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Transfer Stocks Out of Your Robinhood Account

robinhood.com

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Re: Transfer Stocks Out of Your Robinhood Account

#191

Post by kasey_junk »

cambalache wrote: post #165
kasey_junk wrote: post #144

Earlier quoted context omitted.

What law do you suppose was broken?

Market manipulation, you dont seem like an impartial player here

Are wsb members also subject to the jailing for market manipulation? If not why not? The behavior of certain members is closer to the classic definition than anything the brokers have done.

I’m not an impartial player. I’m largely disgusted by the pass the insiders at wsb have gotten for their part in a recent market condition that is going to cost retail traders tons of money before this is done. It looks exactly like the mobbed up boiler rooms we used to see in the markets just transitioned to new technology.

I’ve in the past worked for hedge funds and prop trading firms but none implicated in any of this (they mostly don’t exist anymore). I have no current position in GME (I made $0.40 this week pretax trading GmE shares on Robinhood). I’ve traded on Robinhood for a few years after leaving the trading industry but more than 99% of my trades and positions are in vanguard indexes.

I’ve not worked for a trading desk, hedge fund or prop trader in more than 5 years and don’t have any outstanding trades, agreements or contracts in place that I know of.

What else would you like me to clear up before you impugn my reputation more?

Re: Transfer Stocks Out of Your Robinhood Account

#192

Post by xaduha »

drewcon wrote: post #167
ditonal wrote: post #13

The RH apologists are going on long winded explanations about clearing houses (and to some extent there’s elements of “it’s too complex for your little brain”). But even to the extent it’s true, if I put in 5k from my checkings into RH and buy stock, why does Rh need all this liquidity to get orders filled? I understand turning margin accounts off, but that’s it . Past that, at best robinhoods business model is highl…

Sigh. In a different life, I worked for a well known discount brokerage in 2005 processing corporate actions. Mergers, splits, divided payments, proxy voting, exercising bond contract provisions, warrants, short covering etc.for retail customers. Not glamorous work to be sure. I can tell you unequivocally that to deliver the simplicity, affordability, and transaction efficiency we now take for granted, many MANY laye…

> All of this is to say...it seems like HN model of how retail financial markets work is like super efficient APIs that transact like magic plumbing.

Exactly, just because it's abstracted away doesn't mean it isn't there. What else can this startup be other than a client application to a service that isn't theirs?

Re: Transfer Stocks Out of Your Robinhood Account

#193

Post by webmaven »

cocoa19 wrote: post #179
geoduck14 wrote: post #154

Earlier quoted context omitted.

I had a Hotmail account before Gmail was a thing.

Maybe Gmail was not the first free email, but was definitely the first massively adopted free email with a very high storage capacity. At Gmail's launch, Hotmail was offering only 2MB of free space, while Gmail was offering 1GB. At the time, that was a game changer, and how they captured a good chunk of the market.

> At Gmail's launch, Hotmail was offering only 2MB of free space, while Gmail was offering 1GB. At the time, that was a game changer, and how they captured a good chunk of the market.

The 1GB storage was so ridiculously large, that many assumed it was an April Fool's joke (also because GMail was launched on April 1st).

Re: Transfer Stocks Out of Your Robinhood Account

#194

Post by [deleted] »

PragmaticPulp wrote: post #174
TuringNYC wrote: post #156

Earlier quoted context omitted.

>> When you transfer money in, Robinhood doesn’t actually get that money until a couple days later. They allow you to buy stock immediately, but that happens (transparently) on margin. The solution would be to disallow this feature, not to stop trading of certain tickets on all accounts, most of which are seasoned and funded

The cost of trading meme stocks also increased exponentially due to regulatory requirements. Full explanation with math here: https://twitter.com/kralctrebor/status/1354952686165225478?s... Also, it’s not realistic to expect them to completely retool their entire app and infrastructure in a matter of hours to disallow margin-based trades of only certain securities. If this was a long-term concern I’m sure they’d do e…

[deleted]

Re: Transfer Stocks Out of Your Robinhood Account

#195

Post by totalZero »

PragmaticPulp wrote: post #122
ditonal wrote: post #13

The RH apologists are going on long winded explanations about clearing houses (and to some extent there’s elements of “it’s too complex for your little brain”). But even to the extent it’s true, if I put in 5k from my checkings into RH and buy stock, why does Rh need all this liquidity to get orders filled? I understand turning margin accounts off, but that’s it . Past that, at best robinhoods business model is highl…

One of Robinhood’s innovations was that they gave everyone a margin account, but hid the details. When you transfer money in, Robinhood doesn’t actually get that money until a couple days later. They allow you to buy stock immediately, but that happens (transparently) on margin. Robinhood is loaning you the money to make it happen. Likewise, when you buy or sell a stock, the trade doesn’t settle for t+2 days. Robinho…

> Robinhood again transparently loans you the money while waiting for the stock trade to settle.

