>Dobatse was buying and selling stocks on Robinhood. He funded his account with $15,000 in credit card advances - even took out two $30,000 home equity loans to trade the most speculative stocks and options, with hopes to pay off his debts. At one point earlier this year, his account had $1 million - now in freefall, the account is worth $6,956, reported The New York Times.
Guy is just a dumbass
I'm not sure "dumbass" is accurate to describe him
But he certainly still feels like one now
....
"I should have stopped at $900000..."
Damn dude. learn to quit while you are ahead.
srsly. I always hedge my bets. That is just plain irresponsible.
IT COULD HAVE WORKED THOUGH
As I see it, it's a case of a guy putting 2+2 together and acting upon it
"Stocks only go up" - true
"Now what? Well... Now I take $15,000 in credit card advances - and two $30,000 home equity loans to trade the most speculative stocks and options"
That's what
And it worked
...
Now sure it was risky as fuck, but that's also why it was rewarding, no mystery involved here. Granted, it was so risky it was bordering on irresponsible, reckless. But still. It's not like he threw all his money by the window and earned nothing at all at any given point.
So, what went wrong exactly? Lack of solid financial knowledge? Greed? Bad luck/unfortunate circumstances? Excess of wishful thinking? Idk. Maybe a bit of all of that
He was over leveraged and didn't have ample cash reserves to increase positions when the market dropped. '
I lost a bunch of money in March, but I've done even better on the upswing. Just depends how much leverage you leave yourself to work with.
Taking out loans like that is crazy. /r/wallstreet bets....lol.
When this story first broke it was kind of pointed to as how bad Robinhood is, but it turned out the guy was just a dipshit that had a gambling problem.
He was one inch away from becoming robinhood genius trader 2020
Now he's forever dipshit with a gambing problem
When you start playing with that much money, you damn well need to know what you're doing.
He did not.
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