Robinhood Bros Beware
Swing Trading the Stock Market
Ryan Mallory
4.7 • 828 Ratings
🗓️ 14 July 2020
⏱️ 15 minutes
🧾️ Download transcript
Summary
In this podcast episode I speak to a recent NY Times article on the success and failure of Robinhood App users (https://www.nytimes.com/2020/07/08/technology/robinhood-risky-trading.html) Some have killed themselves, while others have lost over $860k along with taking credit lines and second mortgages. These people as a whole trade the riskiest stocks and asset classes.
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Transcript
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| 0:00.0 | Hey, I'm Ryan Mallory, and this is my swing trading, the stock market podcast. |
| 0:11.3 | I'm here to teach you how to trade in a complex, ever-changing role to finance. |
| 0:16.2 | Learn what it means to trade profitably and consistently, managing risk, avoiding the pitfalls of trading, |
| 0:22.1 | and most importantly, to let those winners run wild. |
| 0:25.7 | You can succeed at the stock market, and I'm ready to show you how. |
| 0:29.2 | Hey, everybody, this is Ryan Mallory with Swing Trading the Stock Market, and there's no doubt that |
| 0:32.7 | in recent weeks and months, I've been kind of critical about the Robin Hood traders, right? |
| 0:36.8 | I call them Robin Hood bros. A lot of these people that are getting into the stock market, they've been using |
| 0:40.6 | stimulus checks, they've been using unemployment, the extra $600 a month, and they're just |
| 0:45.0 | throwing it into the stock market. They're getting credit lines. They're getting second mortgages. |
| 0:49.5 | It's all very bad. Now that doesn't mean that there isn't some good Robin Hood traders out there. But the |
| 0:54.6 | Robin Hood bros as a whole, they're not really using a lot of discernment when it comes to |
| 0:58.4 | trade. And they're just jumping in whatever everybody else is trading in. And if this stock's |
| 1:01.9 | running, I'm going to trade in that. If David Portnoy is buying this, I'm going to buy that as well. |
| 1:05.5 | And they're just, it's just a herd mentality. And so there was a recent article in the New York Times and you can Google it. I can't |
| 1:11.1 | really give a link over a podcast, right? But anyways, it's called Robin Hood has learned young traders |
| 1:15.8 | sometimes with devastating results. I'm just going to go through this article with you and just |
| 1:19.4 | kind of give you some feedback. It's kind of a different approach on a podcast than what I've done |
| 1:23.1 | ever before. But I think it's a good article. and I'm not even really a fan of New York Times. |
| 1:29.1 | I'm really not. This is a good piece of journalism here. And so anyways, it has a subtext that says |
| 1:33.1 | its users buy and sell the riskiest financial products and do so more frequently than customers |
| 1:37.5 | at other retail brokerage firms, but their inexperience can lead to staggering losses. Now, |
... |
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