Watch the movie "The Sting" 1973... It about con artists and one of the cons is getting the information on a winning horse before the radio broadcast... Basically the same premise here
I used to run sync T1s to my house at like $5k/month or something in that range when I traded in the 90s so I'd have that advantage. You kids have it so much easier these days :(
Still got my DSUs and Cisco 2600s sitting right here in my rack only God knows why... Maybe I'll run a museum of antique telco shit one of these days, all complete with a rack of USR modems for dial-up too.
Well, there you have it. The computer algorithms (similar to voting machines) have been stealing for years. The faster they get, the faster they steal. We watch BS like CNBC and other places that have talking heads and say things like, "I think what the market is telling us.....blah, blah, blah." Retirees think they just learned something. It is all smoke and mirrors for vast distribution to make you believe there is really a market. The simple front running takes on new meaning. The fact that Nancy Pelosi cannot be charged with insider trading because her laws exempt her, tells you everything you need to know.
Was there anything in there about them actually owning your stocks and just giving you access to them, or that the users grant them permission to execute trades on your behalf without your authorization?
Good question. I don’t recall, and won’t be going through it again. My issue was with this single bank they had a relationship with for available funds from users. I want to say I thought there was something unusual about interest income on that money from users and the bank. It has been a while since I looked at it.
Got a robinhood account due to the hype. Never used it though the fact it was free always sketched me out. They gotta be making money some other way, now we know how.
I used to work for Apex Clearing in Dallas, TX. They were the custodian for Robinhood that processed their trades on the back end until RH went self clearing.
Long story short, these companies are all in on it together.
spoiler alert: it doesnt matter. they all sell order flow. Just like Facebook is free, it's the exact same model.
selling order flow however is not a bad thing, you're still obliged to get the best pricing on your trade. getting front run by HFT is nothing new and frankly is bad but doesnt matter in the retail trading world because a penny on your 10 lot doesnt matter. a penny on a million shares matters.
if RH actually did what they're accused of, then thats a different matter all together.
This has been known for years. People trade on it for the same reason people buy apple products, it's dumbed down to the point that retards think they know what they're doing.
Shhhhh, us plebs are not supposed to know these things.
So evil but also fucking genius.
Watch the movie "The Sting" 1973... It about con artists and one of the cons is getting the information on a winning horse before the radio broadcast... Basically the same premise here
That was the first thing that came to mind as well.
Always drink gin kid. The mark cant tell if you watered it down.
I'm glad someone has finally said this. No matter how much money you make on robinhood, someone can make more money off of you.
So how is this illegal, isnt this the difference between bid and ask? I thought that was all on the up and up though.
I used to run sync T1s to my house at like $5k/month or something in that range when I traded in the 90s so I'd have that advantage. You kids have it so much easier these days :(
That's fucking awesome
Still got my DSUs and Cisco 2600s sitting right here in my rack only God knows why... Maybe I'll run a museum of antique telco shit one of these days, all complete with a rack of USR modems for dial-up too.
Well, there you have it. The computer algorithms (similar to voting machines) have been stealing for years. The faster they get, the faster they steal. We watch BS like CNBC and other places that have talking heads and say things like, "I think what the market is telling us.....blah, blah, blah." Retirees think they just learned something. It is all smoke and mirrors for vast distribution to make you believe there is really a market. The simple front running takes on new meaning. The fact that Nancy Pelosi cannot be charged with insider trading because her laws exempt her, tells you everything you need to know.
If a service is free then you are the product being sold
Or your stock is. The other way they can make money is loaning your stock to short sellers for a fee.
Lolz... read Quants. We have know this for years. Welcome to the desert of the real.
I've told everyone about robinhood for years. Nobody listened.
I also think when they went down for DAYS on March 20th . Nobody Woke Up.
There is NO Reason to use RobinHood when every firm charges $0 for a Trade.
So anyone who got stuck at Robinhood.
Fuck yourself. You Ignored me and everyone.
NO SYMPATHY
You had choices which had REAL PLATFORMS
Robin Hood was stealing your Profits for YEARS. AND YOU DIDNT CARE.
They sold your TRADES to thr Highest Bidder of KICKBACKS
They skimmed off the tops of your trades.
PAYMENT FOR ORDER FLOW
You dont even care about who you trade stocks with. So who gives a shit if you are stopped from trading.
You didn't care on March 20th 2020 when the systems crashed for 3 days
Why do you care today?
I actually read their entire terms of service and other related legal documents. Didn’t pass the smell test.
"FREE" <------------ That should never pass anyone's sniff test, especially where money is concerned.
Was there anything in there about them actually owning your stocks and just giving you access to them, or that the users grant them permission to execute trades on your behalf without your authorization?
Good question. I don’t recall, and won’t be going through it again. My issue was with this single bank they had a relationship with for available funds from users. I want to say I thought there was something unusual about interest income on that money from users and the bank. It has been a while since I looked at it.
Got a robinhood account due to the hype. Never used it though the fact it was free always sketched me out. They gotta be making money some other way, now we know how.
I used to work for Apex Clearing in Dallas, TX. They were the custodian for Robinhood that processed their trades on the back end until RH went self clearing.
Long story short, these companies are all in on it together.
Fuckin snakes. They get what they deserve. Kek!
You know who works as a senior advisor to Citadel?
Former Federal Reserve Chairman, Ben Bernanke
I’m a professional trader in Chicago, AMA
Which brokerage would you recommend? Fuck RH.
spoiler alert: it doesnt matter. they all sell order flow. Just like Facebook is free, it's the exact same model.
selling order flow however is not a bad thing, you're still obliged to get the best pricing on your trade. getting front run by HFT is nothing new and frankly is bad but doesnt matter in the retail trading world because a penny on your 10 lot doesnt matter. a penny on a million shares matters.
if RH actually did what they're accused of, then thats a different matter all together.
Link is broke. I've got 1k of fuck them money.
I think they publicly disclose this I was aware of something like this a while ago and it made me feel that much better about not using robinhood
This has been known for years. People trade on it for the same reason people buy apple products, it's dumbed down to the point that retards think they know what they're doing.
https://en.wikipedia.org/wiki/Baiju_Bhatt
https://en.wikipedia.org/wiki/Vladimir_Tenev
Say hello.
I guess it's wrong, but I can't get mad because it's so baller