Gamestop the madness

[Bible_Belt]

Who has the balls to short it now in the 300s?

$75k invested to short gme yesterday is today worth not zero, assuming 50% margin, but a negative $75k, as in your broker will sue you to get that money if you dont pay.

Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position

Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, the hedge fund's manager told CNBC.

www.cnbc.com

 

[LiveYourDream]

GameStops-three-largest-shareholders-gotten-3BILLION-richer-two-weeks

“Anti-Wall Street Reddit mob led by trader called 'Roaring Kitty' sends GameStop shares soaring 120% - bringing total surge to 1,700% in four weeks: Video game firm's largest shareholder is now $2BILLION richer and making $6m an hour“

 

[Lookatu]

2021 will probably be all about momentum trading based on social media hype and nothing more.

Hedgefund companies are no longer doing the pumping and dumping. It's all the retail investors getting a mob mentality against some of these shorters for whatever FU reason.

Made $250 yesterday just on GME in 3 hours.
Sold TSLA and made $5700 yesterday before tonight's earnings report. Already bought again on the dip before end of trading today.
Unloaded my AA stocks after retail investors hyped it up and made $450. I'll rebuy on the dip again.
Sold MRNA too prematurely thinking it would stay stagnant like Pfizer and only made $200.
Bought NOK, GME, NAKD, AMC today purely based on the momentum and strict gambling of the dice and nothing more. Missed the BB surge.
Did pickup LYFT and NIO on the dip today though which makes me feel more than a degenerate. LOL

There's going to be a new breed of retail investors that's only going to be glued to social media to determine their picks.

I'm just riding the wave to make a few bucks now. If you can't beat them, join them. LOL

 

[Bible_Belt]

Just fwiw, one of the signs of being at the top of a stock market bubble is that it seems like everyone is a trader. It was like that during the dot com bubble in the late 90s. I was a broker at a day trading firm. One day the pizza hut delivery guy told us he was a day trader, too. That was 2 months before the Nasdaq top.

What we have now is the debt bubble. The fed has doubled the money supply to prop up the stock market. Get in the way and get crushed, but at the same time don't be left holding the bag on the long side when it all falls apart. The guys who lost everything in the dot com crash never got their money back just because the Nasdaq came back, they just swap the stocks in the index.

 

[logicallefty]

I watched GME today but didn't partake. Made a few hundred bux on NIO CALLS today which I do every single week. Thought about some GME PUTS but not sure yet.

Funny when a big firm get shafted out of billions it makes news, but when retail traders get collectively shafted out of billions every single day it's just another day.

 

[Who Dares Win]

Im really happy that a mob of pissed off millennials fvcked up an hedge fund that was shorting companies as if no one was working on them and feeding their families with their work.

Glad that for once its a bunch of arrogan jerks in suits to put their houses on the market.

 

[King Lion]

Im really happy that a mob of pissed off millennials fvcked up an hedge fund that was shorting companies as if no one was working on them and feeding their families with their work.

Glad that for once its a bunch of arrogan jerks in suits to put their houses on the market.

Agreed...that Andrew Left muthafvcker is a particularly odious turd!

 

[Bible_Belt]

I am all for the little guy over the big guy, but don't fall into the media narrative of short sellers being evil. A short position merely reverses the order of the transactions, in that you sell first and then buy to close. The net effect is the same. Much like high frequency traders, who are also villianized in the media, short sellers add liquidity and reduce spreads, lowering transaction costs for everyone.

 

[King Lion]

Fvck that - I'm no gynecologist - but I know a cvnt when I see one!

 

[Who Dares Win]

I am all for the little guy over the big guy, but don't fall into the media narrative of short sellers being evil. A short position merely reverses the order of the transactions, in that you sell first and then buy to close. The net effect is the same. Much like high frequency traders, who are also villianized in the media, short sellers add liquidity and reduce spreads, lowering transaction costs for everyone.

I agree with what you said, the point however is that they were shorting 125% of the total stocks....hard not to find bad will in that.

Dont get me wrong GME is a walking dead anyway in the Steam, EA, Gog years.

