[2/4 @ $88 per share] GME - Gamestop stock - anyone following this absolute MEME-HILARITY (now with Elon tweet)

[Tweak155]

Interesting occurrence to be sure. That said I am finding it harder to jump into things like this for a couple of related reasons. There is more risk now that I am older (less time to make up for the wrong choices) and am content with the trajectory we're on. Sure I'd like to retire sooner but I'd need to risk a bit more to make a meaningful change in that trajectory. I've ready too many posts from people who lost too much because they were still 'playing the game' when they were already 'winning' so that influences me some.

Still I did look around for available funds because FOMO is real and I like this to some extent but I used almost all the 'cash' I had in my investment accounts in May when it was clear the stock market wouldn't tank nearly as much as I had thought. And I wasn't going to sell any of the longer term holdings I have. Sell some of the APPL stock I bought in 2015 to buy GME? Nope.

All you can do is set your risk management cap. I currently use exact dollar amounts (I.E $100 for example). Calculate how many shares I can buy to give me the most flexible low point possible, and then buy in.

So, if current price of stock is $100, and you think it will never go below $50 in the next 1 month let's say, then you can buy 2 shares and sell if it hits $50 and only lose your $100. Ideally your price target for profit would be $200/share in this scenario, but at minimum it better be 1:1 which would make your price target $150 or higher.

This is not a strategy I came up with or anything, it's a very commonly taught approach to trading risk management, but I find it helps calm the nerves greatly when you know the max loss will not crush you or even more ideally - hardly impact you. A common suggestion is no more than 1-2% of your net trading amount. So if you have $1000 you're trading with, don't risk more than $20.

 

[Zeze]

10 minutes into the opening, GME is at $310 as we speak.

 

[ponyo]

This is now nuclear war. If you weren't in GME before all this happened, you don't want to jump in now. Let the big boys kill and eat each other. Watch the action from the sideline. Jumping in now is pure gamble.

 

[ewdotson]

Yeah, I wish I had gotten in a week ago, but even though I don't expect it to crash any earlier than Friday (that's when the shorts get destroyed), it's firmly in "sit back and watch the fireworks" territory now.

 

[ponyo]

Yeah, I wish I had gotten in a week ago, but even though I don't expect it to crash any earlier than Friday (that's when the shorts get destroyed), it's firmly in "sit back and watch the fireworks" territory now.

I don't think it will last until Friday. I know people on WSB think that but I think this ends today. I think brokers will or already closed out GME positions for the hedge funds whether they wanted to or not. Short hedge funds no longer have a say when they can close GME short positions. The prime brokers will do it for them. $385 was probably some fund getting closed out.

 

[Artorias]

I've only ever been in a Gamestop store twice in my life to purchase Steam gift cards ten years ago. The whole outfit felt so rinky dink, the manager behind the till was some middle aged white dude who you thought was straight out of Pulp Fiction ready to catch some flies.

They were dead in the water then, but thIs is just wack. Reddit saved this company.

 

[sdifox]

I've only ever been in a Gamestop store twice in my life to purchase Steam gift cards ten years ago. The whole outfit felt so rinky dink, the manager behind the till was some middle aged white dude who you thought was straight out of Pulp Fiction ready to catch some flies.

They were dead in the water then, but thIs is just wack. Reddit saved this company.

There is no saving GameStop, but trashing a few hedge funds on the way down is a good thing.

 

[ewdotson]

I don't think it will last until Friday. I know people on WSB think that but I think this ends today. I think brokers will or already closed out GME positions for the hedge funds whether they wanted to or not. Short hedge funds no longer have a say when they can close GME short positions. The prime brokers will do it for them. $385 was probably some fund getting closed out.

Depends on what you mean by "last", imo. I don't think the infinite squeeze is a foregone conclusion, but the Friday deadline is when the first round of calls come due. MC *did* close out their shorts and I fully expect it to be volatile as heck, but I think it's genuinely possible the real *crash* doesn't happen until then.

 

[Zeze]

NYSE halted GME trading just now; along with Nokia and Blackberry that are also being pumped on WSB Discord.

2021-01-27

09:51:39

GME

GameStop Corp. Class A

NYSE

LULD pause

2021-01-27

09:56:43

Trading Halt Data

www.nyse.com

 

[Zeze]

I've only ever been in a Gamestop store twice in my life to purchase Steam gift cards ten years ago. The whole outfit felt so rinky dink, the manager behind the till was some middle aged white dude who you thought was straight out of Pulp Fiction ready to catch some flies.

They were dead in the water then, but thIs is just wack. Reddit saved this company.

This is no longer about GameStop; but fighting rich short sellers.

 

[Zeze]

Depends on what you mean by "last", imo. I don't think the infinite squeeze is a foregone conclusion, but the Friday deadline is when the first round of calls come due. MC *did* close out their shorts and I fully expect it to be volatile as heck, but I think it's genuinely possible the real *crash* doesn't happen until then.

The retards (yes that's what WSB call themselves) say MC & Citron are spreading fake news. Because there's a massive sell wall at certain price points that has to be these giant firms.

