"Madaznfootballr" took an enormous loss yesterday, blames "manipulation" and says "he'll make it all back" with his incredible gambling strategy.
No idea if it is a simulator, but he only posts his gambles after the outcome. Real money or not his foolish clients are going to earn a valuable lesson.
One could go over his tweets from 8 years ago when he posted what he did before the outcome and run it against market data and see how much it lost, but sounds like a big waste of time. For the FTC & SEC it would not be a waste of time thought, rather easy to do and it can be compared to his claims of winning to help build evidence quite easily although they would need way more than this and so then it might not be worth the effort (for a small fish).
Day traders will have their fun until they get wiped out.
> Quant fund manager posts a video about day trading
Goes through the history of how it got started in the early days of online trading late 80s and 90s, with the SOES bandits that were abusing the Nasdaq market makers (sort of how some of us did with crypto idiots in january 2018 especially Kraken very unprofessional & greedy participants and easy to punish).
Explains how those day traders forced the Nasdaq & MM to enter the 21st century and now all is electronic and the day traders have been replaced by HFT .
The SEC release from 2003 detailing how they had to pay 70 million in fines.
The edge they had is of course long gone but the concept has evolved into HFT . There was another kind of day trader at the time and this kind still exists, and this quant trader that has been doing this for 20 years and technically is a day trader as his holding periods are 1-3 hours explains how those day traders are using random techniques and have no idea what their edge is which is normal since their random methods have no edge.
> Free phone "investing" app Robinhood users had accounts looted, but there is no one to call
First let me say that HAHAHAHAHAHAHAHAHAHAHA.
Let me catch my breath...
Robinhood is the gift that never stops giving.
Users are reporting their accounts getting liquidated (stocks & bitcoin sold) and money getting withdrawn.
OMG so ... users could see pending withdrawal and tried to intervene, Robinhood answer - hold your breath - "we will write back to you in a few weeks".
Soooo they hopelessly watched their money vanish with no possibility to intervene.
Well I have gotten every single one of my brokers on the phone at least once, and there IS an emergency number and money can only be withdrawn to 1 bank account and I have my money with several brokers and I only deposit whatever I need (+ a bit more obviously to absorb ).
You get what you pay for. Man what idiots. Ah what a beautiful day ^^
The experienced trading community is under shock and have come to the defense of the victims.
Nah I'm just kidding they are either laughing, shrugging and saying "told you so", saying it was not a matter of whether it would happen but when it would happen, writing in huge police and with big flashy colors and saying "here you moron when I write it in big flashy bright colorful colors do you understand"...
Most heartless sarcastic anti-social arrogant absolute lack of empathy community in the world. <3
Imagine looking for comfort with this crowd. Besides, they've been warning for years.
I'm not saying this is the big end for Robinhood, just another obstacle on the road that won't stop gamblers from joining.
The fools that got their accounts emptied sure paid their fair share to keep the app "free".
Some of the desperate users have called the SEC & FINRA for emergency action hahaha some of you will know why this is funny.
If Robinhood says it will answer in a few weeks the regulators get back to you in a few years... (They do not literally say it like this but it does take years)
One of the customers' reactions really finished me off "“They don’t have a customer service line, which I’m quite shocked about,” Bagheri said."
An engineer of 36 years old says he suffers mental stress because he lost his entire life savings... of $2,850...
Wut? I have so much to say here... western consumerism... all eggs in one basket... and much more
Robinhood really is a nest of cretins, just unbelievable.
Some US millennials learning a valuable lesson today. They will learn a VERY valuable lesson if Kamala gets the presidency and a VERY VERY valuable lesson if the constitution is changed and the Senate gets in the hands of "democrats" (last democrat president was Bill Clinton and last democrat Senate was sometime under Obama or at least the lower house maybe the senate lasted a bit longer but it's gone now)
Their money was supposedly sent to Revolut, I think it is going to end up being laundered in the CRYPTOS THEY LOVE SO MUCH AND "INVESTED IN".
"Crypto is not for criminals this is FUD" they scream, as their money is getting laundered in shady cryptos by crypto criminals.
God has a great sense of humor <3
I don't want to only criticize Robinhood, they have given access to the complex financial markets to the masses that otherwise could not have their chance, masses that have no idea what they are doing and should not be left anywhere close to a buy button for their own good.
Nah but seriously, Robinhood did make it very quick, free and easy to use, especially for criminals.
As a closing word, scientists have noted that global IQS have dwindled in the past decade, and there are theories about the rise of IQS before that being more an education and access to food thing than real raw intelligence.
> Day trader (that was a registered investment adviser) that lost all of his "friend" money sentenced to $1.4M
Another "Wealth Management" investment adviser that decided to be a day gambler
Being a professional does not protect from stupidity or make traders profitable when they do something that HAS NO EDGE NEVER HAD NEVER WILL.
Most of us will remember the 100X optionsellers James Cordier that made a hilarious apology video 2 years ago after losing all of his clients money and more selling naked way oom options on & ICE .
Another notable example was the gamblers at LJM Preservation And Growth Fund.
Recently a Colorado Day Trader Ran Ponzi Scheme on Air Force Cadets and the tip some got out of it is "he was not a registered advisor" clearly we have seen countless times that did not protect from degens and Maddofs.
Back to the "friends", the lawsuit states that in 2011 the day gambler took part in "egregious day trading, almost immediately losing huge amounts of money while earning fees for himself".
If it happened in 2020 he might have been in the green for a while.
The money lost was inheritance so it's not like this guy lost anything he deserved.
The 2 men are 60 year old boomers.
Imagine being this guy's parents, you leave your money to your dumb boomer or millenial kid for his retirement thinking he'll have nothing to worry about and he loses everything instantly.
