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re: Victims of GameStock pump and dump--good article this morning in WSJ
Posted on 2/16/21 at 8:14 am to Ross
Posted on 2/16/21 at 8:14 am to Ross
quote:How does several brokers being told to shut down people from buying GME fit into your bullshite? Granted, another reason to not use shite brokers like RH, IBKR or the likes.
“Victims” is a strong word. The risk couldn’t be more obvious.
3
Posted on 2/16/21 at 9:41 am to KickPuncher
quote:Restricting buys, but allowing sells was a HUGE smoking gun. All the crawfishing, backtracking excuses by the brokers has been very telling.
How does several brokers being told to shut down people from buying GME fit into your bullshite? Granted, another reason to not use shite brokers like RH, IBKR or the likes.
Posted on 2/16/21 at 10:48 am to KickPuncher
There has to be 'victims' (dumbasses who borrowed money to invest and relatively well off people who lost a few hundred bucks) for the 'winners' of this deal who get to justify the narrative of why trading had to be limited. Those poor people had to be saved from themselves.
It was bullshite then, its bullshite now.
It was bullshite then, its bullshite now.
Posted on 2/16/21 at 11:27 am to KickPuncher
quote:
How does several brokers being told to shut down people from buying GME fit into your bullshite? Granted, another reason to not use shite brokers like RH, IBKR or the likes.
I agree with your overall point here. But it wasn’t just the crap brokers that restricted buys and opening short options positions. It was pretty much all of them, except for Dough Trading and maybe a small handful of others. Interactive Brokers and Think or Swim are about as legit as you can get. A lot of pro and semi-pro traders use those platforms. But they restricted trading on the meme stocks and their options, and certain others too - EVEN if you were prepared to use a 100% margin requirement (same as an all cash trade). Now that is total BS.
Here’s what royally pissed me off. I put in several slam dunk short option orders on various underlyings during that week of GME craziness and the week after. ALL were rejected by ToS. Before I switched my trading account to Dough Trading, I called my account rep. He apologized for the inconvenience and told me that the SYSTEM wasn’t allowing those trades, but if I called him, he’d execute them for me and waive the broker assist fees. I was still pissed, but that did pacify me enough to leave my account at TDA... but mainly because I’m so familiar with ToS and I’d rather not switch.
Anybody dumb enough to borrow money to chase any of those totally speculative meme stocks because of FOMO or “buy & hope”, I don’t feel a bit sorry for. But I also know that a big part of that insanity was caused by the sketchy (collusive?) behavior of most all of the major and minor brokerage firms. And IMO, THAT is what the SEC should be looking hardest at.
Posted on 2/16/21 at 11:39 am to Bestbank Tiger
quote:People who think they can ride along with the con are the biggest marks.
Dude was trying to time a bubble for a quick buck. That's a risky strategy.
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