Well, kind of. If you use the proceeds to do another stock trade, that second trade also settles T+2, so it doesn't require RH to put any of its own capital up.

(Options settle T+1.)

Re: Transfer Stocks Out of Your Robinhood Account

#196

Post by misframer »

kasey_junk wrote: post #105
calmworm wrote: post #97

Earlier quoted context omitted.

I don’t believe it was enforced across the board. I have yet to see a list but TastyWorks is an APEX customer and there were no restrictions put in place that I’m aware of. Surely there will be a compiled list of offenders and they will likely include the most heavily used retail “app brokers”.

Can’t confirm first hand but there were definitely reports of TastyWorks halting GME https://www.reddit.com/r/wallstreetbets/comments/l70ysa/tast...

Here’s the email I got from Tastyworks:

> Apex Clearing, who acts as the custodian of all tastyworks accounts, has informed us that the following symbols (AMC, GME, & KOSS) will be set to closing only order status immediately. You will only be able to submit orders to close out any open positions that you have in these symbols.

> New opening orders will not be accepted at this time. We will update our clients should the clearing firm lift the Closing Only status in the near future.

Re: Transfer Stocks Out of Your Robinhood Account

#197

Post by ogre_codes »

grecy wrote: post #149
ogre_codes wrote: post #128

Earlier quoted context omitted.

The tricky bit is they all need to get out at the right moment or they will be crushed.

What happens if they ALL hold until it's at an astronomical price like $10,000 ?

The can't.

The price is fueled not by holding a stock, the price changes when the stock sells. The current blitz is being fueled by Johnny come lately bag-holders.

At some point the buyers will run out, the price will go down and the only ones left will be the broke bag-holders.

Re: Transfer Stocks Out of Your Robinhood Account

#198

Post by refurb »

newacct583 wrote: post #148
nightski wrote: post #117

Earlier quoted context omitted.

I've been watching the market for years. Pump & dumps happen. They are usually over in a few hours max. Sometimes much quicker. This has been going on for days (the majority of the week) and shows no signs of stopping. In fact tomorrow could be the most volatile day yet. I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this. I don't personally use RH cu…

> I'm not sure what is making you think all of the RH users were suckers, many of them have made quite a bit off of this. The stock is still up like 250%. By definition, far more of them are still in their positions than out. You only "make" money when you sell.

Quite a few piled in during the last couple of days when GME was over $100. There could still be a lot of losers.

Re: Transfer Stocks Out of Your Robinhood Account

#199

Post by nv-vn »

TuringNYC wrote: post #156
PragmaticPulp wrote: post #122

Earlier quoted context omitted.

One of Robinhood’s innovations was that they gave everyone a margin account, but hid the details. When you transfer money in, Robinhood doesn’t actually get that money until a couple days later. They allow you to buy stock immediately, but that happens (transparently) on margin. Robinhood is loaning you the money to make it happen. Likewise, when you buy or sell a stock, the trade doesn’t settle for t+2 days. Robinho…

>> When you transfer money in, Robinhood doesn’t actually get that money until a couple days later. They allow you to buy stock immediately, but that happens (transparently) on margin. The solution would be to disallow this feature, not to stop trading of certain tickets on all accounts, most of which are seasoned and funded

I suspect that removing that functionality would take more work than can be accomplished in 1 day, which is why they temporarily suspended it and why they're adding "limited buys" tomorrow

Re: Transfer Stocks Out of Your Robinhood Account

#200

Post by stjohnswarts »

yakz wrote: post #83
ditonal wrote: post #13

The RH apologists are going on long winded explanations about clearing houses (and to some extent there’s elements of “it’s too complex for your little brain”). But even to the extent it’s true, if I put in 5k from my checkings into RH and buy stock, why does Rh need all this liquidity to get orders filled? I understand turning margin accounts off, but that’s it . Past that, at best robinhoods business model is highl…

Hopefully some (many) people will take it to heart that Robinhood users are suckers. This wasn't "just" privacy violations or psychological manipulation with ads, this was Robinhood deciding what to do with YOUR money to cover their ass. Whether they lent it to you or not doesn't matter, because if the bad trade were going the other way, then you, the sucker, would absolutely be on the hook. Whether it's fraud or fla…

OR they didn't it because a small percentage of their users were causing them a lot of grief for little gain and they decided to stop them for the long term benefit of their customer base as a whole (as well as for the operating model). I'm willing to bet if you dig through their TOS they are allowed to do such things. Whether it's legal or not I guess we'll see what the SEC does about it.
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