Davkaus Posted January 28, 2021 Share Posted January 28, 2021 No such outcry about 11 months ago for some reason when several US senators profited from trading based on inside knowledge of the covid response. 3 Link to comment Share on other sites More sharing options...
HanoiVillan Posted January 28, 2021 Share Posted January 28, 2021 3 minutes ago, Chindie said: This has raised a number of questions about the system and those around it. The Reddit group behind this had their Discord server taken down, supposedly for hate speech, last night, when seemingly there was none. Retail trading apps prevented trading on GameStop, and now some of the other shorted stocks. The Reddit group has had thousands of bot accounts appear trying to encourage people to shift away from the GameStop position and into ones. The media has attacked the group as a cartel somehow not playing the game correctly. The NASDAQ CEO has called for regulation against this kind of movement. Basically the wrong people are playing the game the way they want to play it, and those normally calling the shots don't like it and are using every trick they can to save themselves. I hope they burn. Another way of viewing the same situation is that there are lots of people on that thread who are deeply unsavvy, and are going to be left carrying the can when this ends, and that there are a smaller number of people who very much know exactly what they're doing and are using the idiots as cannon fodder. Link to comment Share on other sites More sharing options...
magnkarl Posted January 28, 2021 Share Posted January 28, 2021 I decided early on in life that active stocks aren't for me, the ups and downs and volatility gave me heart burn. I have on the other hand saved in active, and later auto-traded, mutual funds since the 80's, and the growth I've seen in them have been nothing short of amazing. If I were to impart some words of wisdom to someone who has just £20 to spare every month I'd put it straight into something like an automatically traded mutual fund like Global World Index, USA Index or Emerging Markets index. The return from around £20 a month so far has outpaced my pension (urgh mixed portfolio bs) and growth on our house combined, and the cost is negligible compared to an active fund. 1 Link to comment Share on other sites More sharing options...
Chindie Posted January 28, 2021 VT Supporter Share Posted January 28, 2021 2 minutes ago, HanoiVillan said: Another way of viewing the same situation is that there are lots of people on that thread who are deeply unsavvy, and are going to be left carrying the can when this ends, and that there are a smaller number of people who very much know exactly what they're doing and are using the idiots as cannon fodder. Undoubtedly. At this point it's basically pure gambling. It doesn't change the fact that a bunch of people that were betting on the misery of a tonne of others didn't like it when some people spotted an angle that would **** them. Link to comment Share on other sites More sharing options...
Davkaus Posted January 28, 2021 Share Posted January 28, 2021 Are you not allowed to pick where your pension is invested, @magnkarl? Mine is a Standard Life pension which allows me to pick from hundreds of different funds with a variety of profiles. It defaults to some nonsense that's heavy on bonds, of course. I got really lucky gambling on weed stocks a couple of years ago and it paid for my car. No more of that though, all of my investing money goes in to a Vanguard index tracker. If that price collapses in the long term, I'll have bigger things to worry about, like the complete collapse of western capitalism Link to comment Share on other sites More sharing options...
magnkarl Posted January 28, 2021 Share Posted January 28, 2021 (edited) 5 minutes ago, Davkaus said: Are you not allowed to pick where your pension is invested, @magnkarl? Mine is a Standard Life pension which allows me to pick from hundreds of different funds with a variety of profiles. It defaults to some nonsense that's heavy on bonds, of course. I got really lucky gambling on weed stocks a couple of years ago and it paid for my car. No more of that though, all of my investing money goes in to a Vanguard index tracker. If that price collapses in the long term, I'll have bigger things to worry about, like the complete collapse of western capitalism To some extent I can affect it, however I left the default for way too long so I lost a lot of value. I'm waiting for the best moment to get them to convert some of the old crap they still have for me. Bonds, gold, diamonds - things that essentially make absolutely nothing. Mind you gold is high right now, but it was high when they bought it back when too. To anyone out there in their early work career, get the provider to swap you out of their standard schemes onto indexes or at least some well diversified global funds. Edited January 28, 2021 by magnkarl 1 Link to comment Share on other sites More sharing options...
