First and foremost, if you have lost a lot please don't do anything rash. It might be a good idea to cash out and salvage what you can. Take some time off from this stuff to recoup.
Resources to stop gambling on stocks: 1 , 2 , 3 , 4 , 5 . Thanks to /u/read_freire for providing these.
This will be the last one of these for a while. I assume a lot of people are burnt out or bored. I just wanted a debrief thread before going back to AOC struggle sessions and talking about student loans.
I don't have a technical analysis of what happened or what will happen. Reddit is quickly becoming more useless due to infighting. I expect a lot of them to sell tomorrow. More and more the "diamond hands" threads are being overtaken by criticism. By next week, this will just be another quirky thing that happened in hell world 2021.
I bought in around $240 with $50. That's now worth $15. For my own personal situation I'm better off waiting until it hits $100 again and then pulling out. I suggest everyone think about their own needs and pull out when you need to. No shame here. Paper hands is just a meme.
As far as lessons go, I think the one people said at the beginning is good. If you're just hearing about it on social media, it's probably over. By the time it got hyped enough on reddit to break on r/all and twitter, the time to get in was gone.
Companies had to cover shorts but they actually didn't. Or they had enough tools to hold off until the price plummeted. Or they did cover and nobody (on reddit) noticed. Either way, you can't rely on "but they have to do this thing by this date or else" because they don't.
If you make assumptions about the market, you have to be able to test those assumptions and have a plan for when you're wrong. Here the plan should have been to pull out at $400 and then reinvest if necessary. It's just that when the price was $400 a lot of people were locked into selling only and locked out of buying.
Another thing is to not trust your brokerage app. If there's ever a situation where the plebs are making money, it will be restricted. Just like social media, these apps are only going to end up serving higher interests rather than be actual democratic platforms.
All this passive income stuff is going to go away because the people at the top can't let people sit at home and collect money. Not even when it's capitalism doing it. When they say 'side hustle' they mean driving for uber or making some other SV prick rich. With covid killing so many, all those jobs need to be replaced. That means you. They need bodies not home investors. They have investors that are worth more to them than you will ever be.
So I guess that's it. Final thoughts before we pretend we never did this?
Until Wall Street calls for Assad’s head, they will always wriggle their way out of this one, profiting from each aspect of the wriggling
Try to think of any losses as premiums paid for insurance against FOMO.
hedge fund is still gonna lose a ton of money. i never had any money in gamestop, but theres no way its going below 6 dollars any time soon. but yeah, definitely not the "everyone becomes millionaires for 0 risk" plan it was made out to be
Pretty much my feelings exactly, I bet what I was ok with losing and Im fine with the loss. But damn if it doesn't hurt to feel this naive and dumb. Oh well lesson learned.
Yeah, I only lost $15 (would still love it back) but what hurts is being so borderline gullible about everything lol
Go shoplift yourself something nice from Walmart* to make yourself feel better.
*in Minecraft
My incorrect assumption was that there wouldn't be such a systemic response to a few hedge funds potentially taking a loss, especially with capitalists on the other side, too, but I guess the prospect of this happening again was too concerning to the capitalist class on the whole. So they pulled out all the stops.
I got lucky. Bought 14 shares at 70, exited at 260. When share interest was hidden and buying limited I followed my gut.
Payed off one of my credit cards & my dogs vet bill, so that's cool.
Hope you estimated what your capital gains taxes are going to be and set that aside.
Last week, when people complained about this sub being created, I said it would be dead by next Friday (tomorrow) and I would like to point out that I was largely correct.
Right it was designed as a temporary containment sub for the GME/WSB stuff and then to be converted into a catch all sub for finance.
This whole debacle has actually gotten my brother to start reading theory. :ritzy-marx:
It's almost sad browsing that subreddit now. So many people bought into the hype, took a big L, but still refuse to believe its over. I'll admit that I bought in. I lost like 15 bucks and called it a day. It was a gamble, and something fun to do to feel like a part of something. I feel awful for the people who took out a loan to go in even deeper on this. Shit sucks.
I made a grand total of $17 and it was by far the most entertaining week I've had in the last year but yeah the subreddit has me really, really sad. I'm clearly too WAY sensitive for stonks if I cry about knowing that other people are losing money days after it happens. But again, to double down on my statement last week it SHOULD be radicalizing to people that they can change the rules on you when they are losing the game. When they literally remove the "buy" button it's really only going to go one direction and that direction is down.
Actually, this is part of why women are better portfolio managers on average lmao
lmao this actually makes me feel a little better. I did learn a lot about the stock market in the past week after knowing closer to zero about it and one of the really surprising things I learned (that I'm sure anyone who knows about this stuff already knows) is that picking individual stocks or funds that are really actively managed rarely outperform the market. So why do regular investors spend so much time and energy investing in individual stocks if that's the case? Thinking you can outsmart the market is big time male tendencies imo and I'd much rather take the less sexy but more reliable option. I think we're due for some sort of correction but if I end up with a little money to put into the market at the market in a dip I would put 90% of it in S&P500 funds or ETFs and treat the remaining 10% like a yolo gamble because that's basically what it is.
Bought at 210, should've sold at 400 or whatever. I sold at around 235 in the end.
Yeah in hindsight I was swayed too easily by the emotional narratives and unsubstantiated conspiracy theories surrounding this shenanigan. Was only gambling with small amounts but made the mistake of getting back in after taking profits which ended up resulting in a net loss.
Sorry to hear that. I think we all got caught up in it. At least we still have the capability to hope?
edit: But comrade, 1 silver lining is that this was still a huge radicalizing event. This was always going to end up as a good opportunity for the left regardless of the result of the squeeze.
