Who all traded to GME story? What was your thinking? How did you make out?

wildchild

wildchild

To me, this was a highly tradeable event. I have to be honest, I usually stray far away from this kind of stuff. I couldnt help myself though. With GME at 300+, I thought it was a no-brainer to bet on a price decrease and I was correct.

I am curious to hear how other people viewed the situation, and hopefully how they traded it. Lots of money to be made, lots of money to be lost.
 
was up roughly $90k at one point after betting around $70k in capital. I got in late to the party...bought into the hype a bit much and let most of that fizzle away and cashed my longs out only ended up making ~$7k like a fucking BUM.

Still in it though holding some calls (that i have all but written off) + puts and was up today. Have a total of $16k capital invested in GME positions right now with a current value of ~$20k. Vega gonna get me though it already has really so I may exit everything soon...Not sitting too bad but next opportunity i hope to trade much better.

I made some really obvious mistakes like not sitting on a really good position when i knew it was a strong hand (sold some call contracts that i was long of waaaay too early against my gut feeling because i was a chicken shit). And obviously trading with my ears instead of my eyes...the charts said we were on the backside of the squeeze for sure by Tuesday after it gapped down and continued to perform poorly on decent volume...but my ears were filled with half assed DD from poor people and a strong sense of camaraderie towards my fellow retards.

my guess is lots of people are going to diamond hands their way straight into a deep depression that leads to selling yourself behind dumpsters for crack money.
 
wildchild said:
To me, this was a highly tradeable event. I have to be honest, I usually stray far away from this kind of stuff. I couldnt help myself though. With GME at 300+, I thought it was a no-brainer to bet on a price decrease and I was correct.

I am curious to hear how other people viewed the situation, and hopefully how they traded it. Lots of money to be made, lots of money to be lost.
More...

right.
It is one of the easiest things for day traders to earn tons of money.
It is an out from the text book trading;
very simple, very straight forward, level 1 type of thing.



We should be grateful
to the Reddit users, hedge fund managers, manipulators ....
for creating such great trading opportunities.

day traders simply love such trading opportunities.

Unfortunately, such opportunities come once in a blue moon.
 
maxinger said:
right.
It is one of the easiest things for day traders to earn tons of money.
It is an out from the text book trading;
very simple, very straight forward, level 1 type of thing.



We should be grateful
to the Reddit users, hedge fund managers, manipulators ....
for creating such great trading opportunities.

day traders simply love such trading opportunities.

Unfortunately, such opportunities come once in a blue moon.
More...

I have to agree with everything you say. This was a once in a blue moon opportunity, for me at least. I am usually pretty conservative and have always been worried about going after these kinds of moves. The fact that the entire set up was exposed in the media, gave me the confidence to dive in.

I had the best week I ever had from this set up. I pretty much rode the price down. At current levels, my confidence level is much lower, so I am out of it. I think there is likely more gains to be had, but I will leave them for someone else.
 
wildchild said:
I have to agree with everything you say. This was a once in a blue moon opportunity, for me at least. I am usually pretty conservative and have always been worried about going after these kinds of moves. The fact that the entire set up was exposed in the media, gave me the confidence to dive in.

I had the best week I ever had from this set up. I pretty much rode the price down. At current levels, my confidence level is much lower, so I am out of it. I think there is likely more gains to be had, but I will leave them for someone else.
More...

Good that you traded with the trend.


what is going to happen to Gamestop next?
nothing much.

It is now back to where it was supposed to be.
It will stay there for many many months / years
until there is some major news/events.
 
On 1/25 when it was looking like it couldn't hold the rally and was trading around 77 bucks I bought 10x 85/70 put spreads with march expiration. Couldn't do it on TDA (couldn't trade a spread on GME) so I entered the trade with individual legs on IB. It was moving so quickly that my execution was less than flawless. My thinking was that by March expiration the mania will be over. I also sold 5x40 puts (between 1.45 and 2 bucks (weeklies Feb 05) against it when it was trading in the 300s (Friday 1/29) - closed those out Tuesday morning for 66 cents. Today was the first day my put spread was green - hoping it'll stay that way but since it's defined risk I'm not loosing sleep over it.
 
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1) the brand Robinhood has been damaged (it'd throw you retail traders under the bus)
2) Do you know Ackman lost $ 1 billion in the Herbal Life short trade? Who took him out? Carl Icahn and Dan Loeb :), so Melvin was lucky dealing with retail money.
3) the class action lawsuit: it's going to be hard to find the smoking gun that proves Robinhood teamed up with Citadel to cheat/manipulate on the order flow (they allowed traders to buy 1 share of GME at one time)
 
maxinger said:
right.
It is one of the easiest things for day traders to earn tons of money.
It is an out from the text book trading;
very simple, very straight forward, level 1 type of thing.



We should be grateful
to the Reddit users, hedge fund managers, manipulators ....
for creating such great trading opportunities.

day traders simply love such trading opportunities.

Unfortunately, such opportunities come once in a blue moon.
More...

Next blue moon

8D08DF06-DC9B-434A-BE34-9A6C1002F534.jpeg
 
wildchild said:
To me, this was a highly tradeable event. I have to be honest, I usually stray far away from this kind of stuff. I couldnt help myself though. With GME at 300+, I thought it was a no-brainer to bet on a price decrease and I was correct.

I am curious to hear how other people viewed the situation, and hopefully how they traded it. Lots of money to be made, lots of money to be lost.
More...
Were you able to buy puts at IV over 300% or were you able to borrow shares? Which broker have you used?
 
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