RenoF250 Posted January 28, 2021 Share Posted January 28, 2021 https://www.rt.com/usa/513950-squad-aoc-tlaib-robinhood-hearing/ Those hedge fund twits can eat a bag of dicks. They put it all on black and lost, you don't like the game, don't play. 4 Link to comment Share on other sites More sharing options...
willie-pete Posted January 28, 2021 Share Posted January 28, 2021 Luckily I don't agree with them. Every brokerage company I know sets margin requirements. They only stopped them from buying more shares. Other big ones such as TDAmeritrade have set limits. Short sellers have been around for 5,000 years. What idiot believes GME is worth $350 a share ? Link to comment Share on other sites More sharing options...
GT4494 Posted January 28, 2021 Share Posted January 28, 2021 wife was wondering what was going on with her Blackberry stock and then I found out it was part of the same scheme.. She was so hoping they were coming back strong so she could get a new model... 1 Link to comment Share on other sites More sharing options...
willie-pete Posted January 28, 2021 Share Posted January 28, 2021 Anytime AOC and Ted Cruz is on the same side of an issue, you know it is F'd up. 1 1 Link to comment Share on other sites More sharing options...
RenoF250 Posted January 28, 2021 Author Share Posted January 28, 2021 1 hour ago, willie-pete said: Luckily I don't agree with them. Every brokerage company I know sets margin requirements. They only stopped them from buying more shares. Other big ones such as TDAmeritrade have set limits. Short sellers have been around for 5,000 years. What idiot believes GME is worth $350 a share ? Are you sure you are aware of the situation? From my understanding, the hedge fund shorted 120% of game stop, reddit folks found out, and knowing the hedge fund would have to buy the stock to cover the shorts bought the stock and ran the price up. None of that is illegal that I am aware of. Are you saying Robinhood did not shut them down just limited them because of margin requirements and they are still allowing others with cash to buy the stock? If so I stand corrected. Link to comment Share on other sites More sharing options...
willie-pete Posted January 28, 2021 Share Posted January 28, 2021 6 minutes ago, RenoF250 said: Are you sure you are aware of the situation? From my understanding, the hedge fund shorted 120% of game stop, reddit folks found out, and knowing the hedge fund would have to buy the stock to cover the shorts bought the stock and ran the price up. None of that is illegal that I am aware of. Are you saying Robinhood did not shut them down just limited them because of margin requirements and they are still allowing others with cash to buy the stock? If so I stand corrected. https://www.cnet.com/personal-finance/robinhood-app-td-ameritrade-restrict-trading-of-gamestop-amc-stock/ " Robinhood explained the move in a blog post Thursday morning, just before the stock exchanges opened: "In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK." The @wsbmod Twitter account (which is tied to the Wall Street Bets subreddit community driving recent trades), responded in a tweet: "Individual investors are being stripped of their ability to trade on [the Robinhood app]. Meanwhile, hedge funds and institutional investors can continue to trade as normal." As a result of Robinhood's decision, a class-action lawsuit was filed Thursday in the Southern District of New York. Webull, another investing service, tweeted Thursday that it had begun restricting trades on shares of GameStop, AMC and headphone manufacturer Koss. Webull cited the "extreme volatility" of these particular stocks as the reason it will only allow users to sell their positions and not open any new ones. The company tweeted later in the afternoon it has since removed those restrictions. " https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html " Retail brokerages restricted trading on Thursday in GameStop and other stocks caught in a frenzy that has captivated Wall Street and caused big losses for hedge funds. Free-stock trading pioneer Robinhood and Interactive Brokers said that in some cases, investors would be able to sell only their positions and not open new ones. Both brokerages raised margin requirements on certain securities. After the announcement, shares of GameStop initially reversed their gains, sliding quickly into negative territory. The stock, which traded above $500 at one point in premarket trading, was below $290 per share shortly after the opening bell. About two hours after the Robinhood announcement, GameStop was down 20% from Wednesday’s closing price. In addition to GameStop, the wild trading affected other heavily shorted stocks, including AMC Entertainment, BlackBerry and Koss. " " The steps by Robinhood and Interactive Brokers taken Thursday were more drastic than what brokerages did earlier in the week. TD Ameritrade and Charles Schwab raised margin requirements on Wednesday. " I might also add that all major exchanges suspend trading for " news pending " when there is a chance for wild volatility waiting for the news. Link to comment Share on other sites More sharing options...
