Rookie Trader Racked Up $700K In Debt

Robin Hood, likely didn't put the trades to market, so nobody is really losing anything, there not down 700K on his trades, yes they'd like him to pay up the 700K but if they get 10K they'd likely be happy aswell.

Bet that's there business model!!
 
is the Robinhood apps Android version still available for download?
or they have removed it already?

I couldn't find it in my android hp.
 
Turveyd said:
Robin Hood, likely didn't put the trades to market, so nobody is really losing anything, there not down 700K on his trades, yes they'd like him to pay up the 700K but if they get 10K they'd likely be happy aswell.

Bet that's there business model!!
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Take it in the frame of how Billion games are done, find a right reporter, and one could have a nice story about innocent kid, as a hit to RH.
Main thing would be, portraying that it was intentional RH fault/goal to profit.(as stupid as it sounds)
Escalate it to the top. Show ruined life of the family.
(While payin family double of that, to act a bit)
Woila. 5% - 10% market share gone, specially from female audience. If not more.

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maxinger said:
sigh .... many rookie traders think trading skills can be picked up within days.

they didn't know it is very hard work. so hard work till we perspire blood & not sweat.


it reminded me when I was a newbie trader.
I sold option (can't remember call or put). and I collected $50.
Because many professional talkers & writers said 90% of the options expire worthless.

two days later, I closed my position at $2000 loss !!
And I had many sleepless nights.
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Been there done that. Sold options for premium and lost thousands. Have only been an options buyer since, then. Lots of things do not add up. When they say 90% of the options expire worthless. I think that is a big lie. As a trader, most of my losing trades have some value left when I close it out so, how can it expire worthless? The very rare times it expires 100% totally worthless, is because I was stubborn not to get out of a losing position. I lose 60% of the time so, I can only conclude that option sellers are not winning at that 90% clip that they claim. Also, they are not collecting fat premiums when they sell options since, most options probably, closed way before expiration?
 
So who guarantees the loss in the situation where a trader blows up and cannot cover the loss? The one who extended the margin, correct? I have a hard time feeling bad for anyone in this story.
 
Turveyd said:
Robin Hood, likely didn't put the trades to market, so nobody is really losing anything, there not down 700K on his trades, yes they'd like him to pay up the 700K but if they get 10K they'd likely be happy aswell.

Bet that's there business model!!
More...

So you're saying its more like a bucket shop?
 
Tsing Tao said:
So you're saying its more like a bucket shop?
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I thought buckets shops were illegal in the US?

Or does RH get around it by selling the order flow to a seperate entity which they infact own themselves?

Even in the UK where bucket shops are legal, retails traders now get negative account protection.
 
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southall said:
I thought buckets shops were illegal in the US?

Or does RH get around it by selling the order flow to a seperate entity which they infact own themselves?

Even in the UK where bucket shops are legal, retails traders now get negative account protection.
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I'm not saying RH is anything. I'm asking based on what Turvey said.
 
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