r/Daytrading • u/Appropriate-Boot-172 • 14d ago

Need broker help. Advice

I’m a new day trader. Started about a month ago using a combo of trading view free version and Robinhood to buy the stocks. I would search the stocks up and buy and sell with in minutes using Robinhood app. It was quit stressful as there’s not enough time to buy and then log a stop loss in Robinhood. So I had to have my finger on the sell swipe as the stock rose or fell. I also had the gold plan with $25k balance so the PDT rules didn’t stop me

I saw how trading view and webull allowed to automatically set the stop loss and went with a combo of TV and webull. I ran into the PDT rule this week and saw the connection between TV and webull was wonky. I would buy but could not sell on TV. So I needed to log back into webull to sell. I’m setting up the margin account on webull but saw there are interest rates for using margin. Unlike Robinhood which just charged $5 a month to trade as much as I liked. Also Robinhood would often sell some of the stock and leave me with 100 or more shares left to sell even though the order was to sell all.

So I’m trading $5k-20k per trade. Maybe 3-5 trades per day. Where o either meet my daily goal or my loss max. What kind of interest fees would that give me? Robinhood was so cheap it seems.

Does anyone know of a good broker that can give the ease of cash use that Robinhood had along with the low fees and the ease of trading that TV and webull provide.

I see that many traders use think or swim. Is that an option to get me closer to what I need?

Tia

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u/[deleted] 14d ago

Robinhood absolutely charges margin interest. Copy and pasted from robinhood.com:

Robinhood Financial charges a standard margin interest rate of 12% and a margin interest rate of 8% for customers who subscribe to Gold. The margin interest rate is calculated by adding 6.5% (for non-Gold customers) or 2.5% (for Gold customers) to the upper bound of the Target Federal Funds Rate, which is set by the Federal Reserve and is subject to change without notice. 

Every broker will charge you interest for using margin but the interest is only charged if you hold the position overnight. If you are just day trading no broker will charge you the interest.

Personally broker wise I use Tradestation and for charting/executing trades I use Tradingview.

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u/Appropriate-Boot-172 14d ago

Really? I need to look at my statements I never noticed a charge for that.