willie-pete Posted January 28, 2021 Share Posted January 28, 2021 Evidently Robinhood had to get some more line of credit from a few banks to cover their potential exposure in case things went to hell. I suspect they had to limit their exposures by closing down new orders, otherwise they could have gone teats up if it went the wrong way for them and all their customers couldn't make their margin calls. https://twitter.com/search?q=robinhood+line+of+credit&ref_src=twsrc^google|twcamp^serp|twgr^search When you start a new company sometimes you get more than you bargained for; otherwise known as " Be careful what you wish for " Link to comment Share on other sites More sharing options...
RenoF250 Posted January 28, 2021 Author Share Posted January 28, 2021 2 hours ago, willie-pete said: https://www.cnet.com/personal-finance/robinhood-app-td-ameritrade-restrict-trading-of-gamestop-amc-stock/ " Robinhood explained the move in a blog post Thursday morning, just before the stock exchanges opened: "In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK." The @wsbmod Twitter account (which is tied to the Wall Street Bets subreddit community driving recent trades), responded in a tweet: "Individual investors are being stripped of their ability to trade on [the Robinhood app]. Meanwhile, hedge funds and institutional investors can continue to trade as normal." As a result of Robinhood's decision, a class-action lawsuit was filed Thursday in the Southern District of New York. Webull, another investing service, tweeted Thursday that it had begun restricting trades on shares of GameStop, AMC and headphone manufacturer Koss. Webull cited the "extreme volatility" of these particular stocks as the reason it will only allow users to sell their positions and not open any new ones. The company tweeted later in the afternoon it has since removed those restrictions. " https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html " Retail brokerages restricted trading on Thursday in GameStop and other stocks caught in a frenzy that has captivated Wall Street and caused big losses for hedge funds. Free-stock trading pioneer Robinhood and Interactive Brokers said that in some cases, investors would be able to sell only their positions and not open new ones. Both brokerages raised margin requirements on certain securities. After the announcement, shares of GameStop initially reversed their gains, sliding quickly into negative territory. The stock, which traded above $500 at one point in premarket trading, was below $290 per share shortly after the opening bell. About two hours after the Robinhood announcement, GameStop was down 20% from Wednesday’s closing price. In addition to GameStop, the wild trading affected other heavily shorted stocks, including AMC Entertainment, BlackBerry and Koss. " " The steps by Robinhood and Interactive Brokers taken Thursday were more drastic than what brokerages did earlier in the week. TD Ameritrade and Charles Schwab raised margin requirements on Wednesday. " I might also add that all major exchanges suspend trading for " news pending " when there is a chance for wild volatility waiting for the news. I stand corrected then. They had every right to do that. Link to comment Share on other sites More sharing options...
Historian Posted January 28, 2021 Share Posted January 28, 2021 3 hours ago, willie-pete said: Anytime AOC and Ted Cruz is on the same side of an issue, you know it is F'd up. Even a blind squirrel occasionally finds an acorn. 1 Link to comment Share on other sites More sharing options...
willie-pete Posted January 29, 2021 Share Posted January 29, 2021 1 hour ago, RenoF250 said: I stand corrected then. They had every right to do that. Actually, every trading firm I have ever dealt with has those types of restrictions ( limits on trading ) in their fine print. Link to comment Share on other sites More sharing options...
willie-pete Posted January 29, 2021 Share Posted January 29, 2021 43 minutes ago, Historian said: Even a blind squirrel occasionally finds an acorn. Politics do, indeed, make strange bedfellows. Link to comment Share on other sites More sharing options...
