Support long term HODL’ers Mental Health

Ideas 💡
#1

A few thoughts give I, like many others I’m sure use FT for a mixture of long term holds/investments with short term trades.

When you have a fully loaded portfolio, it can be quite overwhelming in the interface when you’re mentally wanting to focus on one or the other (Long term, buy and leave for 5 years, Short term buy and sell potentially in two weeks time)

To support the users mental health a couple of thoughts occur

A. Allow separation of an ISA/GIA account into separate sections (thinking Pots in Monzo) so a user can view/act on long/short term investments separately without distraction (i.e Stress from last weeks NASDAQ downturn!)

B. Allow users to ‘lock’ an investment further by adding friction to the sell process. I.e For those flagged ‘long term’ add a ‘Are you sure?’ Process to support them in decision making. Perhaps with an inputted ‘review date’ to notify the user to consider the position (ala like software Technical doc review dates/Alerts)

#2

The principle of encouraging long term holding is good, but it would add an element of advice and all it’s associated liability that Freetrade just cannot afford, and which is not really their business.

What if you want to panic sell, Freetrade prompts you not to, so you change your mind, and the market further crashed another 30% ( which could happen) and then you blame Freetrade?

3 Likes
#3

Extra pop ups? Not for me. Sounds to me like you might be in the wrong game.

1 Like
#4

@Lemmy

Depends if your an investor or a trader.

Also what part of life you’re in. A young mother/father living on 4 hours sleep/night appreciates help in making the right decision for their family finances.

And note I referenced this in support of long term investing rather than stopping a hot shot trader missing out on the immediate price.

@Brap_the_younger Good point on legalities of ‘advice’… out of my circle of competence there but do not service providers have a duty of care to prevent events such as the below?

#5

Possibly, but that just can’t happen on Freetrade. The lowest your balance can go is zero.

1 Like
#6

That situation with Robinhood is impossible to replicate on Freetrade though, i.e. gambling where you could have to pay back an unlimited amount of money.

Anything to support mental health is good, but if you don’t understand before you start to invest that the market could contract for long periods of time, then you’re probably better off putting your money under the mattress rather than opening an account and then needing mental health support when the market has a rough couple of weeks.

1 Like
#7

I’m going to take this opportunity to say that I want Freetrade to hire my mommy. And give her a good pay package

1 Like