How to Make Money Online in a Day
I'm not going to bother lecturing about the pitfalls of fast money. You're here to learn a new way to make money online fast. In fact, you probably want that money within 24 hours. The real question is: how will you pull it off?
We're going to skip the BS and dive into a way to make money online in a single day. Since this is, of course, an investment website it follows logically that my suggestion is going to be an investment concept. Trading stocks to be exact.
Trading Penny Stocks Online in a Day
Allow me to be frank. Penny stock trading is dangerous. But you need money within a 24-hour window and there's no safe, easy, and comfortable solution to that.
Normally I would be more reserved about suggesting penny stock trading but not in this case. It's one of the only ways to make a fast buck in the market with little time or effort. Of course, it will also mean that you'll need some cash to put in up front and you'll need a gambler's appetite.
If that sounds crazy, don't worry - I have a solution for you coming up!
- Could see huge returns on your money
- Can be simple to perform
- Your initial money is at risk
- Have to open a brokerage account
- Requires capital up front
- Money made won't be immediately available
- Setting up your account could cause delays
I want to be insanely clear on this - trading penny stocks online can make you money. It can also lose you money. Plus, you'll need some money upfront to work with. If you're 100% out of money, this isn't your solution.
However, I'm only going to recommend you do this because you can get the money to start totally for free. Here's how:
Taking a (Safe) Shortcut
What you could do is sign up for my favorite trading app Robinhood using my referral link and get a free stock worth up to $150 ( I got a free share of Facebook that was worth $170 ). You could sell that stock and use that money to start trading penny stocks. Or just cash out and walk away if you want.
See my video below to find out how much, on average, you can make by signing up or inviting friends to Robinhood.
On that note... you could make money solely by inviting a few friends. You'll get a free stock for signing up with my link and then you get another free stock every time you have a friend sign up. That could add up fast!
Which App to Use
If you're ballsy enough to take this route you'll have to use the Robinhood app. You can sign up using my link to get your free stock.
Why Robinhood? Because it's the only app that allows you to make commission-free trades. Any other app or brokerage will kill you with fees every time you trade and you won't make any money at all.
Trading Penny Stocks to Make Money
Normally I would recommend advanced trading strategies and concepts to protect your money. However, that's not going to do you much good. You don't have a ton of cash or you wouldn't be trying to make money online in a day. You also can't learn or master these concepts within 24 hours (unless you're a total brainiac badass).
Because you don't have much cash to trade, you're going to have to go all in on your trades to see any real difference.
Since I'm proposing that you do this solely by using the "free" money Robinhood gives you for signing up with my link (and inviting friends) you're not really putting any of your money on the line. There is something to be said about taking the free stock money and cashing out though, but that's up to you.
Here are the very basic steps you need to take:
- Sign up using my link to get a free stock
- Hope that free stock is worth as much as possible
- Invite friends and get free stocks from them, also
- Sell those stocks immediately to get the money from them
- Find a penny stock with a value of $0.50 or less using the Robinhood app.
- Make sure that stock also has predictable volatility
- Buy shares when it's low
- Sell the shares when they jump up
How to Find Penny Stocks for Robinhood
To do this method you're going to need to find the penny stocks, to begin with, which can be difficult or impossible for a beginner. Luckily I have a step by step video for you!
It's all in the video so I won't bother rewriting it here. Just follow the steps in the video to learn how to find penny stocks for Robinhood.
What Does a Predictably Volatile Penny Stock Look Like?
Here's the ideal world: you find a penny stock for about $0.30 per share that bounces from an afternoon low to a morning high.
We're not going to get into the details of how or why this might happen (though that would normally be important to understand). You need to make money now, and this is really the dirty, nuts and bolts, on the fly way to do it.
There are other ways a penny stock might be predictable, but if you hope to make money online in a day, this is really your best bet.
The price graph of a daily volatile stock would look like this:
(simple) Daily Stock Chart
For whatever reason, it seems we've identified a stock that has a higher price in the mornings than in the afternoons. Of course, this could happen the other way around as well.
To be safe you'd want to make sure this trend has been repeating for several days or weeks. Then check to make sure that within the coming hours or days there is little or no risk of a change in the pattern. Risks to change would be a press conference about the company, and earnings report, etc.
But if that's too confusing and you're feeling lucky like Clint Eastwood, screw it. Just go for it.
So, using the example chart above, you could buy the stock on Monday afternoon for $0.30 per share and sell it Tuesday morning for $0.45 per share.
Of course, that's easier said than done since we're dealing with an imaginary chart and all the data is backward-looking. But the concept remains the same and in practice, this is how it's done.
How Much Money Could You Make?
(I'm basing this off of the example above so that it makes sense to everyone. How much you can really make depends entirely on the stock you find to trade. The math will be the same though.)
So, let's say you find this exact stock and trade it exactly like the chart above is showing. Using Robinhood there would be zero fees for buying and selling so you'd keep 100% of the profit.
We have to start with an assumption - how much money are you using to trade? We'll assume you're trading $50 and you got lucky when you signed up. If you want to know what the math looks like for other amounts, just change the starting numbers.
So, you buy $50 worth of stock at $0.30/share which equals (50/0.3 = 166 shares). I'm ignoring some decimals for ease of demonstration. That means you go to bed Monday night with 166 shares of this penny stock.
Tuesday morning rolls around and, like clockwork, you sell those shares for $0.45 per share.
That means you now have (166 shares x $0.45/share = $74.70). You made $24.70 in profit while you slept overnight.
Like a disciplined trader, you wait until the price falls at the end of the day. You then use that $74.70 that you made to buy more stocks. This time you get (74.70/0.25 = 298 shares).
Can you guess what you'll do next? Of course, you'll sit on those shares until the morning and sell them for more profit! But how much profit?
According to our made up chart, they end up being worth $0.50 on Wednesday morning. So, you'll end up selling 298 shares for half a dollar each. That's (298 shares x $0.50/share = $149).
In our made up example, you made $99 in two days of trading. That's an average of $44.50 per day.
Note: Trading stocks within the same 24 hour window in which you bought them more than 3 times in a week will flag you as a pattern day trader and freeze your account.
The Downfall of Trading (Penny) Stocks
Of course, all of this hinges on one fact. I made it all up.
Do penny stocks actually act like this at times? Yes.
Are you guaranteed to find and identify a trend like this? No.
Can you lose most or all of your money if you made bad guesses? Yes.
Can you learn to protect yourself from mistakes and trade safely for a profit? Yes.
Can you make tons of cash in a day by trading penny stocks while staying totally safe? Nope.
Here's the thing: I have traded penny stocks that act exactly like this. I've doubled my money in a single trade before. But it's not guaranteed. I've lost my shirt in trades before, too.
I experiment with trading stocks using money set aside for that purpose. I don't bet my mortgage on it and spend money I need for groceries playing with trades that could go upside down in my face.
The only reason I feel okay with suggesting this method is because you can do it with "free money". By using my link and inviting others to sign up using your link, you can sell those free stocks to provide the money to start trading.
If you lose that "free" money from selling those stocks in your experiments with trying to make money trading then do yourself a favor: close your account and don't open it again until you have expendable income.