willie-pete Posted January 29, 2021 Share Posted January 29, 2021 Here is Robinhood's explanation. Robinhood CEO says it limited buying in GameStop to 'protect the firm and protect our customers' Robinhood on Thursday restricted trading in thirteen equities, including GameStop and AMC Entertainment. www.cnbc.com " Robinhood CEO Vlad Tenev said Robinhood’s move to stop trading in certain speculative names was in the best interest of the company and its millions of users.“In order to protect the firm and protect our customers we had to limit buying in these stocks,” Tenev told CNBC’s Andrew Ross Sorkin Thursday evening.“Robinhood is a brokerage firm, we have lots of financial requirements. We have SEC net capital requirements and clearing house deposits. So that’s money that we have to deposit at various clearing houses. Some of these requirements fluctuate quite a bit based on volatility in the market and they can be substantial in the current environment where there’s a lot of volatility and a lot of concentrated activity in these names that have been going viral on social media,” said Tenev. " Link to comment Share on other sites More sharing options...
Walt Longmire Posted January 29, 2021 Share Posted January 29, 2021 Where is Crocket to chime in on this? 1 Link to comment Share on other sites More sharing options...
crockett Posted January 29, 2021 Share Posted January 29, 2021 (edited) RobinHood blocking buy orders on GME and a couple other stocks was not about protecting their retail traders. We have 100 to 4000% gainers every day and they don't get blocked even though they carry the exact same high volatility risk. RobinHood offers trading with zero commissions. Just a few years ago every broker charged 3 to 10 bucks for every order placed. That changed 2 years ago when RobinHood started offering zero commission trades. Most other brokers followed. The only major way they now can make a profit is by selling most of their order float to a middleman company that offers order fills at a worse price and splits that margin profit between them and the broker. If a retail trader wants a better fill price, they have to use a direct routing broker that sends orders directly to the exchange. All those direct access brokers still charge fees for every trade. Now, the largest order float buying company in cooperation with RobinHood is Citadel Execution Services, and they are financially in bed with, you guessed it, that hedge fund company that was making MASSIVE losses because their arrogant short positions on GME got squeezed out by a ton of kiddos with 500 dollar RobinHood accounts. Wall Street is very dirty, for decades now. These kids managed to even the playing field on a couple stocks by pumping those mid cap stock through massive numbers, and not with big accounts. Its a retail trader riot so to speak, against the institutional traders that have been sucking companies like GameStop into bankruptcy and retail traders alike, with countless loopholes, hidden orders, algo manipulations, tricks, traps, grey zones and other disadvantages. RobinHood tried to prevent the kiddo traders from buying more GME, so their hedge fund buddies wouldn't end up belly up. And it worked. Right after RobinHood blocked the kids from buying more GME, the price dumped by 30%. RobinHood is now in deep trouble.Thousands of those kiddo traders filed legit complaints with the SEC, and a couple million traders will leave RobinHood out of distrust, leaving them with liquidity issues because they are all going cash now. On top of that, the first class action lawsuit was started and traders are signing up in the thousands. RobinHood blocking them from buying GME is the same style cancel culture that all those social media platforms applied in order to remove conservative opinion and content. We are on a very dirty path and chances are that the current Dems will use and abuse the situation for more regulations that will limit, tax and / or alter retail traders, while the big cat hedge fund managers can keep slaughtering the retail traders as usual. Wall Street used to be conservative. Even that has changed. Edited January 29, 2021 by crockett 1 Link to comment Share on other sites More sharing options...
