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re: So I bought some Gamestop(GME)
Posted on 1/26/21 at 7:34 pm to SATNIGHTS
Posted on 1/26/21 at 7:34 pm to SATNIGHTS
quote:
Robin Hood question. If I buy tomorrow morning is there a certain amount of time until I am allowed to sell?
No disrespect to the poster but this is what I’m talking about. Some people are in way over their heads. Not everyone. But some.
2
Posted on 1/26/21 at 7:45 pm to PillPusher
Lol not in over my head just curious about the Robinhood platform.
I get what your are saying though.
I get what your are saying though.
This post was edited on 1/26/21 at 7:46 pm
Posted on 1/26/21 at 7:46 pm to SATNIGHTS
On the previous page the Robinhood “text” message read like it took a few days for some reason.
Posted on 1/26/21 at 7:51 pm to Muthsera
Getting a bad feeling about this SEC stepping in nonsense. Getting the wrong kind of pub now. Looking back I guess we were too naive to think it wouldn’t happen. That said, diamond hand here!
Posted on 1/26/21 at 7:53 pm to Muthsera
They can suck my hairy testicles. God forbid the hedge funds lose instead of the average people.
Posted on 1/26/21 at 7:55 pm to MrJimBeam
The SEC stepping in might be the best (worst) thing possible. The amount of rage that would cause would be epic. Whenever it resumed it would skyrocket.
Posted on 1/26/21 at 8:01 pm to SATNIGHTS
quote:
Lol not in over my head just curious about the Robinhood platform. I get what your are saying though
You will learn slowly, but go in slowly. Don’t invest too much too early. Get a feel for the market and what makes it move. I started off with several ETF’s and slow movers like MSFT and WMT. Someone railed on me earlier for asking a dumb question. I’ve also made a little under 20k with 34k invested in 5.5 months. That’s pretty good I think as I just started. Some people have done this shite every day for 40 years. Don’t be afraid to ask stupid questions.
This post was edited on 1/26/21 at 8:05 pm
Posted on 1/26/21 at 8:02 pm to GAFF
LINK to hilarious summary of this entire story
I mean this is the funniest shite I’ve ever read but it also just lost a company billions
quote:
If you're out of the loop - this is the (hilarious) story of a subreddit (wall street bets) taking down a multi-billion dollar hedge fund... get your popcorn ready ??
the hero of our story: a user named DeepfrickingValue bought $50k of call options in Gamestop ($GME) that has turned into a $13M+ win in ~3 months.
he's a part of the subreddit r/WallStreetBets, a group of degenerate gamblers that I love.
So here's the situation.
Gamestop (GME) = a dying biz. circling the drain. Who goes to a store to buy games? It's basically a pokemon card dealership at this point. Plus with covid, malls are dead.
So some Hedge Funds are shorting the stock, betting it would go down.
One fund in particular, Melvin Capital Managment - a multi-billion dollar hedge fund...had been accruing a big short position in gamestop. Usually you don't have to disclose your shorts - but these were 'listed put options' so some clever redditors discovered the position
Melvin had a $55M+ short against GME.. If you're not familiar with shorting - read this simple explanation using apes and snakes and bananas from the subreddit.
Teachers, take note:
except in this case - redditors saw the overloaded short position and started buying the stock, as a "short squeeze" against melvin. Now the "borrowed" shares were due, but redditors refused to sell, demanding higher and higher prices.
to be clear. This has nothing to do with gamestop as a business. They are just a piece of rope being used in a tug of war between internet nerds and wall st suits.
the rally cry on r/wallstreet bets:
"we can remain retarded for longer than they can stay solvent!"
Melvin lost $2B+ in like 2 weeks, and just had to get bailed out by 2 other funds just to cover it's losses from the shorts.
It's not quite George Soros "Breaking the Bank of England" - but it's close.
The yolo traders of reddit just broke a multi-billion dollar hedge fund
"Why can't Melvin capital just uninstall robinhood and reinstall it to restore their save game to get their money back????" - u/dopexile
short squeezes (and day trading) are stressful and super volatile.
But... I'm here for the petty fight between internet trolls and wall st.
And in that fight, i'm going with the neckbeard cat guy rather than goldman sachs suit. $50k on $GME and $BB at market open baby ??????
congratulations to the rando new millionaires from this
I mean this is the funniest shite I’ve ever read but it also just lost a company billions
Posted on 1/26/21 at 8:03 pm to MrJimBeam
on other hand, the cia probably likes that younger people are more into stocks right now and less interested in crypto
Posted on 1/26/21 at 8:04 pm to TigeRoots
quote:
Getting a bad feeling about this SEC stepping in nonsense. Getting the wrong kind of pub now. Looking back I guess we were too naive to think it wouldn’t happen. That said, diamond hand here
Got a text from Barron’s with a regulator saying the GME trading is systematically wrong
This post was edited on 1/26/21 at 8:04 pm
Posted on 1/26/21 at 8:05 pm to KickPuncher
quote:
But in after hours you can only buy in by limit orders. So if you want to buy in after hours, set a limit price and you might be able to buy. You could get a good deal in after/pre hours or you could pay more. Just depends but again I usually set my price just under what the current price is. If you want to set a market price for an after/pre market order, then it will probably just buy your stock at market price at market open.
This makes sense, thanks. The way RH presents it is kind of confusing, looking closer it spells out that the order will be placed after the market opens, but that I am placing the order at the current (after hours) market value. So Id be placing a limit order, just setting the price for some arbitrary late night value that likely gets batted up and down in the morning.
Posted on 1/26/21 at 8:05 pm to SATNIGHTS
quote:Honestly, it will be hard, but I would wait until 10-12am and buy in. If you can find some charts of the past 10 days, look at open vs 10/11 am. But once things start to pop, a few $20-50 won't matter.
Robin Hood question. If I buy tomorrow morning is there a certain amount of time until I am allowed to sell?
Posted on 1/26/21 at 8:07 pm to KickPuncher
Thanks fellas.
Posted on 1/26/21 at 8:09 pm to PillPusher
quote:
No disrespect to the poster but this is what I’m talking about. Some people are in way over their heads. Not everyone. But some.
I’m here to gamble and would be fine if I lost every cent, but there’s some training wheel features to Robinhood that are more confusing than helpful.
Posted on 1/26/21 at 8:12 pm to TheDrunkenTigah
No hard feelings Pill.
Posted on 1/26/21 at 8:14 pm to RebelExpress38
quote:
Posted on 1/26/21 at 8:16 pm to castorinho
SEC has to let this play out at this point, IMO
Posted on 1/26/21 at 8:16 pm to SATNIGHTS
What will suspending the trading do? Seems like that would have a negative affect on the hedge fund.
Also 320c strikes are now available.
Also 320c strikes are now available.
Posted on 1/26/21 at 8:19 pm to southernelite
quote:overstepping is what the gov does
SEC has to let this play out at this point, IMO
Posted on 1/26/21 at 8:20 pm to GAFF
quote:
Also 320c strikes are now available.
Mother of god
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