Another Robinhood story?

[GrowleyMonster]

You can't save people from themselves. Funding a trading account from credit card and mortgage money? I just don't know how to react to that.

 

[DarthSidious]

Funding a trading account from credit card and mortgage money?

And when student loans hit the bank account. Yep

 

[Clubber Lang]

https://www.marketwatch.com/story/h...st-almost-everything-2020-07-09?mod=home-page
"He started out by funding his account with $15,000 in credit card advances and then took out another two $30,000 home-equity loans as he continued to lose money early. His luck changed this year, and his account value skyrocketed about $1 million in a matter of months.

Then it all fell apart — his account value this week: $6,956."

Sorry, but I can’t feel sorry for anyone who took out credit card loans and two mortgages to gamble, then hits the jackpot (15k to 1MM), and takes NOTHING OFF THE TABLE!!!
Boo-hoo blame Robinhood??? did he blame Robinhood when he was briefly a millionaire?

PERSONAL RESPONSIBILITY.
Look it up Millennials

 

[Overnight]

You can't save people from themselves. Funding a trading account from credit card and mortgage money? I just don't know how to react to that.

Dozu said to do just that. Take out a second mortgage and put it all on black. Works well until the margin calls come.

 

[zdreg]

PERSONAL RESPONSIBILITY.
Look it up Millennials

That is an oxymoron for millennials.

 

[smallfil]

Sorry, but I can’t feel sorry for anyone who took out credit card loans and two mortgages to gamble, then hits the jackpot (15k to 1MM), and takes NOTHING OFF THE TABLE!!!
Boo-hoo blame Robinhood??? did he blame Robinhood when he was briefly a millionaire?

PERSONAL RESPONSIBILITY.
Look it up Millennials

In the short time he was a millionaire, he was probably, bragging to his friends how trading is so easy and now, he is going to grow his account to $5,000,000? He is truly, a gambler no doubt.

 

[eastern_warrior]

Do they actually allow young kids to fund via credit card effectively offering double margin to noobs who should not be able to trade on margin?

 

[Cuddles]

Sorry, but I can’t feel sorry for anyone who took out credit card loans and two mortgages to gamble, then hits the jackpot (15k to 1MM), and takes NOTHING OFF THE TABLE!!!
Boo-hoo blame Robinhood??? did he blame Robinhood when he was briefly a millionaire?

PERSONAL RESPONSIBILITY.
Look it up Millennials

he's a boomer

 

[zdreg]

Do they actually allow young kids to fund via credit card effectively offering double margin to noobs who should not be able to trade on margin?

They do not. It would be an illegal extension of margin.

 

[GrowleyMonster]

I wonder how he is getting along with the IRS right now?