Jun 19th, 2020 | Money Podcast

YOUNG ROBINHOOD TRADER KILLS HIMSELF Do you use online apps like Acorns or Robinhood to trade the markets? Easy as ordering a pizza on Grubhub, right? Not so fast. Find out how a young trader suddenly thought he was three-quarters of a million dollars in the hole and KILLED himself.

From Forbes: 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance 

From MarketwatchRookie trader kills himself after seeing a negative balance of more than $700,000 in his Robinhood account



Submitted by TallTim on

I don't know how you did it, but hearing it from the closest person available is one hell of a thing.

I wonder if Robinhood has some legal liability for the way they displayed the trade balance. It sounds like they aren't sophisticated enough to display multiple legs of a spread. That's horrible any way you cut it, but I have to wonder if the young trader would've not done what he did to himself if the balances were fully detailed.

You're quite right, and so is your guest about the massive risk when trading instruments you're not experienced in.

Another thing about Robinhood is they sell retail trading flow data to High Frequency Trading firms. I have issues with that as well.

Submitted by gokusan on

I have been using the Robinhood App for over a year and the only issue I had is when the app went down for a few days when the market started surging again. Otherwise, I have no complaints and I have done well. I follow Tom's plan of slow wealth building. I do not try trade options and puts and I do not try to time the market. Like dad always says, boring is good investing and I do not treat my brokerage account like a Las Vegas casino ;)