crockett Posted January 29, 2021 Share Posted January 29, 2021 PS: in order to have a chance trading these high momentum stocks against the institutional traders, you really need a direct routing broker, very fast internet, computers and monitors worth a small new car. Those kids on RobinHood trading on their phones will bleed out either way, GameStop is dead much like SEARs and Pennys. They all missed the digital train by a decade. No direct access broker blocks high momo stocks. I use TradeStation and I can chose the exchange my orders go to at any time. I have IT equipment worth over 20 grand in order to get the fastest order fills possible. In average I get filled within 20 milliseconds. I click only one button and I'm in with six figures before the key comes back up. Many times I go in and out within 1 second on these fast moving tickers. Pros scalp these gappers based on 10 second candles, the tape and level 2 data only. My buddy Ross made 460k today, his best day yet. Here his entire trading session... this is how we, only 1.4% of all retail traders, are green. The rest (98.6%) loses to the institutional traders. 1 Link to comment Share on other sites More sharing options...
willie-pete Posted January 29, 2021 Share Posted January 29, 2021 Well, Congress ought to be able to straighten it all out. https://www.yahoo.com/news/congress-plans-hearings-gamestop-stock-033034114.html " The leaders of the House and Senate committees responsible for financial industry oversight plan to hold hearings looking into Robinhood's decision and the circumstances that led to the market changes. "We must deal with the hedge funds whose unethical conduct directly led to the recent market volatility and we must examine the market in general and how it has been manipulated by hedge funds and their financial partners to benefit themselves while others pay the price," said Maxine Waters, the chair of the House Financial Services Committee. " Link to comment Share on other sites More sharing options...
RenoF250 Posted January 29, 2021 Author Share Posted January 29, 2021 15 hours ago, willie-pete said: Actually, every trading firm I have ever dealt with has those types of restrictions ( limits on trading ) in their fine print. I should have read your link better. You are incorrect, they blocked the purchase period and only allowed closing of positions. That is NOT okay. https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html “We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR and $TRVG. We also raised margin requirements for certain securities,” Robinhood said in a statement. Link to comment Share on other sites More sharing options...
crockett Posted January 29, 2021 Share Posted January 29, 2021 Today's top gainers... up to 260%... none of them gets blocked... and that's normal. Link to comment Share on other sites More sharing options...
crockett Posted January 29, 2021 Share Posted January 29, 2021 (edited) Ross up 100k as of right now. Only ticker he is red on is GameStop. GameStop was my only trade today and I pulled 5% within 1 minute on the double bottom pattern. My play on my TD Ameritrade bullshit broker account. Even they don't block GME. Usually only use them for long swings and futures. Edited January 29, 2021 by crockett Link to comment Share on other sites More sharing options...
willie-pete Posted January 29, 2021 Share Posted January 29, 2021 (edited) 1 hour ago, RenoF250 said: I should have read your link better. You are incorrect, they blocked the purchase period and only allowed closing of positions. That is NOT okay. Every user agreed to RH being able to limit their trading. Half a dozen other firms limited trading in GME and other stocks including Schwab, TDA, IB, and Webull. I bet no one complained when they made money. https://lawandcrime.com/high-profile/robinhood-users-who-flipped-out-about-restricted-trading-really-should-read-this/ " 16. Restrictions on Trading. I understand that Robinhood may, in its discretion, prohibit or restrict the trading of securities, or the substitution of securities, in any of My Accounts. [ . . . ] I understand that Robinhood may at any time, at its sole discretion and without prior notice to Me: (i) prohibit or restrict My access to the use of the App or the Website or related services and My ability to trade, (ii) refuse to accept any of My transactions, (iii) refuse to execute any of My transactions, or (iv) terminate My Account. Further, Robinhood will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Robinhood, its Affiliates’ officers, employees, contractors or customers. If I engage in any such behavior, as determined by Robinhood in its sole discretion, I agree that Robinhood is authorized to: (i) liquidate any securities, instruments or other property in My Account, (ii) send Me the proceeds, and (iii) close My account. Robinhood will not be responsible for any Losses caused by the liquidation of securities, instruments or other property pursuant to this paragraph, including any tax liabilities. Edited January 29, 2021 by willie-pete Link to comment Share on other sites More sharing options...
