Trading the stockmarket (NO Referrals)

Skillmister said:
Did you even read it?

If anything it's refreshing to see some reasonably coherent talk about an exit strategy. (which isn't just "DUMP NOW" incase you didn't read it)

I'll be holding until Friday at least. I've taken profits almost matching my original investment with the remainder up 156% at close price so probably 200%+ at open. I'll set stops at $100 or something and enjoy the ride
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Call me cynical but to me it read like an intentionally long and "well written" post that is designed to feel like it says all the right things, makes you think "yeah this guy knows what he's talking about"... but then the language is constructed in a way that makes me feel like it is trying to manipulate people... He essentially says (obviously slightly straw-manning this for comic effect) "Well there's the #1 Weak insignificant trader strategy, the #2 Kind of boring but okay I guess trader strategy, or the ultimate #3 diamond hand yolo swaggins strategy for mega cool traders. So I guess you've got to ask yourself which of those you are and make an informed choice"
 
I played it too safe. Had £10k worth of GME stock, turned that into £15k in 2 days. Withdrew the £10k and left the £5k to ride all the way to the top. That £5k I made yesterday is now worth £10k going off the current premarket price.
 
sanaxe1 said:
I played it too safe. Had £10k worth of GME stock, turned that into £15k in 2 days. Withdrew the £10k and left the £5k to ride all the way to the top. That £5k I made yesterday is now worth £10k going off the current premarket price.
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IMO did the right thing, covered your initial investment.
 
Whilst it's very good "entertainment" - it's also crazy.

Reddit has people all over it throwing in their monthly rent, their college grants etc. Good luck to them in one sense, but when it comes to selling time, it will be a horror show.

Whilst it's interesting to see the "experiment" - I do worry longer term that a relative small group of people can force such a huge shift in a stock price. Pension funds and alike rely on stability and steady growth and these wild spikes in share prices will not help the majority of people long term.

Good luck to those involved, but I'm firmly sitting on the sidelines watching this.
 
sanaxe1 said:
I played it too safe. Had £10k worth of GME stock, turned that into £15k in 2 days. Withdrew the £10k and left the £5k to ride all the way to the top. That £5k I made yesterday is now worth £10k going off the current premarket price.
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Not that I have that type of money to risk, but you did the correct thing.

I haven't joined the gamble, a bit like Tesla I couldn't believe it - I still can't now! That premarket price is crazy!

Is this all driven by Reddit?
 
I've got 2 shares and the advice in the WSB thread seems to be pick a multiple between 1 and 3 and when it hits the multiple of $128 (not sure why that number), pull out. It's close to 2x right now, so I'm going to keep going to 3x and see what happens! We're at $230 pre-market now
 
$265 pre market now GME - This is getting halted by SEC - no way they will let it run. Doesn't get rid of the short positions but still I think they will halt trading on it.
 
uncle_rufus said:
Call me cynical but to me it read like an intentionally long and "well written" post that is designed to feel like it says all the right things,"
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Maybe. And that's part of WSB not knowing if someone is truly an idiot or just pretending to be. Like the quote from Boris on old Top Gear :p

There's over 2 million subscribers and likely multiples of that lurking. It would be naive to think it isn't being manipulated by people with a lot more to lose than retail Joe with 20 shares
 
This is a copy a copy and paste from reddit to help explain what's happening.

1) GameStop is a mall retailer

2) General trend is they go under (like Sears)

3) People by default pigeonhole them with Sears and sentiment drops

4) Covid hits and company suffers

5) Wall Street vultures want to kill it off and start shorting it

6) Stock at $4 and they continue with no regard to actual value... Let alone bankrupting a firm that employs 50.000

7) Some people (Michael Burry) start running the actual numbers and see there is some value, they start investing (mid 2019)

8) Few regular joes notice the same thing and find out shorts will continue to mess with stock and push it down no matter how it is performing. They short it 139%... Sold more shares than there are.

9) For shorts to cover, they need to buy back the shares. They pay interest on the shares they bought to immediately sell short. If they start buying back the price goes up.

10) people start buying stock and not letting it be shorted, it drives price a bit up. Hedge funds shorting the company are losing money if they cover so they double down trying to bring the price lower. Mainstream media is giving huge publicity to GME

11) people continue to buy and hold... Hedge losing money so they start selling options at a crazy premium thinking they will shake us off and collect, after stock dives due to their manipulation (Monday was a great example)

12) other funds on wall street smell blood and want in. Short hedge funds caught themselves in their own trap. First the gamma squeeze then the short squeeze z (margin call)

13) they lose 3bn so they get bailed out by their rich friends as not to get margin called. - until here they could have saved themselves if they flipped-

14) they return the next day and try to repeat. - instead, it backfires and stock keeps shooting up. They are on their knees at market close, about to get margin called ($175 per share)

15) Elon tweets afterhours and it punches up the stock even higher by other wallstreet funds (like BlackRoc)/($220) probably about to wipe that fund and finish some careers.

WSB doesn't have the purchasing power to do this. We simply made it public and piggybackef off of something bound to happen like a sunrise coming from the east.
 
Skillmister said:
Maybe. And that's part of WSB not knowing if someone is truly an idiot or just pretending to be. Like the quote from Boris on old Top Gear :p
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WSB has never pretended to be anything other than a bunch of kids making memes. There's no analysis of anything, it's just pick a ticker, and YOLO.

It's pretty crazy that it's hit enough coverage to be moving the markets though....gotta wonder what the SEC is going to do about it.
 
sanaxe1 said:
This is a copy a copy and paste from reddit to help explain what's happening.

1) GameStop is a mall retailer 2) General trend is they go under (like Sears) 3) People by default pigeonhole them with Sears and sentiment drops 4) Covid hits and company suffers 5) Wall Street vultures want to kill it off and start shorting it 6) Stock at $4 and they continue with no regard to actual value... Let alone bankrupting a firm that employs 50.000 7) Some people (Michael Burry) start running the actual numbers and see there is some value, they start investing (mid 2019) 8) Few regular joes notice the same thing and find out shorts will continue to mess with stock and push it down no matter how it is performing. They short it 139%... Sold more shares than there are. 9) For shorts to cover, they need to buy back the shares. They pay interest on the shares they bought to immediately sell short. If they start buying back the price goes up. 10) people start buying stock and not letting it be shorted, it drives price a bit up. Hedge funds shorting the company are losing money if they cover so they double down trying to bring the price lower. Mainstream media is giving huge publicity to GME 11) people continue to buy and hold... Hedge losing money so they start selling options at a crazy premium thinking they will shake us off and collect, after stock dives due to their manipulation (Monday was a great example) 12) other funds on wall street smell blood and want in. Short hedge funds caught themselves in their own trap. First the gamma squeeze then the short squeeze z (margin call) 12) they lose 3bn so they get bailed out by their rich friends as not to get margin called. - until here they could have saved themselves if they flipped- 13) they return the next day and try to repeat. - instead, it backfires and stock keeps shooting up. They are on their knees at market close, about to get margin called ($175 per share) 14) Elon tweets afterhours and it punches up the stock even higher by other wallstreet funds (like BlackRoc)/($220) probably about to wipe that fund and finish some careers.

WSB doesn't have the purchasing power to do this. We simply made it public and piggybackef off of something bound to happen like a sunrise coming from the east.
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Thanks - I didn't realise.

Now can someone explain the rise of Blackberry to me? :D
 
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