Is the stock market going to tank?

[CovertM]

Current YOLO Positions: BB, RIOT, AMYZF, ATOS
Baby YOLOs: PLTR, PSTH (just got complicated as fuck), SOFI, MARA, RKT (piece of shit), HGEN $30 Calls expiring 6/18 (has to blow up soon!)

Have finally learned to only tie up 50% of shares, at most, in calls at any time.

ROCKETS FOR ALL!

[cantspin]

On May 25 there's a monster green candle on GME daily chart. I guess the 50% level of that candle is a place traders would be testing. That's right about at your target level. Good eye!

I am so jealous of your tsla position! I bought in the low 200s, presplit and sold it all with nice gains, still presplit. Then I was crying when it did a 10x. It has forever left a mark on me even though I've made it all up in bitcoin. I decided to try to be a hodler and am getting shellacked on link currently, hahaha. Well I am up 2x, but I was up 5x, sigh.

Moral of the story, I suppose, is to take partial profits! I manage my bitcoin very carefully, basically rebalancing and am satisfied with that.

Bitcoin has been quietly fucjing me. idk how it’s possible but I think I’m like baaarreeelllyy green. Take ur profits and you really really can’t win em all


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[CovertM]

Watching gme today looks promising to me in the short term. I would bet it doesn’t break that 190 so I’ll probably buy a couple shares dollar cost averaged.

Any thoughts on what I should do with my tsla bag??? Been holding since before the split and idfk if I should get out or hold for life. Might just half my position because I’m scared hahaha


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Let it RUN!!! Yeah, sell half? What's your CB?

I have a small client that bought some shares a long time ago, and before the split we had to sell a portion because his TSLA "fun" play had ballooned to 30-40% of his total portfolio. Same shit happened after the split when it shot right back up.

[Lawless]

My YOLOs: ABML, APTX, MARA, PLTR, and SNDL.

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[LeeLau]

My YOLOs: ABML, APTX, MARA, PLTR, and SNDL.

I like SNDL as an illogical yolo. The SNDL crowd are so hopeful any good news moons the stock despite the alarmingly large outstanding.

Yeah I believe I timed the GME downtick perfectly which is nice as I really don't want to chase it given the big margin requirements

[rod9301]

I am a GME long but agree with Rod. My contribution to gmedd.com was the part about clearings for short sales. I feel a justifiable fair value for GME if they execute flawlessly is between 90 to 120.

But add cult status which multiplies that 2 to 3x.

I think 50 is generous. That's where i covered first shorts.

I'm short again but just 100 shares

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[CovertM]

Maybe the next game we should play is "What bags are you holding?"

[Lawless]

I like SNDL as an illogical yolo. The SNDL crowd are so hopeful any good news moons the stock despite the alarmingly large outstanding.

Yeah I believe I timed the GME downtick perfectly which is nice as I really don't want to chase it given the big margin requirements

Yeah, holding just waiting for a mention of possibly, maybe legalization talks federally.

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[Lawless]

Maybe the next game we should play is "What bags are you holding?"

Ha, see my previous list.

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[cantspin]

Maybe the next game we should play is "What bags are you holding?"

Baba just dumped most of the bag, the opportunity cost was mf insane.


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[cantspin]

I’ve been thinking about trading meme stocks based on purely momentum, setting sell orders for 10% profits and stop losses for idk 5-10% and taking 10% profits over and over again. Someone tell me why this wouldn’t work


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[CovertM]

I’ve been thinking about trading meme stocks based on purely momentum, setting sell orders for 10% profits and stop losses for idk 5-10% and taking 10% profits over and over again. Someone tell me why this wouldn’t work


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It will work until it doesn’t.

Can you have the discipline to take 10% and not get FOMO of it going up another 25-30% after you sell?

On certain positions I set a limit order to take my principal out as soon as it doubles, and then let the free money ride. Definitely missed out on the upside with GME doing this, but others it has paid off. I did this with RIOT as well and have been playing with house shares/money while it’s traded sideways for the last few months, further dropping CB selling options.

It would also depends what your ticket charges look like, it could add up quickly if you’re swing trading some of these positions that would allow you to take profit and buy back in a week or two later.


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[cantspin]

It will work until it doesn’t.

Can you have the discipline to take 10% and not get FOMO of it going up another 25-30% after you sell?

On certain positions I set a limit order to take my principal out as soon as it doubles, and then let the free money ride. Definitely missed out on the upside with GME doing this, but others it has paid off. I did this with RIOT as well and have been playing with house shares/money while it’s traded sideways for the last few months, further dropping CB selling options.

It would also depends what your ticket charges look like, it could add up quickly if you’re swing trading some of these positions that would allow you to take profit and buy back in a week or two later.


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Yeah dude unless I’m missing something you can trade like mad on Webull with no commission downside. I think you have to stay under 3 day trades a day or something. Not for all trades just for dayish trading in my Roth. I think ima give it a go. I


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[BobMc]

Did a little poking around my portfolio. I started buying midstream last December, bought 22 shares of EPD on The 7th, then slowly increased the position with the largest buy of 70 shares on March 18th. I bought 100 shares of DCP on Dec 29th. I bought 100 shares of MMP on Jan 15th, and then another 46 on March 17th. All of these positions have seen two dividend quarters and have increased.

