… by the way the herd were responding in comments, they surely were panicking that they had missed out on potential profits…
You seem to believe that 90% of people putting money in were only doing it to lose the money.
The early movement was speculation on a short squeeze which did happen and many seem to have sold at great profits. The vigilantes are holding massive losses.
Retail speculators joining in at $150+ seem to be highly uninformed.
I can not even say it’s fun to watch from the sidelines because to me, it’s not fun seeing young people with fomo lose money and then hate investing.
The ‘herd’ went from a million to 6.5 million in the space of about a week. You can’t judge a whole group of people based on one poor investor.
I’m confident all this has been good for investing. I think it’s a hell of a lot more mainstream than it was a month ago and it’s made the average person realise they can control their financial freedom.
If young people want financial freedom, then they should avoid day trading and pouring money into speculative, meme stocks. And I say this as someone in their early thirties.
No disrespect but you’re just another opinion on the internet. The thought process of the average Joe sat on Reddit last week wasn’t “I want to invest my money to improve my future, oh meme stocks look like a good idea let’s do that”.
Meme stocks are the reason these people invested, the reason millions of people now understand short selling, ladder attacks and share prices. WSB held a Q&A with Mark Cuban last night. They are doing, and have done more for investing for average people than the entire education system, government and investing community have done in 10 years… in a week
Hey @roman_guy, The guy was indeed negative 13m$ yesterday… but in the same time he’s already cashed out almost 14m$… Even if the stock crash to zero, I think he’ll be fine.
Oh, and by the way, these 14m$ he cashed out are probably coming from other redditors pockets. Just saying.
It’s difficult because many people came to GME with no knowledge of stocks, and without realising how late to the party they were. Part of the whirlwind excitement was people who got in sub 100 pumping it and posting gains, if you don’t know enough you won’t know that won’t continue. Plus WSB sold it as a movement, while stock trading is essentially always a solo activity. Holding to zero proves nothing for me.
I learnt a hell of a lot from the GME ride. That first drop a week ago I ‘lost’ a load of unrealised gains and spent the evening kicking myself for trading on emotion. The next day I set a load of sensible limit sells and took profits all the way up. I hope others learnt something too whether it was the hard way or a nicer way. The main thing is there will always be another meme around the corner.
if they missed profits thats their problem. if they went in wanting to earn money they should have had a strategy! no one is holding a gun to their head when placing the bet.
but prior to last week WSB had 1.9 million subscribers. with all the media coverage thats gone to 8mil+ this was going on before the 8mil+ joined. including the guy (he has an offensive username) who put 58k in at the begginiing of 2020 on GME@like $4 and last i saw was sitting on 44mil. from what i undersand he’s still not sold.
poeple joinging at 150+ are either doing it to make the point of corruption or to make a quick buck.
these young people will learn its called wallstreetbets for a reason… not wallstreetinvesting.
EDIT: most on there don’t buy the stocks… they day trade betting for and against the market.
just learned DFV made a tidy profit cashign out 14mil.
But this type of investing is not sustainable. It’s too volatile for the average retail trader who’s learning the ‘tricks of the trade’ watching YouTube videos and reading through forums.
One bad day and someone could lose all their money. Who are they going to blame then? They can’t blame the hedge funds or the financial system.
thats because this wasn’t investing. this was a straight up gamble, majority of people on WSB use robinhood to buy contracts not shares.
it turned in to a bloodbath when the hedge funds infiltrated WSB with new accounts and started shilling the stock to get people to sell… then it blew up form there.
Also, this is a great hypothesis (buried in the comments of that thread), with an embedded video from Patrick Byrne (former CEO of Overstock dot com) explaining in simple terms what FTD means.
It’s worth a look, for anyone interested in potential underlying causes of the activities and behaviours we are seeing.
Huge difference. A sell off of shares would cause a huge swing in sentiment over at WSB. It’s for this reason that I imagine DFV’s lawyers have already advised against even telling anyone when he’s sold. Canary in a coalmine, if he doesn’t post his daily update, sentiment will change on the assumption he’s sold.
It wasn’t the retails investor that shorted the company 120%. This is highly entertaining, and speculative for me and it’s the most fun I’ve had with stocks since I started only a couple of months ago.
Like a lot of others over there I’m in for the LOL’s, to support the little man and you never know, make a few quid along the way…
for those who care… looks like the “buy” button is active on GME again. not too sure if thats just a bug… could just be freetrade allowing the ability to buy knowing that thier provider will cancel it.
