Robinhood to Offer 24-Hour Trading(blog.robinhood.com)
blog.robinhood.com
Robinhood to Offer 24-Hour Trading
https://blog.robinhood.com/news/2023/5/9/the-24-hour-market-is-here
7 comments
These trading services are becoming more like roulette tables. They encourage addiction by providing intermittent Skinner-Box-style rewards, they show inconsequential information to create a delusion of expertise for the marks (e.g. previous roulette numbers vs. a plethora of charts), and now they're both open 24 hours.
Robinhood is actually making some pretty smart(or scummy, depending how you see it) moves lately.
Their latest earnings showed they make a ton of money from interest on cash on hand, while trading and crypto slid. They offer high interest for money you park in your trading account.
So now to check your balance, you see all these stocks going up and down, ripe for the buying with a click from your well funded brokerage account. Now, you can do so even in the middle of the night.
It's not a ton different than say, a casino offering high interest on a stack of chips if you set them on the corner of the blackjack table.
Their latest earnings showed they make a ton of money from interest on cash on hand, while trading and crypto slid. They offer high interest for money you park in your trading account.
So now to check your balance, you see all these stocks going up and down, ripe for the buying with a click from your well funded brokerage account. Now, you can do so even in the middle of the night.
It's not a ton different than say, a casino offering high interest on a stack of chips if you set them on the corner of the blackjack table.
> while trading ... slid
As somebody who has gone deep down the "options + technical analysis" rabbit hole, I'm relatively confident that 99% of people who "try to trade" shouldn't, if not 100%.
Seems like a weird business model for Robinhood to try to make money off of (let alone encourage people to attempt/do).
"Come try to crack this code nobody else can really consistently crack with any accuracy/success"
At least gambling admits it is gambling and you can calculate your odds on things like poker/blackjack/roulette/slots/craps/etc.
People think their decision making abilities on randomly going long or short a few shares of SPY (or worse, short-term expiration puts/calls before they expire worthless) is a skill they can navigate/hone in over time
As somebody who has gone deep down the "options + technical analysis" rabbit hole, I'm relatively confident that 99% of people who "try to trade" shouldn't, if not 100%.
Seems like a weird business model for Robinhood to try to make money off of (let alone encourage people to attempt/do).
"Come try to crack this code nobody else can really consistently crack with any accuracy/success"
At least gambling admits it is gambling and you can calculate your odds on things like poker/blackjack/roulette/slots/craps/etc.
People think their decision making abilities on randomly going long or short a few shares of SPY (or worse, short-term expiration puts/calls before they expire worthless) is a skill they can navigate/hone in over time
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How can they offer this? The markets open and close.
This can only operate by buying and selling in a dark pool or ATS. So you have no actual ownership or any rights.
Avoid at all costs.
This can only operate by buying and selling in a dark pool or ATS. So you have no actual ownership or any rights.
Avoid at all costs.
They have their own market