Re:Robinhood Checking Moved Fast and Broke
by toomuchtodo on Monday December 17, 2018 @12:03PM
(#18700194)
I want Robinhood to fail. Most retail brokers pass through price improvements to their customers, and their fee structure is reasonable for the services they provide. I don't want a Facebook Of Financial Services (you don't pay directly, you pay through being the product).
Robinhood is what Moviepass rebranded as a hip fintech startup that provides trading services would look like. They target the financially illiterate, and should be nuked from orbit.
If a few dollars per trade are breaking you, you have no business actively trading (and should have at least $25k in working capital per FINRA pattern day trading guidelines [1]). Put your money in an index fund at Vanguard and stop gambling in what is a glorified loot box at Robinhood user scale.
Robinhood is what Moviepass rebranded as a hip fintech startup that provides trading services would look like. They target the financially illiterate, and should be nuked from orbit.
If a few dollars per trade are breaking you, you have no business actively trading (and should have at least $25k in working capital per FINRA pattern day trading guidelines [1]). Put your money in an index fund at Vanguard and stop gambling in what is a glorified loot box at Robinhood user scale.
[1] http://www.finra.org/investors/day-trading-margin-requiremen...