 

[King Lion]

The "system" is a FRAUD...Brokerages have today blocked all Buys and are allowing only Sells on AMC, BB, GME and NOK...Turning what was a great week into a deep gap-down day of Margin calls, forced capitulation and annihilation for many traders!

 

[Bible_Belt]

The "system" is a FRAUD...Brokerages have today blocked all Buys and are allowing only Sells on AMC, BB, GME and NOK...Turning what was a great week into a deep gap-down day of Margin calls, forced capitulation and annihilation for many traders!

For every sell order that gets executed, there is a buyer somewhere.

Those crappy execution platforms like robin hood will always go down in times of high volume, when you need them the most. They make you agree to that bs in the terms of service agreement. The low and zero commission platforms sell your order to be executed just a bit away from the current market price. When the stock is really moving, things are going too quick for them to make their spread on the order, so they just shut down your system until things slow back down. It's all in the tos agreement.

 

[Lookatu]

I just personally witnessed a rigged system.

First it wouldn't allow me into my TD Ameritrade app and it locked me and several others out for 3+ hours this morning which costed me $.

Then when I finally got in and tried to place a limit sell order, I got this message: "Error Committing Trade: Limit price too aggressive"

Who the fvck cares if it's aggressive:!?! Let the market determine that, not some brokerage app. If it is, it simply won't sell. They are basically trying to limit how much money I make off of a volatile stock.

I tried different variations and they must have algorithms in place for certain stocks where you can only sell at or below what you initially paid for it, or only slightly higher than what you paid for it. I was able to sell other stocks at a loss or what I paid for it without this message popping up.

Then they lagged on closing out my positions I had made one or even two days ago to settle up my funds. I mean we are in the electronic age, there is no manual paper processing by some secretary here going on.

After losing $X,XXX today on the volatile hyped up stocks, the upside is I'm up on all the stocks I bought at the dip from yesterday already gaining $XXX. It will be a slower crawl though, that's for sure.
LYFT, NIO, TSLA, CVNA, ABT, MRNA

 

[Bible_Belt]

Go read the broker reviews at elite trader dot com, and then you will probably open an account with interactive brokers. The online brokers you see advertised on tv have been screwing people the same way for 25 years, just like they did to you. It's all in the contract.

 

[Lookatu]

Go read the broker reviews at elite trader dot com, and then you will probably open an account with interactive brokers. The online brokers you see advertised on tv have been screwing people the same way for 25 years, just like they did to you. It's all in the contract.

If I didn't do it casually I probably would but the no fee's and no minimum is what's a plus for me. In reality it works ok 95% of the time for my needs. It's just these rare occasions that sucks.

My cousin on the other hand is always scouting area's with the best direct connection and lowest ping times as close to the data center as possible since he day trades.

 

[redskinsfan92]

Robinhood is done
Lol
Today was a travesty. Basically Wall Street Elites vs middle class investors.

 

[King Lion]

Robinhood is done
Lol
Today was a travesty. Basically Wall Street Elites vs middle class investors.

Indeed.

 

[Poonani Maker]

The "system" is a FRAUD...Brokerages have today blocked all Buys and are allowing only Sells on AMC, BB, GME and NOK...Turning what was a great week into a deep gap-down day of Margin calls, forced capitulation and annihilation for many traders!

Off with their muther fvckin heads!!!

 

[Poonani Maker]

 

[King Lion]

For every sell order that gets executed, there is a buyer somewhere.

Those crappy execution platforms like robin hood will always go down in times of high volume, when you need them the most. They make you agree to that bs in the terms of service agreement. The low and zero commission platforms sell your order to be executed just a bit away from the current market price. When the stock is really moving, things are going too quick for them to make their spread on the order, so they just shut down your system until things slow back down. It's all in the tos agreement.

Did you trade today? I don't need any explanations on how markets work because I am a retired pro trader!

Yesterday it was widely reported that every platform was "having technical difficulties".

The first thing that popped up this morning on most major platforms was a notice that 'Buys in the above mentioned equities was suspended and only Sells were permitted.'

WTF?!?!

Further to that 'Margin requirements were now 100%.'

That is how they forced capitulations!

The sh*t is all over the news ffs!