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While what you say is plausible, can't it also simply be that they saw a gigantic portion of their userbase making these incredibly risky bets and they were wor
by simias 6y ago
While what you say is plausible, can't it also simply be that they saw a gigantic portion of their userbase making these incredibly risky bets and they were worried that it'd end up blowing in their face?
- newfeatureok 6y agoThat doesn't make any sense because they still allowed them to sell, realizing a loss. Why not stop buying and selling?
- castlecrasher2 6y agoThis right here. Only allowing sells appears to be blatantly anti-retail investor, intended to help drive down prices for those with short positions needing to be closed.
- imtringued 6y agoExactly. How are retail investors supposed to benefit if they are forced to wait until the stock they just bought tanks? If anything that's a direct attack at the value of your portfolio.
- isoprophlex 6y agoWSB have been yoloing their trades since forever. This is some anticompetitive bullshit, plain and simple.
- beagle3 6y agoA broker is nit your friend who refuses to buy junk food for you because he suspects you’ll be sick. A broker is yiur fiduciary/agent; their discretion at refusing your order should be limited to well defined circumstances, and I would be surprised if this is one of them. (I would not be surprised if the EULA lets them do what they want, but I would be surprised if it would actually be found legal in court —- though it will likely take ages to test because it likely contains a binding arbitration clause)
- deleted 6y ago[deleted]
- simias 6y agoIt's not what I was trying to say, of course they're not your friend, I'm not that naive. But on the other hand if many of their users go bankrupt because of poor trades that could backfire against Robinhood themselves, directly or indirectly (for instance by motivating new regulations).
- EEMac 6y agoSorry, but no. Concern for the little people isn't even slightly indicated by Robinhood's actions.
- fragmede 6y agoTry calling up your local Charles Schwab office to ask them if they'll stop you from making bad trades. While you're there, also see if they'll help you get your money back if you lose money on bad trades.