Very Sad story

[NitroZ7]

Options and leverage can be very dangerous. I do not know why some of these brokerages are not more strict. Very sad outcome.




https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/?utm_campaign=forbes&utm_source=facebook&utm_mediu m=social&utm_term=Valerie/#64ec93065928

[boneil]

It hasn't been confirmed yet, but the thought is that if he would have just waited till the next morning, he would have seen his account was fine, that the other leg of the option would have covered the loss. He didn't understand what he was looking at.

Now, his account should have never had shown a negative balance like that, it's clearly a flaw in the app, and the options should have been closed automatically before the close of market.

But, the Robinhood app is known for being able to find exploits in the code to give you leverage that you shouldn't have. I thought that stuff was all fixed, cause it was really popular on reddit with people taking advantage of it.

So either the guy tried to cheat, or he didn't know what he was looking at. Very sad and an example of how dangerous options can be

[NitroZ7]

Yeah I was sure if he was doing vertical spreads and then he got assigned but he had another leg of the option where it would have balanced out. I did some digging and it depends on the brokerage about how they settle these.

[haftafish22]

I might get flamed here. So fair warning.

I don’t believe this is sad. It’s idiotic. You don’t take your life, the life that is loved by others over something like money. It comes it goes, not worth a life. I haven’t read more but I pray to God, the story isn’t accurate. Such a shameful act to do that to loved ones. I have had suicide issues in my life (with others), and the grief it causes is so selfish. That’s the sad part.

[NitroZ7]

I might get flamed here. So fair warning.

I don’t believe this is sad. It’s idiotic. You don’t take your life, the life that is loved by others over something like money. It comes it goes, not worth a life. I haven’t read more but I pray to God, the story isn’t accurate. Such a shameful act to do that to loved ones. I have had suicide issues in my life (with others), and the grief it causes is so selfish. That’s the sad part.

No flame here but a young man that age thought he put a big burden on his parents with that loss. He was young and thought his suicide was the answer. Very sad in any event but they qualify people to trade risky options way too easily. Not saying what he was doing was risky but damn I think back to when I was 20 and I can't imagine trading like they do today in college.