Is Robinhood Trading Dead?

We are now in some very very fun times. By the way, welcome to
another episode here of, “The Friday Drive.” But what’s going on, well
as of two or three days ago, and I wanted to stall a little bit on this video to see
if more dominoes fell, which they did, but
commission free trading is now raining down from the sky. A couple days ago, Schwab offered up a news release saying, “Hey, commission free stock trading.” Their options still have a contract fee, but as far as stocks are concerned, online trading, all that, zero dollars. Zero dollars. And it was funny, that
Tuesday night we were doing the live webinar for the
Trading Freedom Pathway program I offer, and on
that I was talking about it saying, I feel like it’s only a matter of time before these other brokers, E-Trade, TD Ameritrade,
they have to follow suit or else they’re gonna get crushed, everybody’s gonna go to Schawb. And by the time that webinar wrapped up, about an hour later, they’re like, hey look, TD Ameritrade just announced that they’re $0 fees, as
far as trading is concerned. So right there, TD Ameritrade fell. And then yesterday, guess who fell? E-Trade announced, $0 for commissions now. God bless capitalism. That is capitalism. That is a competitive market. That’s how it works. Everybody wants their business, so let them compete. And how are they competing? By lowering their prices. But that all brings me up
to the talking point here that I’m very curious about, is you gotta give credit
where credit’s due. Well done, Robinhood. I mean you literally
change an entire industry. You can rag on Robinhood
as much as you want, about how they’re for rookies and how their platform
isn’t actually that good. But that’s not the
point, the point here is, I mean, wow, they literally
transformed an entire industry. But that brings up, I
don’t know if there is gonna be some cruel irony here, and I’m curious on your thoughts, so please leave those down below. But is Robinhood gonna actually
be able to survive this? Because I mean, you look at Schwab, TD Ameritrade, E-Trade, those are massive brokerages. They have robust platforms. They have apps. They have desktop platforms. They have everything, and
now they also offer $0. So is Robinhood gonna actually
be able to compete with this? I don’t know. Right now, I’m feeling kind
of bearish on Robinhood. I think they might’ve just
shot themselves in the foot. I mean, because their one
big competitive advantage that they had over these
massive brokerage firms was, hey we don’t charge you anything. But now the massive companies are like, hey, hey Robinhood, we don’t
charge anything either. And whether or not they’re gonna survive, I don’t know, but if anything,
it’s gonna definitely kick them into overdrive to start to develop desktop platforms. Cause they gotta play catch up now. They are way far behind
as far as the technology, and as far as infrastructure,
and all that is concerned. So I’m not gonna say they’re
totally gonna go away, but like I said I’m bearish right now and in the next couple
of weeks maybe they’ll do some announcements and
stuff on what they have planned and how they’re going
to compete right now. But yeah, I don’t know
how they’re gonna compete. Because what they were
competing on is already gone. But for us, as the consumer,
what an exciting time we are in. Myself, I am now highly
looking at changing… I’m gonna hold out a little bit longer. My broker that I use
is Lightspeed Trading. I don’t know if they’re gonna follow suit. Interactive brokers, they
now have a light version that is going to be commission free, but that doesn’t quite
work for my strategy. But my plan of action right now, is I’m gonna hold out a little bit longer, see if Lightspeed maybe is another domino that falls and announces something. Then I’ll go from there. But if they don’t, then
right now, I don’t know, I’m gonna start to do some research into really, Schwab,
E-Trade, although E-Trade from my understanding, they don’t have the best platform for
what I’m looking to do. But I mean if you use any of
these brokerages, let me know. What are your thoughts? Do you enjoy their online platform? Does it work for you? Maybe what are some things you don’t like? Let me know down below,
because like I said, we are literally shifting
into a brand new area, a brand new era, really, for trading. So I’m curious for your thoughts
and maybe any suggestions you would have. But that’s my plan of
action going forward. Wait a little bit while
longer for Lightspeed. If nothing happens there, then checkout Schwab, E-Trade, and TD
Ameritrade’s platform and see if I can make
one of those work for me. Granted, right now, I don’t
pay a whole lot of commissions. I mean it’s very cheap, but a
penny saved is a penny earned. So if I can save a few hundred
dollars, maybe some months a couple thousand dollars
every month in commissions then I’d be an idiot not to do that. But I gotta make sure
that the platform operates in a way I need for it to
operate, in order for me to execute my strategy. So that is the plan going
forward, but I’m very curious. What do you think on Robinhood? Is Robinhood gonna survive? Or is there going to be some
sort of great cruel irony here, where Robinhood, who was
responsible for shifting an entire industry, is
now going to have just crushed themselves because they did that? That kind of remains to be seen, but we’ll see what happens with it. But I’ll put some of the
news releases down below. That way, if you’re
maybe not aware of this, you can check out those news releases that have announced all this. Cause everybody’s got a different date on when it’s gonna start. But it’s all starting,
pretty much I think, October 15th would be the
last time, or the last date, or maybe it’s October 7th? Point being, very very
soon all these changes are going into effect and there’s going to be zero fees on those
stock trading commissions. So exciting, exciting times. Pretty crazy times. But for us as consumers, like
I said, capitalism is awesome. This is how it works. They are competing against one another for us as consumers, and now
they’re competing on the price and that’s a great thing for everybody. So yeah, let me know what
you think about Robinhood. Are they gonna survive? And then also let me know, what platforms are you using right now? Do you like them? What are some pros and cons? Because I literally am right now, highly, highly considering
changing, so I’d love to hear your thoughts. So leave those down below,
and also if you still enjoy “The Friday drive,” this segment, then let me know down below too. So far this is the third one we’re posting and feedback has been good, but I always want to continue
to get more feedback, so also let me know that down below. Or the easy way to just communicate to me, hey Clay, I don’t feel
like leaving a comment, but I do like “The Friday Drive,” just hit the like button. That’s a very straight
forward way to let me know that you enjoy these too. But yeah, we all have some research to do, unless you’re using one
of these brokers already, but what a great time to be living. Zero dollar commission fees
for some of the biggest names in the business. Good stuff. First off, thanks so much for
watching the entire video. Real quick, before you
go, I wanna invite you to a live webinar, web
class, training, workshop, online event, whatever you wanna call it, but it will be me live, revealing to you what I’ve discovered that has allowed me to transform myself from being an employee
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within the markets. The first key is super weird, but in a productive type of way. The second key is super awesome because it quite literally is wired
into our DNA as humans, making it very easy to use. But in a cruel way, this becomes
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28 Replies to “Is Robinhood Trading Dead?”

