Alright dawgs. I'm in this bitch, too, now. Only in here bc I trust some of my CP homies.
Originally Posted by : Background: I have a financial advisor who manages my investments, I work for a great company with kick ass stock and do decently well. So I'm generally in great shape. On the right path, if you will. That said, total n00b at day trading, but get the general premise.
Viewing this as a fun little hobby for this week.
I just setup a Webull account, and joined Reddit to follow along with the Wallstreetbets thread silently lurking.
I'm going to pre-load my account with ~$3,000 once it is approved. I think the play I'll make is $1.5k in NOK, $1.5k in AMC.
What should expect to happen? What should I do differently? [Reply]
Originally Posted by Dante84:
Alright dawgs. I'm in this bitch, too, now. Only in here bc I trust some of my CP homies.
Viewing this as a fun little hobby for this week.
I just setup a Webull account, and joined Reddit to follow along with the Wallstreetbets thread silently lurking.
I'm going to pre-load my account with ~$3,000 once it is approved. I think the play I'll make is $1.5k in NOK, $1.5k in AMC.
What should expect to happen? What should I do differently?
Honestly, AMC should scare the fuck out of anyone right now. If you do, you best be prepared for some crazy swings. Like Rain Man said earlier, I wouldn't touch any of these WSB stocks with a 30 foot pole. NOK, I don't know enough to say anything about. [Reply]
Originally Posted by rydogg58:
Honestly, AMC should scare the **** out of anyone right now. If you do, you best be prepared for some crazy swings. Like Rain Man said earlier, I wouldn't touch any of these WSB stocks with a 30 foot pole. NOK, I don't know enough to say anything about.
I'm not going to drop $20k to get a handful of shares and hope they double from $350 to $700.
I think I'd rather do a volume play with $3k total and hope the same thing happens to AMC ($20) or NOK ($7), buy a large number of shares and hope they balloon up to ~$100 and dip out.
Originally Posted by rydogg58:
Honestly, AMC should scare the fuck out of anyone right now. If you do, you best be prepared for some crazy swings. Like Rain Man said earlier, I wouldn't touch any of these WSB stocks with a 30 foot pole. NOK, I don't know enough to say anything about.
On the other hand, if the situation gets better with the US (and the world) getting a handle of the pandemic, not saying AMC would "explode", but they do have some upside.
I wouldn't put a LOT of cash/dough on those, but if you got some loose money/free money to toss around, can't hurt to throw some there. Just my thought. [Reply]
Originally Posted by Dante84:
I'm not going to drop $20k to get a handful of shares and hope they double from $350 to $700.
I think I'd rather do a volume play with $3k total and hope the same thing happens to AMC ($20) or NOK ($7), buy a large number of shares and hope they balloon up to ~$100 and dip out.
Bad idea?
I mean, AMC is near its 3 year high right now around 20 bucks a share. So there's always the chance that it's a few dollars away from solid ground. I just perused the WSB page and they seem to think they are going to squeeze it higher tomorrow. The market is wonky right now and who knows if AMC would ever go that high ($100), I would't be shocked if it did based on how this past week has gone. But when this house of cards falls, you best have some sort of trailing stop loss set and hope it triggers before you lose your ass. [Reply]
Originally Posted by rydogg58:
I mean, AMC is near its 3 year high right now around 20 bucks a share. So there's always the chance that it's a few dollars away from solid ground. I just perused the WSB page and they seem to think they are going to squeeze it higher tomorrow. The market is wonky right now and who knows if AMC would ever go that high ($100), I would't be shocked if it did based on how this past week has gone. But when this house of cards falls, you best have some sort of trailing stop loss set and hope it triggers before you lose your ass.
That’s the plan. $3k total investment. Would suck to lose but I won’t die if I sell at half value and walk away with half. Won’t lose my ass.
Now if it does balloon and I feel good with the return, I’ll trigger a pull out. [Reply]
Originally Posted by Dante84:
That’s the plan. $3k total investment. Would suck to lose but I won’t die if I sell at half value and walk away with half. Won’t lose my ass.
Now if it does balloon and I feel good with the return, I’ll trigger a pull out.
I was talking to a friend of mine about AMC earlier today. He put 2 grand into it at 17.50 a share and was trying to figure out an exit strategy. I told him that the 2 grand isn't going to kill him if he loses it all, and he's already on this ride for the fun so why not set a wide stop loss and just see where it goes. That's my best advice for you on this, enjoy the ride but don't be careless enough to not set a stop loss. [Reply]
Originally Posted by Dante84:
That’s the plan. $3k total investment. Would suck to lose but I won’t die if I sell at half value and walk away with half. Won’t lose my ass.
Now if it does balloon and I feel good with the return, I’ll trigger a pull out.
They are looking at halting trading on these. Be very careful. That money could be gone quickly if they start regulating this (which they’re trying). [Reply]
Originally Posted by Dante84:
That’s the plan. $3k total investment. Would suck to lose but I won’t die if I sell at half value and walk away with half. Won’t lose my ass.
Now if it does balloon and I feel good with the return, I’ll trigger a pull out.
WSB is consolidating and focusing their efforts towards GME. The squeeze should start Friday and and should take the week to complete. Be wary, as Lewdog said. Nasdaq is talking about halting under the guise of unusual trading needing an investigation. But it's a ploy benefiting Wallstreet. It's a small war right now and there will be some pissed off kids if they do this. So I'm reading. [Reply]
Originally Posted by arrowheadnation:
Someone might have to clarify, but the way I understand it, the hedge fund Melvin Capital was a deep short seller of GameStop. A bunch of kids from reddit with day trading accounts then proceeded to short squeeze the stock and in effect, nearly bankrupt a $14 billion hedge fund in the process. The Mets new owner tried to bail it out yesterday with a $2.7 billion infusion, but that went "poof" in a matter of hours. It's a little double edged because there were probably everyday joe's that had their retirements tied up in that fund, but on the flip-side that was super unethical of the fund manager for tying the bulk of their funds up in short sells....did I get the gist of it?
Short sells aren’t necessarily unethical.
But (at least the fuckers on WSB believe) Citrion shorts stocks, then releases negative press releases about the company and tries to drive the price down.
Now apparently they’re trying to do the same thing to WSB and (apparently) posting videos claiming to be WSB investors saying they’re getting out, trying to stem the tide.
As a dude selling commodities, market manipulating by big players is a sensitive subject for fat boy here.
Originally Posted by FD:
A few hedge funds with big short positions will lose, but most of the short squeeze is being pushed by other hedge funds. They are just using the redditors as cover. There isn't enough money on WSB to execute this big of a trade, it is mostly coming from some different hedge funds that are making out like bandits while the vast majority of the redditors are getting in late and will be left holding the bag.
I don’t know about that entirely. You’re probably right. Competitors are probably raping Citrion and whatever the other one is and using Reddit for cover. But some of those WSB jackasses have real money. Guys have posted screenshots of million dollar account balances. And a lot of those guys made fucking mountains of money buying goddamned Tesla calls while it was running, and they’re taking the YOLO approach. If they’re actually doing it while they’re posting memes it can amount to serious cash. Especially if the shorts are scrambling. [Reply]
Am I understanding correctly that AMC, NOK, and BB are meme/hype plays and are not being driven by massive shorts like GME? If so, that seems like a critical difference in what's driving the run ups. There seems to be a sentiment on WSB that these are distraction plays to keep money out of GME.
I don't remember this being covered in my investments class in business school. [Reply]
