A horrible example of someone who can't control their emotions in the market. He probably got super excited after he leverage traded his account and never thought once about the downside of it. It's a shame that he will never know what riches are besides material possessions.
Duplicate thread. https://www.elitetrader.com/et/threads/rookie-trader-racked-up-700k-in-debt.346218/
Does Robinhood really have confetti pop up and stuff on the screen when you make a trade? That's what slot machines do oh my goodness.
There was no leverage. It was done using options. I can guarantee you in the next months ahead they are going to make some significant changes to the trading industry because of all these new traders coming into the market having no idea the risk it involves.
That's what the $25,000 PDT rule is all about. back in the day during the tech bubble all these day traders started committing suicide and so the government came up with this rule
I remember that change. You could literally daytrade with as little account money as you wanted and there was no limit on how many trades you could make. Today they flag the account if you have less than 25k and make more than a few daytrades in less than a week.