  1. TD Ameritrade started zero fees Oct 3, I have Robinhood and TD. Yes this will make Robinhood make upgrades

  2. I'm going with TDA best platform overall for long positions. Props to RH for changing the game! but they just don't have the platform to compete anymore. Come on Lightspeed!!! We're waiting…

  3. Ultimately it will come down to cost of data. Robinhood will now come out with advanced desktop charting for free. oh ya and futures lol

  4. Its already affecting my trading. I feel like no consequences trading. I am scaling back down my size and starting over cause I can see a disaster in indiscipline coming. Also TD, E-trade and Scawb dont have great borrows.

  5. Before i watch the video im still waiting on that 50$ mr lmao but robinhood is super convient and friendly looking its a great introduction to trading most new people will probably start with robinhood and if there isnt a need to switch they wont

  6. Wouldn't you be worried about the fact they will be selling your order flow? Also, from my understanding, this is on orders that AREN'T direct to market. So it could mess with your executions.

  7. Robinhood appears to be focusing too much on suckering fools into crypto. They should have moved to support fractional shares and DRIP automation for those who want that as well. Im giving them a short amount of time to see how they react. I have different brokers for different things, but I have no problem moving away from RH.

  8. Wondering when lightspeed will follow suit. Thier in better place because they do charge a platform fee so I can see them also switching to free

  9. Nothing is free on wallstreet so I'm waiting to see how they screw people over with robots. 1 thing is there is gonna be way more volume in the market and more volume in any stocks 80% of the time it's a bearish indicator

  10. TD Ameritrade is a very good broker. Their platform is free, and its really a pretty good platform considering the price. The commissions were really the only thing holding them back. Definitely worth a look.

  11. if they don't charge a commission fee than how do they make money? All of this zero comission trading sounds very suspicious to me, They aren't doing it out of the goodness of their heart let's be honest. There has to be some way behind the scenes that they're making the money needed to keep their operations afloat, my worst case guess is something very illegal, and my not so best case guess is some loophole that is extremely bad for the economy.

  12. Also man I'm not okay with these driving videos, the chances of you crashing your car while doing one of these are raised exponentially. I love the drive for different ways to create new content, but to me your health and safety are more important than that, please don't do any more of these, sure they give you more money, but you can't use the money if you're dead clay.

  13. Hopefully Robinhood will make a more robust platform. Hotkeys, charting, time and sales etc. I can see that happening

  14. Clay, wait 6 months and observe other people's experiences before opening an account. Alternatively, you could open a small account with one, or some, of them to try them out and then you could show all of us in a video how their platform works when executing trades with zero commissions.

  15. the money that was going to brokers will end up in investors accounts and thus traded in the markets thus bolstering up the stock market.

  16. Yeah, interesting times. I love the simplicity of robinhood for placing trades. Most of my trades are swing trades with options- I don't care about news or charting within the app itself- I use TradingView for my charting. I just need a simple & clean platform to execute trades.. It has been absolutely fantastic for my style of trading.

  17. I love Robinhood, take from the rich and give to the poor! Love Friday drives too. I am using Fidelity, I feel like I should at least call them and ask if they will reduce their commissions to $0. If they say NO, I feel like I have to make a change. I only make 10 trades per month give or take, but money is money and I feel like why throw away 4.95 on each side of the trade?

    Wondering if you bought a Tesla car, then traded stocks out of the Tesla. Could you write off the expense of the Tesla(as a business expense) for tax purposes?😀

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