It looks like retail investors are still terrible at timing the market.
According to a statement from E*Trade Financial Corp. (ETFC - Get Report) on Monday, there were 54% more gross new brokerage accounts created on the platform in January 2018 than there were a year earlier.
For the month of January, there were 64,581 total gross new brokerage accounts on E*Trade, up from 42,055 in January 2017. Last month was also a 20% increase over the month of December.
E*Trade finished the month of January with about 3.7 million brokerage accounts, increasing by 25,529 from the month of December.
Daily average revenue trades for January were 315,572, a 29% increase from December and a 57% increase from January 2017. In January, customer security holdings increased by $17.4 billion and customers were the net buyers of approximately $1.5 billion in securities, E*Trade reported.
The major influx of retail investors came at a bad time, though.
After a record setting January that saw the market snag its best monthly performance since March 2016, stocks nosedived in February to erase year-to-date gains last week. Last week, the Dow shed 5% of its value and earned its two worst single day point declines in history.
Here's to hoping Monday's stock market gains stick around.
You know how to trade this market? Watch the video below for some quick insights.