Posted on 07/09/2020 1:14:43 PM PDT by rintintin
Richard Dobatse, a Navy medic in San Diego, dabbled infrequently in stock trading. But his behavior changed in 2017 when he signed up for Robinhood, a trading app that made buying and selling stocks simple and seemingly free.
Mr. Dobatse, now 32, said he had been charmed by Robinhood’s one-click trading, easy access to complex investment products, and features like falling confetti and emoji-filled phone notifications that made it feel like a game. After funding his account with $15,000 in credit card advances, he began spending more time on the app.
As he repeatedly lost money, Mr. Dobatse took out two $30,000 home equity loans so he could buy and sell more speculative stocks and options, hoping to pay off his debts. His account value shot above $1 million this year — but almost all of that recently disappeared. This week, his balance was $6,956.
“When he is doing his trading, he won’t want to eat,” said his wife, Tashika Dobatse, with whom he has three children. “He would have nightmares.”
(Excerpt) Read more at nytimes.com ...
People can lose money on investments? No WAI!
“ After funding his account with $15,000 in credit card advances, he began spending more time on the app.”
Stopped reading and caring about this idiot right here.
Wow. I wouldn’t dabble in stocks, beyond buying mutual, because that would probably happen to me.
Origin of “A Fool and His Money Are Soon Parted”!
The book of Proverbs 21:20 of King James Bible is the origin of this phrase as it contains the same meaning. The verse is as follows – “There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.”
I recall some years back there was much the same story about day traders losing their shirts. Was in the news a lot for awhile.
Yep, just like I'm not caring about the guy who died of an overdose taking bad heroin or fentenyl
Good thoughts.
All these stories are made to portray those that screw up as helpless victims.
When in fact their natures are far closer to Walter White, than a helpless victim.
Guess it was either the stock market or horse racing or perhaps sports betting for this guy. There will always be people looking for a shortcut.
I have been investing in the stock market continuously for 44 years. I have zero empathy or sympathy for people who treat the stock market as a casino. As far as I am concerned, this guy has gotten exactly what he deserves.
Time was when the Republican Party was the anti-gambling party (among other things) and supported restrictions on businesses that played on people’s vices or addictions. The Democrats were the gambling supporters
Dopamine hits...
The Stock Market took advantage of him because he was Black.
I’ve heard this exact same story in Vegas dozens of times.
I don’t want to go to the NYT, so who does the victim think should pay for his debts? Bankruptcy courts are not likely to discharge debt taken on for incompetent online gambling. Foreclosure, coming up.
I think this is a case where reparations are due.
"How are you doing?"
"I still have $6000 left."
He should have just sold at the right time
He needs to borrow more and try again until he get's it right.
I also invest in stocks myself but I only invest what I can afford. First come is my bills then what ever I have left I purchase a few stocks here and there. When I need cash to pay a bill then I go and sell a few stocks. I do not use stocks as a quick rich casino but I see my stocks as a supplement instead of going to a payday loan.
Gambling addict.
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