 

[zinfamous]

NYSE halted GME trading just now; along with Nokia and Blackberry that are also being pumped on WSB Discord.

2021-01-27

09:51:39

GME

GameStop Corp. Class A

NYSE

LULD pause

2021-01-27

09:56:43

Trading Halt Data

www.nyse.com

Looks like my AMC order went in--should have set limit, lol, because it got pumped hard this morning. --and will also likely be halted, and I might get burned.

 

[Artorias]

There is no saving GameStop, but trashing a few hedge funds on the way down is a good thing.

Yeah your probably right haha.

 

[ponyo]

Looks like my AMC order went in--should have set limit, lol, because it got pumped hard this morning. --and will also likely be halted, and I might get burned.

Oh man. Never place market order during time like this on a stock that's moving crazy. MM will screw you so hard and rob you of your money by giving you the shittiest fill possible. You basically let them steal from you.

Use limit order if you want to play.

 

[Zeze]

I wouldn't touch GME, BB, and Nokia personally. SEC has to be smelling blood.

Some can argue this is pump and dump, some say it's not since there's no deception and this is a 'grassroots' movement. It's nearly impossible that SEC will go after tens of thousands of small timer retail traders. But this is all pretty insane for me.

At any rate, I'm just grabbing popcorn.

 

[Exterous]

All you can do is set your risk management cap. I currently use exact dollar amounts (I.E $100 for example). Calculate how many shares I can buy to give me the most flexible low point possible, and then buy in.

So, if current price of stock is $100, and you think it will never go below $50 in the next 1 month let's say, then you can buy 2 shares and sell if it hits $50 and only lose your $100. Ideally your price target for profit would be $200/share in this scenario, but at minimum it better be 1:1 which would make your price target $150 or higher.

This is not a strategy I came up with or anything, it's a very commonly taught approach to trading risk management, but I find it helps calm the nerves greatly when you know the max loss will not crush you or even more ideally - hardly impact you. A common suggestion is no more than 1-2% of your net trading amount. So if you have $1000 you're trading with, don't risk more than $20.

Sure and I do that frequently but if I take a large chunk necessary to be a meaningful impact at the moment I'd also be taking that from potential options I'd consider more stable and less risky long term than this kerfuffle around GME. So I wouldn't be risking just the decrease in stock price but also the access to gains from companies like JPM and AMD while I try this out plus tax implications of short term gains. Good on people who are doing this just some comments around why this is harder for me than it used to be and why I didn't put in a little money on this specific situation

 

[Zeze]

 

[zinfamous]

Oh man. Never place market order during time like this on a stock that's moving crazy. MM will screw you so hard and rob you of your money by giving you the shittiest fill possible. You basically let them steal from you.

Use limit order if you want to play.

whatever. It's money, and I hate to lose it, because it's actually a lot of cash for me (VG still hasn't updated my actual cost basis, so I don't really know), but in the end, whatever I lose will be considered my personal donation to fuck over these fucks. viva la revolucion!

(Actually, It's starting to pump back up a bit, so maybe I'm OK).

Yeah, I'm OK so far. looks like I purchased at $16.22

 

[GodisanAtheist]

whatever. It's money, and I hate to lose it, because it's actually a lot of cash for me (VG still hasn't updated my actual cost basis, so I don't really know), but in the end, whatever I lose will be considered my personal donation to fuck over these fucks. viva la revolucion!

(Actually, It's starting to pump back up a bit, so maybe I'm OK).

Yeah, I'm OK so far. looks like I purchased at $16.22

-You magnificent retard. I hope they put that beautiful retarded face on a t-shirt and sell it for $30 bucks

 

[Zeze]

TD Ameritrade puts restrictions on GameStop, AMC.

 

[BoomerD]

I always root against the short sellers. In my mind, buying stocks, in addition to making some money, is supposed to be about supporting businesses and helping them grow. (Yes, I know...old, short-sighted thinking) But betting AGAINST a stock...that kind of thing should be illegal.

 

[ultimatebob]

TD Ameritrade puts restrictions on GameStop, AMC.

Yeah, that spooked me. I don't want to get caught holding the bag when this thing tanks. I'm out

 

[Svnla]

So what is the end game? Let say those hedge funds would crash and burn and then what? Those sky high prices for GS would not stay high forever and it will go down (based on their current business model and cash flow) sooner or later. Then the current ordinary shareholders will be out a lot of money.

In other news, Belk is about to file bankrupt. WSB, are you in?

 

[Zeze]

So what is the end game? Let say those hedge funds would crash and burn and then what? Those sky high prices for GS would not stay high forever and it will go down (based on their current business model and cash flow) sooner or later. Then the current ordinary shareholders will be out a lot of money.

In other news, Belk is about to file bankrupt. WSB, are you in?

 

[Zeze]

I always root against the short sellers. In my mind, buying stocks, in addition to making some money, is supposed to be about supporting businesses and helping them grow. (Yes, I know...old, short-sighted thinking) But betting AGAINST a stock...that kind of thing should be illegal.

okboomer