TickleMyStocks wrote a note · Jul 23, 2024 23:31

The Dark Side of Investment Apps: A Personal Nightmare

I lost $5000 on the MooMoo app in less than 24 hours, which was one-third of my young family’s savings. At one point, I lost more than $500 in less than 20 seconds. As a recovering gambling addict, I mistakenly downloaded the MooMoo app during difficult financial times, thinking I could learn to invest and make a positive difference in my life and my family’s lives. I was wrong, and it cost me dearly. I suspect others have also suffered similar losses.

I am writing this a week before a supposed family vacation I had planned, but now I don’t know how to tell my partner and children that we won’t be able to afford it anymore. Gambling apps in Australia are governed by strict regulations to protect vulnerable people like myself. These investment apps in the new technology world we live in need similar or even better regulations.

I feel physically sick and suicidal because of MooMoo. Neither myself nor my family needs or deserves this.

#FinancialLoss #InvestingGoneWrong #ProtectTheVulnerable #GamblingAddiction #InvestmentRegulations #MentalHealthMatters #FamilyFirst #LearnFromMistakes

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TickleMyStocks OP : Less than 24 hours on @Moomoo AU

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TickleMyStocks

Trading stocks and taking wild guesses. If I'm right, it's skill; if I'm wrong, it's bad luck. 🎢

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