Eric @ericlikeswater - Twitter Profile

🚨Breaking... I'm LEAVING Robinhood $HOOD As a Robinhood OG from 2015, I see no reason to continue to keep money there as it is COSTING me 💰 I will keep removing $50,000 at a clip (max per day) until it is at ZERO. They simply can't compete with the offerings from E*Trade, IBKR, Fidelity and Schwab. Biggest issues... 👇 1⃣ No sweep on my money, my cash-secured put money isn't earning interest. On $1,000,000 that is about $40,000 a year. 2⃣ Option Commissions, my commissions have been reduced to near zero by the major brokers. This is no longer an exclusive feature Robinhood provides. In addition, they don't allow me to sell (short) more than 500 contracts in some cases. 3⃣ There is NO derivatives desk to call up when you need them. 4⃣ No leverage - I'm not a leverage guy, but I do like to hold puts to expiration AND write new puts as overlap. It costs a lot of money to buy back weekly puts, and I would rather ride a little leverage here for the 90 minutes or so from Friday 4 pm to when the execution window ends (5:30pm) Even though Robinhood Gold allows you to leverage long stocks, you can't use it to sell puts. 5⃣ Trading platform continues to be NO GOOD and NOT ROBUST 6⃣ Poor execution, every time I sell an option on Robinhood, my fill is terrible. I might get say 75c on Robinhood, but will get 83c on say Fidelity at the exact same time or nearly exact same time. I've been wanting to do a formal study to show HOW bad execution is at Robinhood. It's bad IMHO. I really used Robinhood for more nickle/dime options with tight spreads so it wasn't the biggest deal, but I do write bigger premium options as well from time to time and it blows at those. 7⃣ 5 cent price increments on options - many tickers have 5 cent price increments, while places like Schwab allow a tighter 1c range. This is putting money right back into the hands of market makers, not my piggy bank. The Robinhood GOLD card is really the only thing I still like, but it has a $50 fee, and there are other 3% credit cards out there. Looking forward to hearing your thoughts, but I can't justify keeping money there any longer.

RentYourStocks's tweet photo. 🚨Breaking... I'm LEAVING Robinhood $HOOD

As a Robinhood OG from 2015, I see no reason to continue to keep money there as it is COSTING me 💰

I will keep removing $50,000 at a clip (max per day) until it is at ZERO.

They simply can't compete with the offerings from E*Trade, IBKR, Fidelity and Schwab.

Biggest issues... 👇

1⃣ No sweep on my money, my cash-secured put money isn't earning interest. On $1,000,000 that is about $40,000 a year.

2⃣ Option Commissions, my commissions have been reduced to near zero by the major brokers. This is no longer an exclusive feature Robinhood provides. In addition, they don't allow me to sell (short) more than 500 contracts in some cases.

3⃣ There is NO derivatives desk to call up when you need them.

4⃣ No leverage - I'm not a leverage guy, but I do like to hold puts to expiration AND write new puts as overlap.

It costs a lot of money to buy back weekly puts, and I would rather ride a little leverage here for the 90 minutes or so from Friday 4 pm to when the execution window ends (5:30pm)

Even though Robinhood Gold allows you to leverage long stocks, you can't use it to sell puts.

5⃣ Trading platform continues to be NO GOOD and NOT ROBUST

6⃣ Poor execution, every time I sell an option on Robinhood, my fill is terrible.

I might get say 75c on Robinhood, but will get 83c on say Fidelity at the exact same time or nearly exact same time.

I've been wanting to do a formal study to show HOW bad execution is at Robinhood. It's bad IMHO.

I really used Robinhood for more nickle/dime options with tight spreads so it wasn't the biggest deal, but I do write bigger premium options as well from time to time and it blows at those.

7⃣ 5 cent price increments on options - many tickers have 5 cent price increments, while places like Schwab allow a tighter 1c range. This is putting money right back into the hands of market makers, not my piggy bank.

The Robinhood GOLD card is really the only thing I still like, but it has a $50 fee, and there are other 3% credit cards out there.

Looking forward to hearing your thoughts, but I can't justify keeping money there any longer.

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Eric @ericlikeswater

9 months ago

@sophieraiin $ericlikeswater 🙏

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