Robinhood Outage All Day

tm689 said:
Robinhood is estimated to have around $1,000 to $5,000 in average assets per account - how much could these people be losing?
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It's the average, so some accounts could be large, we've seen people on Reddit making $100K+.
Today one guy claimed online to be losing $20K. But of course he doesn't know how much he'd lose if he actually could trade today...
 
guru said:
It's the average, so some accounts could be large, we've seen people on Reddit making $100K+.
Today one guy claimed online to be losing $20K. But of course he doesn't know how much he'd lose if he actually could trade today...
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Anyone risking that much money would likely have multiple accounts since the major firms now offer free trading with no maintenance fees.
 
Specterx said:
Not surprised at all. I've been pounding the table in these Robinhood threads over the past few years about how any serious trader would be a moron to put serious money with them - free commissions or no, though now with even IB offering zero comms, RH has no value proposition whatsoever.

Sure enough, their systems crash right along with the market...
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For what it's worth, IB started fucking up "good until" orders with child orders. It would sometimes activate the child orders, sometimes cancel the parent and activate the child. Horrible. Had to implement the feature manually to deal with it the last few days.
 
tm689 said:
Anyone risking that much money would likely have multiple accounts since the major firms now offer free trading with no maintenance fees.
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In theory, but some of those people use Robinhood to get rich quick, following crowds that for example all buy thousands of calls at the same time. This year was so good that it worked, until recently. For them Robinhood is not a brokerage but a type of gambling app. They’re not familiar with actual brokerages and wouldn’t know what to do with them.
My wife is an example, she tried several brokerages and gave up, considering Robinhood being the only one she’s able to use. Last week she’s sold some UVXY puts on Robinhood so she’s ok today, but also unhappy with the outage, acting like an addict deprived of drug.
 
guru said:
In theory, but some of those people use Robinhood to get rich quick, following crowds that for example all buy thousands of calls at the same time. This year was so good that it worked, until recently. For them Robinhood is not a brokerage but a type of gambling app. They’re not familiar with actual brokerages and wouldn’t know what to do with them.
My wife is an example, she tried several brokerages and gave up, considering Robinhood being the only one she’s able to use. Last week she’s sold some UVXY puts on Robinhood so she’s ok today, but also unhappy with the outage, acting like an addict deprived of drug.
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Well if they aren't smart enough to consider a backup system if they are putting serious money on the line maybe day trading isn't for them.
 
tm689 said:
Well if they aren't smart enough to consider a backup system if they are putting serious money on the line maybe day trading isn't for them.
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What kind of a backup system? I mean if your funds are with RH, how would a backup work?
 
tm689 said:
Well if they aren't smart enough to consider a backup system if they are putting serious money on the line maybe day trading isn't for them.
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I’m sure today’s experience will make them reconsider. Some of them also mature in terms of trading vs fooling around and seeing what happens. Lots of people were introduced to trading through Robinhood, initially having no idea what is a brokerage.
 
d08 said:
What kind of a backup system? I mean if your funds are with RH, how would a backup work?
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You have another account with funds that you can hedge with an inversely correlated instrument with the position that you can't access due to the outage.
 
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