Wall Street City: Stock Trading & General Investing Thread

NYCFC_Dan

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I had a piece of AMC in my little "gamble" portfolio for the last month or so. Today was a great day for me!
I didn’t get approved for option trading in time otherwise I would of had calls on GME at $35, AMC at $3 and BB at $17. Instead I went in on BB and sold today at $23. Decent profit but not the 6 figure one I could of had. I thought GME wouldn’t see over $45 and with BB being backed by actual news and the Reddit I figured it would be the stock to see gains.
 

moogoo

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I didn’t get approved for option trading in time otherwise I would of had calls on GME at $35, AMC at $3 and BB at $17. Instead I went in on BB and sold today at $23. Decent profit but not the 6 figure one I could of had. I thought GME wouldn’t see over $45 and with BB being backed by actual news and the Reddit I figured it would be the stock to see gains.
sadly (or not, depending on how you look at it) - with these few stocks that have been the target of redditor investors, traditional investment thinking of news and earnings goes out the window. it's all about what's trending and where ebb and flow of the internet at large.
 
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Fantazma

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sadly (or not, depending on how you look at it) - with these few stocks that have been the target of redditor investors, traditional investment thinking of news and earnings goes out the window. it's all about what's trending and where ebb and flow of the internet at large.
in a way im surprised this has not occurred before, i mean the internet and reddit has been around for a long time already. and only now they have had real impact in the market. is it because more people are working from home and others ( with disposable income) have nothing better to do?
 
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moogoo

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in a way im surprised this has not occurred before, i mean the internet and reddit has been around for a long time already. and only now they have had real impact in the market. is it because more people are working from him and others ( with disposable income) have nothing better to do?
yea - that's my theory. work from home, shutdowns prevent people to live their lives and spend money elsewhere. more disposable income and time and the rise of robinhood and other no fee trading apps results in what we're seeing now.
 
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Fantazma

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yea - that's my theory. work from home, shutdowns prevent people to live their lives and spend money elsewhere. more disposable income and time and the rise of robinhood and other no fee trading apps results in what we're seeing now.
i noticed this in stuff like trading cards and pokemon cards. all of that exploded in 2020, so much that i went to my old boxes see if any old pokemone cards/soccer cards i had from years ago are worth sending in to grade...lol

but did not expect it like this in the stock market
 

moogoo

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i noticed this in stuff like trading cards and pokemon cards. all of that exploded in 2020, so much that i went to my old boxes see if any old pokemone cards/soccer cards i had from years ago are worth sending in to grade...lol

but did not expect it like this in the stock market
i used to collect basketball cards back in the 90s. they were worth something back then. so I held onto them. last year, I sat down and looked up the value of the "valuable" cards I had. I had nothing worth over $2. Cards that used to be worth $50+ were now pennies. Tossed them all in a fit of anger. lol.

Pokemon cards still have a lot of value. Hopefully you found some that are worth something!
 

NYCFC_Dan

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in a way im surprised this has not occurred before, i mean the internet and reddit has been around for a long time already. and only now they have had real impact in the market. is it because more people are working from home and others ( with disposable income) have nothing better to do?
So when I joined that Reddit it had about 1.5m members. I think right now it’s over 3m. People I work with are joining robinhood and investing $300 into these stocks. I think robinhood has made investing easier and social media has made it ‘fun’ and it’s why we’re seeing what we’re seeing. It’s not just the big dogs and people with large portfolios.
If you scroll through that Reddit you’ll find countless posts like ‘just deposited my only $1000’ or ‘$500 all in!’
 
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Fantazma

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So when I joined that Reddit it had about 1.5m members. I think right now it’s over 3m. People I work with are joining robinhood and investing $300 into these stocks. I think robinhood has made investing easier and social media has made it ‘fun’ and it’s why we’re seeing what we’re seeing. It’s not just the big dogs and people with large portfolios.
If you scroll through that Reddit you’ll find countless posts like ‘just deposited my only $1000’ or ‘$500 all in!’
do you use robinhood? i feel hesitant on using it more on the security issue, didnt they get hacked last year too? granted, any system can get hacked and personal info compromised but an app like that i feel its easier to get broken into.
 
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Shwafta

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So when I joined that Reddit it had about 1.5m members. I think right now it’s over 3m. People I work with are joining robinhood and investing $300 into these stocks. I think robinhood has made investing easier and social media has made it ‘fun’ and it’s why we’re seeing what we’re seeing. It’s not just the big dogs and people with large portfolios.
If you scroll through that Reddit you’ll find countless posts like ‘just deposited my only $1000’ or ‘$500 all in!’
It's quite alarming because it's essentially just gambling, but legal gambling. And it's really not good for the regular person because short-term you're never going to defeat machines that are designed to predict the market. I'm worried for so many people who are going to lose so much now bc of it.
 

