In one corner of the Internet, though, praise rained down. The latest obsession on WallStreetBets is UWTI US: UWTI an exchange-traded note that has become a favorite of younger investors — thanks, in part, to the Reddit forum. It is a near-perfect embodiment of the YOLO spirit: Highly volatile, it uses a combination of derivatives and debt to amplify bets on oil, creating opportunities for quick profits.

But WallStreetBets is lively, engaged and growing. If the Investing subreddit is a mild-mannered financial adviser who advocates diversification and dividend stocks, WallStreetBets personifies a foul-mouthed, risk-taking day trader.

WallStreetBets also claims a famous alum: He currently faces seven counts of securities fraud and conspiracy in connection to previous work at a hedge fund, and he faces up to 20 years in prison if convicted.

The joke is we are all aspiring millionaires.

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Shkreli actually did it. Each day, WallStreetBets moderators ask subscribers their planned moves for the session. On March 7, one member announced a move into the penny stock Triangle Petroleum Corp.

For the past year, the gamble of choice for WallStreetBets followers has been the VelocityShares 3X Long Crude ETN known by ticker as UWTI, which tracks futures contracts on WTI crude oil US: CLK6 ETNs are unsecured debt notes, so investors can lose everything if the underwriter goes bankrupt.

Been researching for 20 hours straight except for the occasional cigarettes. This is it boys and girls! Life savings on the line, we have hit the gold mine. Ask me anything and I can tell you why its bullish like none other, or the yacht is on me. This is an opportunity of a lifetime! Reddit mentions of UWTI, counted by posts with the ticker in the title, went from one in and 12 in to in , according to a MarketWatch analysis.

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Most were on WallStreetBets. He has not traded it himself: Volume, meanwhile, has skyrocketed in There were plenty of days with upside, too. Even high schooler Rozanski lost on UWTI.

He posted a screenshot to WallStreetBets as proof. The promise of quick money has long been a draw for investors with big ambitions and high tolerances for risk. Trade-related stress was making Comeau, who said he made most of that money back trading options on Apple AAPL, On WallStreetBets, there are two rules: Rogozinski, for his part, said he worries that a huge early win can give new traders a false sense of confidence.

Young investors are generally encouraged to take on more risk, since time is on their side. But big, all-or-nothing bets on UWTI are particularly dangerous. By using this site you agree to the Terms of Service , Privacy Policy , and Cookie Policy. Intraday Data provided by SIX Financial Information and subject to terms of use.

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