Stocks and Trading Thread - Channeling your inner Mono

[Sheilbh]

Man, I would burn all of this down. Stupid Capitalism.

This whole saga does make one question to what extent the stock market is just a casino for the rich that gives no positive contribution to society.  It definitely seems like a huge waste to have a whole bunch of really smart people trying to figure out how to one-up each other on some option squeeze play rather than put their talents to something that would make the world a better place, such as researching cure for cancer.

Or even its function as an efficent market of shares in companies that are in some way linked to or understood in some way to reflect the value of that company. It does make you think what is the purpose of a stock market and is it meeting it's simpler classic purpose of a source of capital. I mean is there a better way to use the capital that's backing these more exotic investments and should we be looking at that?

It is striking that this little event does seem to cast more of a mood on this stuff than various government steps to ban or restrict it.

[Josquius]

I bought 3 GME at the start of the week. Just sold 1, so I'm in profit for the lot, won't be losing anything. Now I can relax with the other 2 and see what happens.

The old "playing with the house's money" thinking again.  If you're not willing to buy 2 GME right now, then you should probably not be keeping them either.

At the moment it looks like I probably should have sold all yes.  But meh, I'm conservative with losses and liberal with gains, I'm not a gambler and not expecting to make it big with stocks (as seen from the very small amount put in to begin with. In hindsight its tempting to regret not throwing in 10k and earning big) and if I miss out on £500 its unfortunate but not going to impact my finances much.
The manipulation going on by the trading platforms does seem to have ruined the projections. Nonetheless that's hindsight, had no way to know back then that I was selling near the top, and lets see how things work out, Friday does still stand as a day when all those options expire. Regular people may be locked out but there's more than regular people looking in on this now.

[Habbaku]

I bought 3 GME at the start of the week. Just sold 1, so I'm in profit for the lot, won't be losing anything. Now I can relax with the other 2 and see what happens.

The old "playing with the house's money" thinking again.  If you're not willing to buy 2 GME right now, then you should probably not be keeping them either.

[Habbaku]

You should sell them and enjoy your profits and never do this again.

I thought you were in GME.

Per my statement, I was in on GME for 1 hour, 4 minutes.

[Tamas]

I wonder if Etrade just turned off GME trading.  Not showing bid/offer.

We just discussed this above. Several brokers banned stock purchase of meme stocks, people can only sell, and it is being reflected in the prices as well.

[Admiral Yi]

We just discussed this above. Several brokers banned stock purchase of meme stocks, people can only sell, and it is being reflected in the prices as well.

You betcha.  We had discussed Robin Hood and TD Ameritrade not taking buy orders.  And now I'm discussing Etrade.

[Admiral Yi]

Price is dropping like a stone.  Hope they don't void options.

Squeeze, you might want to get out while you can.

[Habbaku]

I agree about tiny chance of dropping to $35.  But as long as the share price drops I can cash out the put at a profit.  (Just before I posted Etrade was showing an option price of $2.69) And I didn't want to bet a lot of money, so I had to go pretty far down the chain to get a relatively cheap option.

I think you may end up having made the correct decision. 

[Admiral Yi]

I think you may end up having made the correct decision. 

How's that for timing, eh? 

[garbon]

I wonder what is it is like psychogically for gamestop in a of this.

[Habbaku]

I think you may end up having made the correct decision. 

How's that for timing, eh? 

I will not be surprised if you end up making more from GME than I did if this keeps up. 

[Admiral Yi]

I will not be surprised if you end up making more from GME than I did if this keeps up. 

What bar am I aiming for? 

[alfred russel]

Man, I would burn all of this down. Stupid Capitalism.

This whole saga does make one question to what extent the stock market is just a casino for the rich that gives no positive contribution to society.  It definitely seems like a huge waste to have a whole bunch of really smart people trying to figure out how to one-up each other on some option squeeze play rather than put their talents to something that would make the world a better place, such as researching cure for cancer.

There are obviously 2 reasons to be in the stock market: to invest in companies, and to speculate.

If you are there to invest, you are theoretically looking at value of the business.

Speculation is just a nice term for gambling.

The theory I was taught in business school is that the speculators provide market liquidity for the longer investors and in a rational market also are aligned the value with the longer term investors. Equilibrium is reached with people equally betting that the price will go up or go down.

But here you have a tiny company and it seems the entire country was trying speculate on it. The long term investors are irrelevant to the equation. The rules are restricted on the side of the short sellers. So you basically end up in a situation that those wanting to buy the stock are able to, at every accelerating prices. Those that are bearish are frozen out of the market (people like me couldn't short sell).

If Fidelity had taken my order yesterday, I'd be up about $10k right now.

[Admiral Yi]

Oooh, little rally going on!

This is so exciting.

[Habbaku]

I will not be surprised if you end up making more from GME than I did if this keeps up. 

What bar am I aiming for? 

I pulled the plug after ~2k profit.