I'm so sorry comrade. I've had a huge pit in my stomach all week about this. I can relate very much to the bruised ego part. It's like -- why would I ever have thought that this wouldn't be the exact outcome? Also fuck anyone who is laughing at the normal people who lost money. Laughing at hedge funds losing money is great, laughing at normal people because you assume anyone who lost money in this is a chud sucks. I saw a lot of people in those threads posting about how they might as well gamble because they'll never have money anyway and a lot of genuine camaraderie and it hurts knowing how many of those people probably came out in a worse spot.
Ugh. Well here's hoping you can eventually escape the grind somehow or another ❤️
Wowwee, you mean my analysis of the situation was correct and this wasn't the revolution? Damn. I was hoping to be wrong.
Somebody else on a different thread. At this point it is mostly in my head, no one here.
I just keep seeing the same group of people saying this and it's like, other then maybe a couple random users, the most upvoted comments here and the ones most often shared was that this wasn't praxis, and that was when the GME was at like $300-$400.
I was seeing alot of upvotes for the 'shift of wealth' argument, and upvotes for the 'keep the wave going' sentiment last week.
There was also a couple of upvoted comments saying 'what is the point of leftist theory if we can't support things like this.' which just baffles me. If we don't have a method to make them stick to the rules, they will always change the rules to benefit those in power. It is a hallmark of liberal ideology to think anything else.
Idk. I hope you're correct and it was just a few individuals.
Yeah, because this was a meme sub last week. People were shitposting. Pretty much anyone who came in and seriously asked if this was praxis got told "no, it's not."
This shit didn't scan as shit-posting to me as it was basically indistinguishable from what was on r/wsb. Idk maybe my sensors need to be recalibrated.
Damn, that explains my confusion then. Holy shit then, lol at the news hysteria. What the fuck was that all about.
I mean, they are still investing money and they did stumble onto a real market situation, but yeah it's basically chapotraphouse for petite bourgeois redditors.
And yet they haven't been banned? Clearly their power levels are not nearly as based as ours were.
The magnitude of their power isn't relevant when it is pointed in a direction that the decision-makers consider favorable.
True facts, but it doesn't fit with the bit I was doing. (See how difficult this shit is to parse?)
Well, they are currently undergoing a mod coup that is probably backed by wall street so lol
That is weak shit, you know how many mod coups the old sub went through? At least like... two while I was there.
There was only one done by mugrimm because the sub was hurting his chances of being a famous twitter account. Also, he never modded 1 day old accounts with no posting activity.
Yeah that sounds about right. Given his own damn podcast lost him the Superbowl commercial, you'd think he wouldn't care about the sub.
True, true. But hey, I think reddit is basically run by former nat-sec (cia?can't remember the actual agency they used to work for) people, so that scans.
Given his own damn podcast lost him the Superbowl commercial, you’d think he wouldn’t care about the sub.
I think you are talking about Nick Mullen. Mugrimm was just a mod (and now twitter user) to my knowledge.
And yeah, a former Atlantic Council person runs their "anti-evil" operations now.
All this time I thought mugrimm was nick mullen. Wtf. Where did I get that from...
Nick Mullen the reddit mod is a great bit though so just keep going with that
Yeah people are straight up lying now. There were people here taking this VERY seriously a week ago and now we're all going to pretend like it didn't happen. When RamtheManparts did that big post about "what the fuck is wrong with all of you?" he was treated like he was crashing everyone's party and being an absolute killjoy interrupting the new revolution.
People who spent the beginning of last week scolding everyone over a meme were taken more seriously than they needed to be. All the people who tried to say this comm would cause r/wsb to take over the site and created a moral panic out of a meme that barely lasted a week need to do some reflection as well. Because that's something that has happened before and will keep happening every time there's some big internet cultural event.
We don't have any political power. The next best thing is to do this. We just argue over what everyone else should be doing, how they should be feeling, and how those two affect being a good leftist. We make loaded predictions that work out in our favor because everything that happens is bad no matter what. We went through this exact conversation after Bernie. We had it under the Floyd protests. We tried to have it after the Capitol Hill raid but the scolds couldn't get good enough footing on the site. They were drowned out by the people telling them to lighten up.
I don’t know why GME investors are complaining
spoiler
They’re getting the authentic GameStop experience
Yes, hello, Gamestop. I'd like to return these used stocks that I purchased for $500 each.
Gamestop: I'll give you $50 total and a wad of used bubble gum
Just got off the phone with my Trump voting father, and I have to say, this is the most I've ever gotten him to agree with me that the system is/might be fundamentally broken and can't be repaired. Voiced support for more universal programs ad stuff like UBI. Not there yet on nationalizing the banks but I can feel him breaking down, and he seems more amenable to nationalizing stuff like the DTCC. The Secretary of the Commonwealth of MA is apparently going to investigate DeepFuckingValue and that has him pissed of. He is not a redditor and did not invest in any meme stocks.
I think they are going to find anyway they can to strip DFV of all his gains and possibly charge him. they are going to make him a scapegoat. funny thing is he seemed to have played it really safe but being a broker is what will allow them to destroy him.
Unless he was involved in trading stocks there and/or MassMutual was holding GME, I'm not sure how they are going to get him into much trouble. It sounds like he was mainly a content creator there. I have no doubt they will try to, though. You can already see it in how all the future gulag residents at the NYT and CNBC are 100% focusing on retail investors and spending absolutely no time talking about the hedge funds that actually caused this whole thing.
Maybe this is a little too dramatic... but I can't help thinking if this was some people's personal Wall Street Crash of 1929 ...
I mean, WSB had 8.5 Million subs, and it seems like more than a few of them put their life savings on the line here. I'm sure there were some rich failsons... but not all of them. This will be a radicalizing event, and not nessicarily one that pushes people to left conclusions...
This is the post-Super Tuesday phase of the hype. Hopium and devastating loss