I’m up 23.3% on my midstream positions since delving into the sector. I got into it liking the yield and long term contracts supporting the distributions. I think I inadvertently lucked into a growth situation as well. With the cancellation of the Keystone XL pipeline it has apparently made pipes already in the ground more valuable.

Gonna open a new position on BPMP on Monday, have enough cash from my “trailer paid off fund” and my covered call sales to pick up 86ish shares. They’ve got that sexy high yield I’ve been digging lately.

I tried to get me a free lunch today anyways, priced my calls too high and ended up paying for my Arby’s. Nothing filled, not even my MO attempt, nor my underpriced wish for more EPD.

Last summer this money would’ve been spent immediately, learning to let it come to me.

There are still bargains out there, get yourself some!

[rod9301]

I’ve been thinking about trading meme stocks based on purely momentum, setting sell orders for 10% profits and stop losses for idk 5-10% and taking 10% profits over and over again. Someone tell me why this wouldn’t work


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I'm sure you're a smart guy, but doesn't this feel like it's a little too easy?

I wonder how come nobody else came out with this safe idea.

But seriously, it will work until it doesn't.

And if you keep putting increasingly larger amounts of money, you'll lose it all.

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[cantspin]

I'm sure you're a smart guy, but doesn't this feel like it's a little too easy?

I wonder how come nobody else came out with this safe idea.

But seriously, it will work until it doesn't.

And if you keep putting increasingly larger amounts of money, you'll lose it all.

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Should I test it? Haha start w 20% of portfolio and give it a go. Then keep going with whatever that percent becomes


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[CovertM]

Should I test it? Haha start w 20% of portfolio and give it a go. Then keep going with whatever that percent becomes


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I believe that we have discussed this back in the thread a bit, but all of the YOLO shit and speculative plays that I talk about (I assume most others as well) is a small percentage of my total invested assets. It fluctuates between 5-10% and I keep it in those ranges as a form of adding discipline. When something works out (GME) I take profits and rotate back into boring long term positions.

It all depends on risk tolerance and risk capacity, but 20% seems a little heavy and losing that much in a short period of time could add quite the headwind to long term growth.


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[pureantigravity]

I’ve been thinking about trading meme stocks based on purely momentum, setting sell orders for 10% profits and stop losses for idk 5-10% and taking 10% profits over and over again. Someone tell me why this wouldn’t work

The biggest fails for me have always been (1) selling too early and (2) not recognizing the bottom. I sold Amazon, Tesla and Shopify after some really *sweet gains* in 2018. I sold Beyond Meat when it got to $122. It then proceeded to march up to ~$250 without me. They have all mooned many times over since then. Big fail. I failed to realize that great gains are the beginning of the story, not the end.

As for #2, I successfully sold everything (every fucking thing) at the top in 2018, rode it in 100% cash all the way down till it was like 25% down by Christmas, and then DIDN'T dive back in for the recovery.

Just to show what a #complete #jong I am, I was also 100% cash in Feb 2020. As 2020 go going and the Covid stock crash recovered ... I didn't reinvest soon enough.

I'm pretty sure that I have learned nothing from this.

In other news, the tax man is looking for people that conduct what they call 'business activities' indicated by lots of short term trades. Just be aware that how you play might change your tax treatment.

[LeeLau]

Yolo plays are all about long shots and be prepared to lose it all. Emotions should be divorced from your plays. Hence agreed with CovertM as keeping them a portion of your portfolio sufficient that you won't lose sleep if you go to zero. For ME (emphasis added), 20% of portfolio would be too much.

Worth looking at this for Yolo candidates.

https://news.yahoo.com/8-short-squee...191926485.html

Will look at UPST and SKLZ for additions

[Ted Striker]

I’ve been thinking about trading meme stocks based on purely momentum, setting sell orders for 10% profits and stop losses for idk 5-10% and taking 10% profits over and over again. Someone tell me why this wouldn’t work

Should I test it? Haha start w 20% of portfolio and give it a go. Then keep going with whatever that percent becomes

Yolo plays are all about long shots and be prepared to lose it all.

What Lee said cannot be overstated.

Here's something else to ponder: your stops won't get triggered

[pureantigravity]

Old video but I love what he has to say. He's so chill about these truths.

[LeeLau]

Took profit on some RIOT "bought" in mid 20s via cash secured puts. Covered rest of ClOV.

RIDE is tanking. Hindenburg released a short report alleging financial fraud. Company denies allegations yet fires CEO,/CFO. WKHS is still holding up well (it's a very heavily shorted Pos) despite one of its primary assets being a 10% stake in RIDE

[pureantigravity]

[CovertM]

Didn't do much today. Tried to get filled on BB and ATOS calls but didn't hit where I wanted. Was extremely tempted to sell RIOT calls, but think this BTC run has some more steam, and I have some shares that may get called away soon at $35. If BTC starts flirting with $50k again RIOT may be back to the $50-$60 range, 100% guessing.

Really contemplating rolling my 6/18 HGEN $30 Calls (bought) to 7/16...Possibly just adding to a sinking ship, but i'd hate to see this position expire worthless. Will look at it tomorrow and probably make a plan.

Lee, you making a play at UPST or SKLZ? I looked at selling the 7/16 $17.5 put today, but decided to see what it does the rest of the week. Don't want to tie up all of my BP on a Monday!!

[CovertM]

This cracked me up today...