I am so frustrated and I feel so betrayed because I got mislead by Robinhood and lost my trust in the financial system today. I lost a few thousand dollars when I panic sold today when AMC hit 7 usd. I couldn’t deal with the stress anymore and removed all my exposures in AMC and BB and took the loss, but I am not angry because I lost money - a few thousand dollars is only a small fraction of my TC - but I am angry because I was a victim of a scheme and I felt betrayed. How did I trust to put so much money in someone else’s hand? Why do they think it’s okay to manipulate the market in this way to transfer our wealth to their hedge fund buddies? It’s so unfair and evil. I can’t help but think about it for the whole day. I haven’t had dinner and I feel like I am getting triggered into depression. What can I do to finally sleep? I took more than 5 sleeping pills and It’s 3.30am right now and I am still fully awake :(
TC: not relevant right now
EDIT on Friday PM: I want to clarify that it’s not the loss that troubles me. I accepted the risk when I entered the positions. What I hated was that they removed retail investors from buying, thus removing a significant proportion of investors who would be providing price support otherwise (through limit orders). I am angry that they manipulated the market by removing demand, with only sellers left in the market. Econ101 tells us that if demand is lowered, artificially in this case, while supply remains fixed (we were still able to sell), the price would drop. This is textbook market manipulation. I have held my stocks and bitcoins when it dropped during covid-19 but that was a macro factor. This time is different. It is caused by the market makers (with RH as the big player). RH intervened on their own assessment, not the government or the SEC, and they duped us.
#personalfinance #marketmanipulation #mentalhealth
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