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It boggles my mind that someone making 10-50 trades _per day_ with a trading volume of $200,000 and $2 million _per day_ is doing so using Robinhood. Yes, Robi

by cj 6y ago

It boggles my mind that someone making 10-50 trades _per day_ with a trading volume of $200,000 and $2 million _per day_ is doing so using Robinhood. Yes, Robinhood is an easy app to use. But at that volume, you really should be using a legitimate trading platform with fully built out functionality designed for people trading with that kind of volume. I want to blame Robinhood for this (and I think they should obviously fix issues such as selling shares on a First In First Out basis, which isn't always optimal for tax purposes) but I can't blame Robinhood fully for this. If you're going to play the game at a professional level it's kind of your responsibility to know the rules and to pick the right tools for the job. Robinhood is clearly not built for people trading millions of dollars per day.

happytoexplain 6y ago
>a legitimate trading platform with fully built out functionality designed for people trading with that kind of volume Note that many people have no reason to believe that Robinhood does not match this description (even I only assume it doesn't, but that's only based on perception, not anything remotely objective - I can't trade in quantities above 3 or 4 digits, so I don't feel the need to invest my time in learning the differences between Robinhood and more "legitimate" platforms). Like you say, they do have a responsibility to learn such things, once they are trading in such volume, but Robinhood also creates zero barrier to entry, and knowing what you don't know is a real skill, and with those two facts, we do have to be thoughtful about precisely where we lay blame.
- cj 6y ago
  > Note that many people have no reason to believe that Robinhood does not match this description I disagree with this. To me, it's like saying "I build websites using Squarespace WYSIWYG, but I'm unaware that there are a whole lot of engineers out there building websites with code." Anyone trading millions of dollars a day is aware of platforms like thinkorswim which alone shows how limited Robinhood is.
asdff 6y ago
Some use robinhood for trades but use other software for charts. It's convenient and fast enough.

by cj 6y ago

happytoexplain 6y ago

>a legitimate trading platform with fully built out functionality designed for people trading with that kind of volume Note that many people have no reason to believe that Robinhood does not match this description (even I only assume it doesn't, but that's only based on perception, not anything remotely objective - I can't trade in quantities above 3 or 4 digits, so I don't feel the need to invest my time in learning the differences between Robinhood and more "legitimate" platforms). Like you say, they do have a responsibility to learn such things, once they are trading in such volume, but Robinhood also creates zero barrier to entry, and knowing what you don't know is a real skill, and with those two facts, we do have to be thoughtful about precisely where we lay blame.

cj 6y ago
> Note that many people have no reason to believe that Robinhood does not match this description I disagree with this. To me, it's like saying "I build websites using Squarespace WYSIWYG, but I'm unaware that there are a whole lot of engineers out there building websites with code." Anyone trading millions of dollars a day is aware of platforms like thinkorswim which alone shows how limited Robinhood is.

asdff 6y ago

Some use robinhood for trades but use other software for charts. It's convenient and fast enough.