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Photograph by Gina LeVay David Nathanson remembers the moment when the frenzied and risky world of day trading took hold of him. While working at home in late January during the pandemic, his phone lit up with a text from a friend: “Look what’s happening with GameStop!” The 30-year-old software account exec from Brooklyn, N.Y., wasn’t totally new to investing when the troubled video game retailer became an overnight sensation earlier this year, going from a brick-and-mortar Wall Street laggard to a white-hot “meme” stock. In March 2020, to ward off lockdown boredom and stay connected to friends who were trading stocks on investing apps, he signed up with a discount broker.

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