Lose 20K on trading 212 on one trade

Exodi

YellowStarling said:

Reading back through this thread, I think you've been incredibly patient with all of the posters trying to confuse matters with "lessons about trading meme stocks, price volatility, etc.".  Whilst I don't disagree with all of that, that wasn't the point here.

Ultimately, Trading212 failed to ensure their system (whether their proprietary system or their connections to others') had the necessary controls in place to prevent a duplicate order that they then had to panic-reverse, at your cost.

It may be argued that the scale of the loss you nearly suffered is correlated to the choice of trading a meme stock but the reality is that you could have been trying to invoke a stop loss on any stock or fund, "safe" or otherwise, and the risk of the system enacting a duplicate sale in error could have been the same.

Ultimately, the system caused the initial loss, not your choice to trade meme stocks (the latter, if the system had worked, would have resulted in a far smaller loss around the price of the stop loss - the first sale at $16.99).

I'm glad you rightly got reimbursed for the money lost by their error.  I'm actually dismayed that it took two years and two FOS complaints to stop them getting away with it.

On a forum called Money Saving Expert, regardless of the particular point being made, you have to expect that people will have something to say to someone actively engaged in 'get-rich-quick' meme trades commonly promoted on self-described degenerate subreddits like WSB, even if it's not related to their specific issue.

The OP was gambling, they accept they were. They also went all in on one stock. We would be totally irresponsible as a community to completely ignore the fact they were making high risk bets with all of their savings, even if it was unrelated to the issue posted.

I'm sure the advice comes from a good place, the logic being 'yes it was their fault and you should complain as appropriate... but by the way, gambling doesn't make for good money saving.' I think there would be greater cause for concern if this posted had been posted and no-one pointed out the negatives of this style of 'trading'.