Reddit trader behind GameStop rally says he lost $13M in one day

[themickey]

Never know. Anything is possible. But for it to happen, they need to trade with brokers that do not restrict buying. It's the restriction on buying that killed the rally.

Yup and RH just killed the goose which laid for them the golden egg.

 

[Overnight]

So how come Reddit has beaten elitetrader to it? Makes no sense.

Now yer just being silly.

 

[tsznecki]

So how come Reddit has beaten elitetrader to it? Makes no sense.

Because ET is 99% filled with gay permabear boomers who think that fundamentals matter in the middle of a bubble.

Then you have the retards that claim squiggly lines on a chart are the only thing you need to know but they don't tell you they have been trading 100 shares for their 20 year day trading career and still don't have net worth > 1M USD.

At least WSB is self aware that they are retarded.

 

[zghorner]

Because ET is 99% filled with gay permabear boomers who think that fundamentals matter in the middle of a bubble.

Then you have the retards that claim squiggly lines on a chart are the only thing you need to know but they don't tell you they have been trading 100 shares for their 20 year day trading career and still don't have net worth > 1M USD.

At least WSB is self aware that they are retarded.

Yes, knowing one is retarded is of utmost impotence. Profits will be soft otherwise.

 

[S2007S]

I think elitetrader website should create its own WallStreetBets forum. It's about time.

This could have happened sooo many times over

 

[sysdevel99]

Because ET is 99% filled with gay permabear boomers who think that fundamentals matter in the middle of a bubble.

Then you have the retards that claim squiggly lines on a chart are the only thing you need to know but they don't tell you they have been trading 100 shares for their 20 year day trading career and still don't have net worth > 1M USD.

At least WSB is self aware that they are retarded.

Best summary I've read on a long time.

I literally just bought this this cause it's funny and cause today is the first day where I'm green on my GME short.
There's a lot we can learn from wsb - if deepfuckingvalue would have posted his screenshot here - everyone would have jumped on him asking for his audited broker statements to begin with.
I'm too old for yolo and the lingo on wsb but in general those guys have much bigger balls than I ever will - respect is all I can say.

 

[zghorner]

Best summary I've read on a long time.

I literally just bought this this cause it's funny and cause today is the first day where I'm green on my GME short.
There's a lot we can learn from wsb - if deepfuckingvalue would have posted his screenshot here - everyone would have jumped on him asking for his audited broker statements to begin with.
I'm too old for yolo and the lingo on wsb but in general those guys have much bigger balls than I ever will - respect is all I can say.

The only problem is most of those cats only have balls because they have absolutely no idea how to measure risk, no concept of bet sizing, etc...WSB had some smart cats in it back in the day (and still some), but it has quadrupled in size in the past 2 fucking weeks...the vast majority of new members just started trading at that time.

I am absolutely guilty of those criticisms myself to a great degree but IMO today in WSB I am seeing more ignorance and inexperience than balls...now denial and refusal to admit they are holding a bad hand. Balls are when you understand the risk and the pain of failure and what it feels like to cut free at a loss but proceed forward into the trade anyway.

 

[Market_Diver]

trend analysis could be very confusing.
But for this case, the trend was rather straight forward.

uptrend - press BUY button first.
Then have a hard stop in place.

downtrend - press SELL button first.
Then have a hard stop in place.

You press the sequence wrongly then that will be hell.

I assume you are buying the shares and not the options.
May I know why shares and not options?

 

[Butterfly]

Because ET is 99% filled with gay permabear boomers who think that fundamentals matter in the middle of a bubble.

LOL good one

 

[Bugsy]

In the meantime, the big bad hedge funds got most of the billions in dollars in profits. Funny how these extreme liberal Reddit idiots demonize hedge funds while, giving Nancy Pelosi and those in Congress a pass on their insider trading schemes? Nancy bought $500,000-$1,000,000 worth of call options on TSLA. Of course, they had bills benefiting TSLA. The clown show continues.

Exactly. These career congressionals have hundreds of millions of dollars in net worth on a 6 figure annual salary. Does anybody really think Nancy Pelosi or Maxine Waters are undercover elite market traders.