system, I will mention it in the most current update post at that time. I don't want to mislead anyone that things are going better than what a dump of cash into the account would make it appear. 

Before I go, I want everyone to think this type of trading through. I am referring to what trading in tax lots will allow the trader. One very important option in tax lot trading is the ability to drop off some growth and dividend grabbers. What do I mean? Well, its really simple actually, and something you may have considered already. Lets just say you have a $10 tax lot on SCHG that has grown to 10% in profit. You can actually sell just the $10 worth of the ETF tax lot leaving $1 behind to grow and grab partial dividends. I know it is not much at that size, but imagine either doing that everyday at that size, or when your account is so big that you've scaled up to having $100 tax lots and at 10% you are leaving $10 behind to grab dividends and growth. 

You could also simply do this system with one single ETF or stock and just keep the $10 to $50 rolling each day and collecting some daily profits. There is so much you can do with this kind of trading. Remember though, the IRS is going to want their share of whatever you make. At this time Robinhood does not offer tax lots in a tax free account, at least not yet. That could change at some point. Until then, if you do this for extra income just make sure to set aside enough to pay your broke uncle sam. That's all for now. Make sure to check out all that robinhood offers by tapping the image below. 

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