RenoF250 Posted January 29, 2021 Author Share Posted January 29, 2021 31 minutes ago, willie-pete said: Every user agreed to RH being able to limit their trading. Half a dozen other firms limited trading in GME and other stocks including Schwab, TDA, IB, and Webull. I bet no one complained when they made money. https://lawandcrime.com/high-profile/robinhood-users-who-flipped-out-about-restricted-trading-really-should-read-this/ " 16. Restrictions on Trading. I understand that Robinhood may, in its discretion, prohibit or restrict the trading of securities, or the substitution of securities, in any of My Accounts. [ . . . ] I understand that Robinhood may at any time, at its sole discretion and without prior notice to Me: (i) prohibit or restrict My access to the use of the App or the Website or related services and My ability to trade, (ii) refuse to accept any of My transactions, (iii) refuse to execute any of My transactions, or (iv) terminate My Account. Further, Robinhood will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Robinhood, its Affiliates’ officers, employees, contractors or customers. If I engage in any such behavior, as determined by Robinhood in its sole discretion, I agree that Robinhood is authorized to: (i) liquidate any securities, instruments or other property in My Account, (ii) send Me the proceeds, and (iii) close My account. Robinhood will not be responsible for any Losses caused by the liquidation of securities, instruments or other property pursuant to this paragraph, including any tax liabilities. Wow, that is a pretty crappy agreement for the user. Link to comment Share on other sites More sharing options...
crockett Posted January 29, 2021 Share Posted January 29, 2021 (edited) 35 minutes ago, willie-pete said: Every user agreed to RH being able to limit their trading. Half a dozen other firms limited trading in GME and other stocks including Schwab, TDA, IB, and Webull. I bet no one complained when they made money. https://lawandcrime.com/high-profile/robinhood-users-who-flipped-out-about-restricted-trading-really-should-read-this/ " 16. Restrictions on Trading. I understand that Robinhood may, in its discretion, prohibit or restrict the trading of securities, or the substitution of securities, in any of My Accounts. [ . . . ] I understand that Robinhood may at any time, at its sole discretion and without prior notice to Me: (i) prohibit or restrict My access to the use of the App or the Website or related services and My ability to trade, (ii) refuse to accept any of My transactions, (iii) refuse to execute any of My transactions, or (iv) terminate My Account. Further, Robinhood will not tolerate any foul or abusive language, physical violence, threatening behavior, or other inappropriate conduct directed toward Robinhood, its Affiliates’ officers, employees, contractors or customers. If I engage in any such behavior, as determined by Robinhood in its sole discretion, I agree that Robinhood is authorized to: (i) liquidate any securities, instruments or other property in My Account, (ii) send Me the proceeds, and (iii) close My account. Robinhood will not be responsible for any Losses caused by the liquidation of securities, instruments or other property pursuant to this paragraph, including any tax liabilities. Broker agreements and policies don't trump SEC or FINRA regulations / ACTs, let alone federal law. Aaron Keller (the guy who wrote that article) needs to read the Securities Exchange Act of 1934, Section 9. Intent is the keyword here. PS: RobinHood was just charged and fined 65 M by the SEC last month. This time they wont get away with a slap on the wrist, that's for sure. Any civil lawsuits will tag along nicely. Edited January 29, 2021 by crockett Link to comment Share on other sites More sharing options...
tadbart Posted January 29, 2021 Share Posted January 29, 2021 18 hours ago, Historian said: Even a blind squirrel occasionally finds an acorn. AOC can find deez... Link to comment Share on other sites More sharing options...
Historian Posted January 29, 2021 Share Posted January 29, 2021 29 minutes ago, tadbart said: AOC can find deez... Hey, i think it was you who said you thought highly of her "look" and perhaps skills. 1 1 Link to comment Share on other sites More sharing options...
minervadoe Posted January 29, 2021 Share Posted January 29, 2021 Non professional investors treat the stock market like a form of legalized gambling. But, this? It's like being part of a bee swarm with the goal of toppling the market. Morons!! 1 Link to comment Share on other sites More sharing options...
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