Stocks and Trading Thread - Channeling your inner Mono

[Admiral Yi]

Lay off Squeeze. 

Just put an order in to sell 1 Tesla put 2/5 @740.  Order didn't execute right away which is strange.  Usually it's instantaneous.  Wonder if I'm getting caught in some Gamestop backwash.

[Admiral Yi]

Never mind.  Went through.

[Habbaku]

Silver up a decent amount, GME way way down.

[alfred russel]

Silver up a decent amount, GME way way down.

I will be bitter the remainder of my life* that I was unable to short GME. I bet the top 1% have brokers that gave them access to shorting GME.

*or until next week, should my life extend that long

[Habbaku]

Fair level of bitterness, but I still think that the bizarre strength and the extreme expense of it has probably saved you some money.

What were you intending on buying into? What premium level? What strike price and on what date? We can track your potential losses/gains in real time!

[Admiral Yi]

I will be bitter the remainder of my life* that I was unable to short GME. I bet the top 1% have brokers that gave them access to shorting GME.

*or until next week, should my life extend that long

You understand that the scarcity of borrowable GME shares has nothing to do with your broker, right?

Strangely the price of my put is moving in the opposite direction from the share price.

[DGuller]

I think if it were easier to short GME, it would've crashed sooner to begin with.

[crazy canuck]

To AR's bet that the 1% are monopolizing the chance to short, I think there is a misconception that people in the 1% spend their time playing the public markets.

A lot of money of the 1% is actually chasing investment opportunities in the private equity market and those investors really could not care less about placing bets on which way the public market will fluctuate.

[Tamas]

Last week I decided to live it large and used my shitty CFD provider to "sell" 1 (one) stock of Gamespot when it was in freefall. Then trading got suspended due to the 10%+ move, and when it resumed my provider glitched, registered a price that never was which hit the automatic stop loss a shitty provider like this would have on a CFD and I found myself unfairly short on £40.

Today their tech support guy called me back and told me they'd just refund me if the contract never happened since the price moved way past the automatic stop loss since then. Was fine with me obvs.

So as it started falling today, I did the same thing, "sold" 1 CFD, and then the circuit-breaker hit again and when it came back the system glitched again, and I am once again lost £40 pounds totally unfairly.  Called them again and asked them to sort it out.

Won't try for a third time though.

[crazy canuck]

So I will ask the question, why did you buy it in the first place?

[alfred russel]

Fair level of bitterness, but I still think that the bizarre strength and the extreme expense of it has probably saved you some money.

What were you intending on buying into? What premium level? What strike price and on what date? We can track your potential losses/gains in real time!

I hit the button to short on the Fidelity website at 360. When it didn't go through I called the suggested number to process the trade, and was on hold for 1 hour 20 minutes and requested the broker to put the trade through at 320 (the then market price). He then said there was a problem with his system and he would transfer me to another broker that could help, but that just put me on hold again and I hung up after 20 more minutes.

So either $360 or $320. I was trying to establish a $15k short position.

It wasn't expensive at all: the trade was free with a quoted borrowing rate of 27% APR.

[Admiral Yi]

It wasn't expensive at all: the trade was free with a quoted borrowing rate of 27% APR.

FYI the rate I'm getting on my lent shares is in the 1.5-.5% range.

[Tamas]

So I will ask the question, why did you buy it in the first place?

No with a CFD you don't have to buy to sell. It's basically a gambling contract - you hit "sell" on X number of "shares" which becomes a margin position of that value on the stock. Then when you close it, if the price of the stock has decreased you get the difference. If it has risen, you pay the difference to the "broker".

[crazy canuck]

So I will ask the question, why did you buy it in the first place?

No with a CFD you don't have to buy to sell. It's basically a gambling contract - you hit "sell" on X number of "shares" which becomes a margin position of that value on the stock. Then when you close it, if the price of the stock has decreased you get the difference. If it has risen, you pay the difference to the "broker".

I know, why did you buy the contract when you knew it was just gambling?  Just to see how it worked?

[Tamas]

So I will ask the question, why did you buy it in the first place?

No with a CFD you don't have to buy to sell. It's basically a gambling contract - you hit "sell" on X number of "shares" which becomes a margin position of that value on the stock. Then when you close it, if the price of the stock has decreased you get the difference. If it has risen, you pay the difference to the "broker".

I know, why did you buy the contract when you knew it was just gambling?  Just to see how it worked?

Because I am a degenerate gambler?

I am maintaining that separate CFD account with a broker well away from my stock account (which is with a more serious outfit) as an outlet of my gambling instincts, plus a platform to try some riskier plays. It has seen some highs and lows, recently mostly lows.