LondonLax Posted January 28, 2021 Share Posted January 28, 2021 The Robinhood app has put a lock on buying anymore stock in Gamestop and other Reddit promoted stocks, you can now only hold or sell (so much for Robinhood being the app for the 'little guy'). The hedgefunds who were caught in a squeeze while trying to short the stock need to cover their positions soon and things are going to come to a head one way or the other. Will the Robinhood retail investors hold the line or will some of them cut an run causing a stampede out again? Link to comment Share on other sites More sharing options...
Villaphan04 Posted January 28, 2021 Share Posted January 28, 2021 I will be interested to see the legality of all of this from both sides. Link to comment Share on other sites More sharing options...
Chindie Posted January 28, 2021 VT Supporter Share Posted January 28, 2021 Link to comment Share on other sites More sharing options...
Chindie Posted January 28, 2021 VT Supporter Share Posted January 28, 2021 1 Link to comment Share on other sites More sharing options...
ender4 Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, LondonLax said: The Robinhood app has put a lock on buying anymore stock in Gamestop and other Reddit promoted stocks, you can now only hold or sell (so much for Robinhood being the app for the 'little guy'). ridiculous! Link to comment Share on other sites More sharing options...
sne Posted January 28, 2021 Share Posted January 28, 2021 Wonder how will be Nokia doing today? This was supposedly the next one they were going to target and with Elon Musk tweeting about it last night. So far they are down almost 29%... Link to comment Share on other sites More sharing options...
villakram Posted January 28, 2021 Share Posted January 28, 2021 3 hours ago, osmark86 said: I hope this makes Wall Street more scared of shorting their bets. I think long positions are better in general. Money should be made by supporting growth, not banking on busts and dying industries. Too much money in speculative finances these days. Shorting per say is not the problem. It's the naked shorting and related derivative market that is the issue. Going long: downside risk = 100%, i.e., your entire stake. Going short: downside risk is theoretically infinite, i.e., your bet, plus whatever multiple of it you have to pay when exiting/covering. 1 Link to comment Share on other sites More sharing options...
LondonLax Posted January 28, 2021 Share Posted January 28, 2021 GameStop is falling pretty rapidly now. The ban on buying more seems to have scared enough into selling and a rush for the exit looks like it’s on. Link to comment Share on other sites More sharing options...
wazzap24 Posted January 28, 2021 Share Posted January 28, 2021 (edited) I’ve got a few quid on this. It’s more fun than giving my money to a bookie! I only chucked a bit at it to see what would happen and I’m holding on for now. I can afford to lose the cash, but it’s also reignited my interest in stocks and I’ve been buying some nice long term stuff while messing about with this. Edited January 28, 2021 by wazzap24 Link to comment Share on other sites More sharing options...
a m ole Posted January 28, 2021 Share Posted January 28, 2021 (edited) 17 minutes ago, LondonLax said: GameStop is falling pretty rapidly now. The ban on buying more seems to have scared enough into selling and a rush for the exit looks like it’s on. wsb seems to think they’ve seen all this coming and they’re not budging (obviously some will). they think a big coordinated effort into scaring them off is going on causing these dips but the direction is still up as the squeeze hasn’t even happened yet. Edited January 28, 2021 by a m ole 1 Link to comment Share on other sites More sharing options...
LondonLax Posted January 28, 2021 Share Posted January 28, 2021 7 minutes ago, a m ole said: wsb seems to think they’ve seen all this coming and they’re not budging (obviously some will). they think a big coordinated effort into scaring them off is going on causing these dips but the direction is still up as the squeeze hasn’t even happened yet. Yeah it’s fascinating to watch unfold. Who is playing who? What drama 2 Link to comment Share on other sites More sharing options...
ender4 Posted January 28, 2021 Share Posted January 28, 2021 The dip is because no-one can buy Gamestop shares. Basically the hedge funds in collusion with regulators have artificially wiped out all demand (even though the demand is there), so that the price heads off a cliff. More corrupt than the Premier League referees! 4 Link to comment Share on other sites More sharing options...
Chindie Posted January 28, 2021 VT Supporter Share Posted January 28, 2021 It's one of the more openly cynical things you'll ever see. The retail investing apps have just cut their own throats. 3 Link to comment Share on other sites More sharing options...
ender4 Posted January 28, 2021 Share Posted January 28, 2021 Etoro desktop is allowing to buy, the app isn't. Just bought 1 share at $225 for solidarity against Wall Street corruption. Link to comment Share on other sites More sharing options...
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