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Started By
Message
Guy loses $50,000+ in seconds trading on Robin hood app
Posted on 11/3/19 at 6:57 pm
Posted on 11/3/19 at 6:57 pm
25x leverage!!! Lmao what a fricking idiot
LINK
Reddit thread started by the trader
LINK
Reddit thread started by the trader
This post was edited on 11/3/19 at 7:03 pm
13
Posted on 11/3/19 at 7:12 pm to LSUGent
Posted on 11/3/19 at 8:07 pm to LSUGent
my god
Posted on 11/3/19 at 8:49 pm to LSUGent
And he was already down 30k on margin play earlier.
Posted on 11/3/19 at 9:27 pm to LSUGent
Can someone explain? I want to laugh at this guy too
Posted on 11/3/19 at 10:21 pm to dukee7
Under the comments, supposedly the guy asked how options worked a month earlier... Then he went all in on margin (borrowed money) on some weekly puts(betting stock will go down in short time frame basically) on Apple with zero hedge and lost 50k where a majority of it was borrowed from the brokerage.
So basically he turned $2,500 into negative 40k in a day.
So basically he turned $2,500 into negative 40k in a day.
Posted on 11/3/19 at 10:47 pm to LSUGent
Go yard or miss hard!!
Posted on 11/4/19 at 5:09 am to Spec1
well.
this is a reason *not* to play options...
if someone is making money...someone else is losing.
(and you can..lose. everything)
yolo, amirite?
this is a reason *not* to play options...
if someone is making money...someone else is losing.
(and you can..lose. everything)
yolo, amirite?
Posted on 11/4/19 at 6:17 am to LSUGent
Posted on 11/4/19 at 6:22 am to Georgia Sooner 745
Partially Robinhood’s fault because they let him use AMD shares as collateral for covered calls and then let him use the same shares as collateral for AAPL calls.
This post was edited on 11/4/19 at 11:15 am
Posted on 11/4/19 at 7:45 am to LSUGent
So he put all his eggs in one basket and bet against Apple?
Posted on 11/4/19 at 7:46 am to Jjdoc
No that we would be stupid... he also did it a week earlier with MSFT. Lulz
Posted on 11/4/19 at 9:58 am to LSUGent
quote:will the bank be able to collect?
Then he went all in on margin (borrowed money) on some weekly puts
dude literally looks like he's in the passenger seat of his mom's car on his way to first period
Posted on 11/4/19 at 10:18 am to LSUGent
I love that subreddit. Makes me feel good about myself
Posted on 11/4/19 at 10:27 am to crazycubes
quote:
will the bank be able to collect?
Can't get blood from a doorknob and that dude is dumber than a doorknob. The memes r/wsb are creating about him and his post history are great but I can't believe people like that exist and RH was dumb enough to let him leverage his way up to 25X. Insane.
They will try to collect but he can file bankruptcy if he has no assets.
Posted on 11/4/19 at 11:21 am to stout
They had a guy do something similar earlier in the year. Executed a box spread deep in the money and then his calls got assigned. Robinhood unwound his position at a huge loss and closed his account.
He put $5k in, cashed out $10k, RH closes his positions at -$57k and closes his account and so far haven’t gone after him.
He put $5k in, cashed out $10k, RH closes his positions at -$57k and closes his account and so far haven’t gone after him.
This post was edited on 11/5/19 at 10:01 am
Posted on 11/4/19 at 12:27 pm to Jjdoc
quote:
So he put all his eggs in one basket and bet against Apple?
He borrowed a semi-load of eggs, and lost them, too.
And now somebody wants their eggs back.
Posted on 11/4/19 at 12:57 pm to LSUGent
what was he doing.
Posted on 11/4/19 at 3:48 pm to LSUGent
That little gasp/gulp thing he does at 42 seconds in 
I don't understand much about options and leverage and all that, but taking advice from a bunch of morons on the internet who are mostly roleplaying while taking a shite is unbelievably idiotic.
Edit: Someone made a James Bond intro video with the sound. I'm fricking dying: LINK
I don't understand much about options and leverage and all that, but taking advice from a bunch of morons on the internet who are mostly roleplaying while taking a shite is unbelievably idiotic.
Edit: Someone made a James Bond intro video with the sound. I'm fricking dying: LINK
This post was edited on 11/4/19 at 3:53 pm
Posted on 11/4/19 at 4:21 pm to Boring
Without reading too much into it, the Reddit thread is saying no way this guy should have been loaned (allowed to leverage) the money he was. I don't know enough about it? But the thread is saying that he likely did Robinhood a favor by showing them a loophole they will fix and only costing them $50,0000 to find the mistake that could have been a lot more costly. Basically they will write off the loss, not allow the guy to leverage for a long time, and move on.
I have no idea on the accuracy, but I wouldn't doubt that to be the case.
I have no idea on the accuracy, but I wouldn't doubt that to be the case.
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