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He told the New York Times: "They make it so easy for people that don't know anything about stocks. Then you go there and you start to lose money. Dobatse's story is a cautionary tale about the dangers of day-trading, and how quickly losses can mount.
Visit Business Insider's homepage for more stories. Dobatse told the New York Times: "They make it so easy for people that don't know anything about stocks.
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Online trading platform Robinhood has taken the investment world by storm in recent months, evidenced by a surge in account openings. More than 3 million new accounts have been created this year with many mom-and-pop traders turning to who made money trading stock market to make quick money when markets tanked in March.
Dave Portnoy, founder of Barstool sports, turned investor has become the poster-child of day-trading in recent months with his aggressive "Davey Day Global Videos," often boasting unprecedented bullishness and posting videos touting many gains. While Portnoy told Business Insider last month that he plans to return to sports once activity resumes and effectively leave day-trading, gambling experts told Business Insider that they think many sports gamblers may remain invested in stock markets.
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Read more: A Wall Street expert sees a retail-investing trend that preceded the dot-com bubble and financial crisis bubbling up again — and warns it will end 'abruptly and painfully' trading levels the stock market Markets have been divided whether to applaud Robinhood traders for timing the market effectively, or to blame them from falsely inflating stock prices and taking risks beyond their means.
Billionaire investor Leon Cooperman said last month: "They are just doing stupid things, and in my opinion, this will end in tears.
The claims have not been verified.