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My cousin was talking about how with Robinhood & other similar sites you “get free stocks” & when I asked what stocks he said “doesn’t matter random ones”... here is a sampling of terrifying (& wrong) stuff he said:
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My cousin was talking about how with Robinhood & other similar sites you “get free stocks” & when I asked what stocks he said “doesn’t matter random ones”... here is a sampling of terrifying (& wrong) stuff he said:
(1/
They keep going up! Except when Biden was sworn in.
(Me: Stocks were up during the inauguration but also stocks... they sometimes go down...)
(2/
(Me: Stocks were up during the inauguration but also stocks... they sometimes go down...)
(2/
Him: I don’t know why they keep going up!
Me: Don’t you think that’s important?
Him: No
Me: have you heard of the Fed?
(Blank stare)
3/
Me: Don’t you think that’s important?
Him: No
Me: have you heard of the Fed?
(Blank stare)
3/
Me: Tell me your at least using limit orders? Are you placing stop losses on the biotechs?
Him: (blank stare) nah I use market orders otherwise I can’t get fills at the open. Although my buddy’s app trading starts at 3am.
4/
Him: (blank stare) nah I use market orders otherwise I can’t get fills at the open. Although my buddy’s app trading starts at 3am.
4/
Me: ok but markets open at 8:30. Do you realize what needs to happen for pre market trading to take place? Liquidity? Spreads? Anything like that?
Blank stare.
5/
Blank stare.
5/
The only think that mildly calmed my headache was his acknowledgement that what he’s doing is gambling ...
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Takeaways: what these new brokerage apps are doing is genius from a biz standpoint in that they are gamifying trading. Fintech take note.
It’s also terrifying.
Who picks what “random stocks” are given out like free toasters? Where are regulators???
(End)
It’s also terrifying.
Who picks what “random stocks” are given out like free toasters? Where are regulators???
(End)
