Risk Management. The story would have ended in one of 2 ways as these new age retail traders are clueless. Either he pays his debt and then eventually goes broke or what ended up actually happening. There's no scenario where these morons end up as profitable traders on the road to riches, even if they get lucky early on. Maybe less than 3% make it work I'll wager.
Another Robinhood story?
- Thread starter TimtheEnchanter
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Risk Management. The story would have ended in one of 2 ways as these new age retail traders are clueless. Either he pays his debt and then eventually goes broke or what ended up actually happening. There's no scenario where these morons end up as profitable traders on the road to riches, even if they get lucky early on. Maybe less than 3% make it work I'll wager.
I mean, he'll get tax write offs and carry forwards on his losses. His initial gains and losses were never actually realized as far as I can tell, so he'll only get the deductions, $3k per year, on the actual money he lost (2 mortgage loans and credit card loan).
Now other than bugsy look up the word oxymoron.
I mean its true. Millennials have every bad possible trait and stigma attached to them, and for good reason. They're lazy, incompetent, whiny, selfish, impatient, entitled and easily manipulated by their Marxist professors and the liberal media. I'm sure every generation thinks the generations that come after are the worst, but Gen Z is a breath of fresh air next to Millennials. Millennials are pretty much universally despised by all other generations.Now other than bugsy look up the word oxymoron.
Let's not begrudge the lifestyle of Millennials living in their parent's basement, playing video games all day long, sponging off the government and sponging off girl friends who are working at regular jobs. Robin Hood understood all of this. The founders of RH turned speculating in the stock market into the greatest video game of all, while creating a multi billion dollar business for themselves.
The one good aspect that came from all of it is their Zero Commissions forced it to become industry wide. That was their only selling point. Everything else beyond that makes them a worthless brokerage, and on some aspects downright dangerous. Yet millennials are so ignorant they still trade there.
The Greatest Generation hardened by the Depression and sacrificing to win World War II was truly the greatest generation of all times. The greatest leadership of the US were the Founding Fathers of America,
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Thats one.of those stupid fuxking images that gets passed around, its another millenial thing...another idea probably behind the reason that "stocks" don't go down and only up.
And they birthed the generation responsible for helping China being the powerhouse it is today. Praise cheap things!