Boomers are the second dumbest generation after millennials. And both generation are huge lesson givers (millenials with the virtue on top of it).
Gen Z is extremely dumb but they are young, and more gullible and zombified by tik tok than sick in the head, maybe they'll grow up and not be as bad.
Who throws their ENTIRE life savings or inheritance at 1 broker or 1 "friend" or 1 anything?
Because "Muh Munger and other billionaires said diversification was for idiots". Ye and gambling it all on 1 chip is not stupid...
Day gamblers are destined to lose, if they are so eager to be stuck to a screen all day long they should get into scalping at least here they'll get to take a ton of trades just scalping the spread, there is no money left, even OGs that didn't want to quit ended up leaving, might be a few pennies left, but at least they'll be busy doing something and maybe not lose everything in such short amounts of time.
> Leaked conversation between an FX and a Stock course selling scammers
Content creator Coffeezilla shared a funny conversation between 2 "signals" and "trade with your money investment" scammers recently.
Nigerian princes are adapting as market conditions evolve: there are turning to new hype things, as with the markets edges change, nigerian princing does not make much money anymore, but selling FX & Stock day trading courses to idiots is extremely profitable at the moment.
The fx nigerian prince is afraid of SARS, not covid, the other SARS: Special Anti-Robbery Squad. This police unit is a tidy tiny bit violent and corrupt.
Obviously they are black on black and not in the US and not trying to get Trump out of the house so no one gives a rat's ass.
Meanwhile 3 us blacks aiming guns at people died to a white cop and 2 died of an overdose time to get the whole world involved. Braindead generation.
40 to 50% of Nigeria is illiterate (mostly bantus I guess). These guys have good english & even speak like young westerners, more likely than not they are wealthy upper class or studied abroad and are qualified to find good jobs.
Alot of Nigerians will defend them "they are just taking from the rich" but between the ones that migrate to the USA to earn more than whites, those that illegally enter Europe, and then those that scam idiots rather than build the country they are massively slowing down growth, to be blunt the top 5 to 15% of a country is the sole reason for its economic success the rest of the country just follows along.
If they are making a lot of money scamming they are not "distributing money to the people" they are consuming a lot while producing nothing so rather than the opposite, although sure some of this money can be used for importing but just importing consumer goods does not build a country.
Obviously these abstract (but quite obvious) concepts are completely foreign to basically nearly everyone on the planet.
> Robinhood tries wriggling its way out of a lawsuit by justly calling its users degen gamblers (sort of)
According to law360 Robinhood gamblers have filed a lawsuit back in March, on the 4rth, 2 days after the app had an outage that locked gamblers out of their account. LOL! So they're trying to convince us they would have cut their losses? Yes and my ass it is chicken. These clowns are so delusional it is entirely possible they actually believe they would have. We all know what they REALLY would have done: SOLD MORE. If short losses of access was such a nuisance they had to be day gamblers right? Or maybe they were long not short and were looking to breakeven after the market made a small move up, and Robinhood ruined their wonderful strategy of holding bags to zero and run for the exits the instant something goes their way.
The lawsuit claims "Robinhood simply abandoned its customers".
The rekt baggies also accuse the bucket shop to have a "game-like interface" pushing them to gamble with real money, admitting they were too stupid to comprehend the very real risks.
"Unfortunately for many Americans, losing investment and retirement funds or accruing colossal debt is not a game, and the consequences have been tragic". Hehehe. One more time "colossal debt" aaah so relaxing. Welcome to my ASMR idea: "Robinhood users have accrued colossal debt, relax...".
Guess where? Can you guess where the lawsuit was submitted by millennial phone app "investors"? California court :)
I wonder if these "investors" can't quote a single book like many that were street interviewed by Mark Dice a few years ago, and I reaaally wonder who they vote for and so on.
Funny how they keep arguing and the cold hard reality keeps rekting them. And now they have been financially punished for their immense stupidity they are trying to argue their money back. These idiots that think money falls from the sky and life is an mmorpg will never learn their lesson.
And so they will keep being made fools of and never admitting it, simply digging their grave every time.
This monday (5/10) Robinhood lawyers said that the lawsuit was "so free of detail" it couldn't even explain in what way Robinhood was responsible for their losses.
My guess is they got rekt for being dumb, and as California millenials always do, are looking for someone else to blame for their own mistakes.
"Well it kinda happened at the same time so... reparations and social programs please".
The part about them being degen gamblers is the defendants called the gamblers approach "shoot for the moon", and that if they clearly defined it the amount of reparations for their own mistakes they could ask for would be much much smaller.
These kids didn't get slapped enough by their parents or by life.
The lawsuit was apparently delayed this summer because the San Francisco judge did not accept the litigation counsel team.
Can you guess why? Qualifications? Talent? History? Of course it's because they were men. "Not diverse enough".
The judge sounds like they would make a prime Robinhood investor.
We should all take example from ISIS, they have made sure to include female lawyers and judges, the women that want to pursue these career paths are allowed too, seriously, the places with the most "diversity efforts" and "women freedom" are the places where women go the LEAST towards certain career paths. Ah I remember the good old days where an ISIS female judge I think it was, asked the Caliph to be able to chop off the head of a "traitorous" other female judge, which of course he accepted, the headless judge surely was overjoyed at the equality she got on that day, no preferential treatment, head goes off like everyone else.
The Woke States of America is the other gift that never stops giving. After a likely bubble, everything will crash and they will experience poverty for years to come, and for years to come we will get to laugh at their failures, at their wokeness, at their misery, until they go full fascist and it will sadly be taboo to make jokes about it 🙁 Thankfully the people that frown and enforce those taboos are way too stupid to see it coming so it's free season until it actually happens and everyone is fully aware of it 😁
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