Another Robinhood story?

I'm seeing more articles like this and also screenshots of people playing risky option plays along with people buying penny stocks and touting that stocks only go up. There are millions of new accounts the last year or so, especially the last 3 months, I know about 10 people who are now trading stocks that didnt even know what a stock was in early 2020. I have a feeling that once this market collapses again they will rewrite the rules even stricter.
The guy in the article took cash advances out on his credit cards. That's just foolish, I'm sure many people are doing this right this second to fund their accounts and play the riskiest of assets just because of the hype and mania of this wallstreet bubblicious craze.
 
HomelyWizzard said:
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."
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This is why many equate trading with gambling.

Then again, most lottery winners eventually go broke as in eventually spending it all.

wrbtrader
 
wrbtrader said:
This is why many equate trading with gambling.

Then again, most lottery winners eventually go broke as in spend it all.

wrbtrader
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I have seen those lottery stories, makes you really wonder. Do you know how easy it is to collect a lottery amd stay rich forever. I know i could make every bit of those millions work in my favor.
 
HomelyWizzard said:
The line I liked best-credit card advances and then took out another two $30,000 home-equity loans...LOCO!
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The sad part to the story is he got himself out of the jam. Having enough to pay his loans back and the cash advances on his credit card but, he never had the sense to quit, while he was ahead? Hell, he could have used a huge chunk to pay the bulk of his mortgage to save on the interest payments alone and that would have given him a risk free double digit return on his monies easily. Or payoff his entire mortgage entirely?
 
S2007S said:
I'm seeing more articles like this and also screenshots of people playing risky option plays along with people buying penny stocks and touting that stocks only go up. There are millions of new accounts the last year or so, especially the last 3 months, I know about 10 people who are now trading stocks that didnt even know what a stock was in early 2020. I have a feeling that once this market collapses again they will rewrite the rules even stricter.
The guy in the article took cash advances out on his credit cards. That's just foolish, I'm sure many people are doing this right this second to fund their accounts and play the riskiest of assets just because of the hype and mania of this wallstreet bubblicious craze.
More...


They don’t say stocks only go up.

Its stonks only go up

I have no idea what stonks term came from but it caught on.
 
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