Trading for income
Is the same thing happening to Singapore’s young or inspiring traders now with very low or zero commission?
[SAN FRANCISCO] Richard Dobatse, a Navy medic in San Diego, dabbled infrequently in stock trading. But his behaviour 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 US$15,000 in credit card advances, he began spending more time on the app.
As he repeatedly lost money, Mr Dobatse took out two US$30,000 home equity loans so he could buy and sell more speculative stocks and options, hoping to pay