413Blue

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It's quite alarming because it's essentially just gambling, but legal gambling. And it's really not good for the regular person because short-term you're never going to defeat machines that are designed to predict the market. I'm worried for so many people who are going to lose so much now bc of it.
Yup. A good chunk of the redditors will end up in red ink and it will hurt badly for them in the end, a few will make tons. A few may end up in prison.
Looks like a fun game, but I'll sit this one out!
 

moogoo

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do you use robinhood? i feel hesitant on using it more on the security issue, didnt they get hacked last year too? granted, any system can get hacked and personal info compromised but an app like that i feel its easier to get broken into.
i have used robinhood since 2018. i haven't had any issues. i don't recall any security hacks off the top of my head where hackers gained access to actual robinhood servers. the "hacks" were more user specific where hackers guessed people's lame passwords and gained access. so if you use robinhood, simply use a solid password and turn on 2FA with google authenticator app and you'll be good to go.

the only problems with robinhood is that it is still a small fish in the industry compared to the more established firms. so, trades do not happen immediately. sometimes, you have to wait and that could mean missing a price point you were aiming for. they also do not have ALL stocks and might be missing some that you're interested in, which you can check. lastly, they put day trading limits on accounts with less than $25K total balance. option trading may also have a requirement too, but I'm not sure cause i don't really mess with that. They also don't have all the news and reporting as other big firms/sites. but you aren't getting charged fees so that's the trade off.

I would not recommend robinhood if you are a serious investor looking to do frequent day trades where price points are critical. i would say it is casual investment app for those just looking to supplement their income or grow a "savings".

If you're ok with these limitations, then i find it to be very easy to use. if you're interested in signing up - send me a message and i'll give you my referral link. once you've signed up, we'll both receive free stock worth anywhere from $2 to $10. lol. it's something!
 

moogoo

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It's quite alarming because it's essentially just gambling, but legal gambling. And it's really not good for the regular person because short-term you're never going to defeat machines that are designed to predict the market. I'm worried for so many people who are going to lose so much now bc of it.
months ago when the shutdowns started and robinhood fever started to gain steam, there were reports of young people committing suicide cause they had lost all their money on a bad investment. i can imagine there will be more reports of that sort if people don't check themselves before they wreck themselves.
 
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Shwafta

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months ago when the shutdowns started and robinhood fever started to gain steam, there were reports of young people committing suicide cause they had lost all their money on a bad investment. i can imagine there will be more reports of that sort if people don't check themselves before they wreck themselves.
Exactly. It's just pretty wrong and is something I would venture to say should borderline be illegal. Obviously it isn't, and won't be, but there's something really wrong about the whole thing.
 

Fantazma

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i have used robinhood since 2018. i haven't had any issues. i don't recall any security hacks off the top of my head where hackers gained access to actual robinhood servers. the "hacks" were more user specific where hackers guessed people's lame passwords and gained access. so if you use robinhood, simply use a solid password and turn on 2FA with google authenticator app and you'll be good to go.

the only problems with robinhood is that it is still a small fish in the industry compared to the more established firms. so, trades do not happen immediately. sometimes, you have to wait and that could mean missing a price point you were aiming for. they also do not have ALL stocks and might be missing some that you're interested in, which you can check. lastly, they put day trading limits on accounts with less than $25K total balance. option trading may also have a requirement too, but I'm not sure cause i don't really mess with that. They also don't have all the news and reporting as other big firms/sites. but you aren't getting charged fees so that's the trade off.

I would not recommend robinhood if you are a serious investor looking to do frequent day trades where price points are critical. i would say it is casual investment app for those just looking to supplement their income or grow a "savings".

If you're ok with these limitations, then i find it to be very easy to use. if you're interested in signing up - send me a message and i'll give you my referral link. once you've signed up, we'll both receive free stock worth anywhere from $2 to $10. lol. it's something!
how bad has it been in terms of transactions occurring? you say its not immediate, does it take hours in the worst scenario?
 

NYCFC_Dan

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do you use robinhood? i feel hesitant on using it more on the security issue, didnt they get hacked last year too? granted, any system can get hacked and personal info compromised but an app like that i feel its easier to get broken into.
I use Ameritrade. It went down today for a good hour. Luckily I had a limit order in and was able to process a sale despite the app being down. Most of the websites went down today around 10am.
 

moogoo

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how bad has it been in terms of transactions occurring? you say its not immediate, does it take hours in the worst scenario?
never been hours. in 9/10 cases for me, orders have executed within 30 seconds or less. on super busy days or stocks that are fluctuating like crazy, an order might take a little longer. but i have never had anything go for an hour. those are for normal trades. limit orders tend to be relatively instant in my experience.
 

moogoo

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Exactly. It's just pretty wrong and is something I would venture to say should borderline be illegal. Obviously it isn't, and won't be, but there's something really wrong about the whole thing.
why would it be even borderline illegal? can't blame robinhood for people who make poor decisions.