iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,541 Blog Posts

The Meme Craze Isn’t Over

Although I’m not advocating to be long bad companies like $GME or $AMC for any significant length of time, today’s drawdown is most likely a pause in the fire that recently started. The difference between what I believe and what others are telling you to do is that I am just renting these fuckers and have very little interest in enriching the CEO’s of these companies with an opportunity to sell stock to the public. Bear in mind, by elevating the shares of $GME to unnatural levels, not only are you “having fun” but also providing the impetus for the CEO to sell shares to the public to raise capital, quite literally using all of the unsuspecting $HOOD traders as bag holders.

The way to mitigate this possible occurrence is to 1. only trade with money you can afford to lose and 2. book the profit.

There are some stocks I trade that I might’ve made 300 points in the name, but not continuous, doing so in dribs and drabs with risk mitigated by the holding duration or size of the position. What I am advocating against is you believing this to be a world changing event, that once you gun $GME to $500 all of the fucking trannies and meth heads littering your streets will magically disappear. This changes nothing, other than the digits in your account.

That being said, I had some bullshit overnighters and with today’s open I had to buy some real stocks like $AMGN, $GS and $CRWD in order to make up some losses. I am down 23bps and 100% cash, looking to get back in.

The meme stock trade isn’t necessarily for me, which is why I tend to play on the edges of it, names other than $GME or $AMC that might see sympathy bounces. Nevertheless, I am not opposed to trading anything on an intra day scale, just somewhat reticent to hold them overnight due to my serious trading nature. Unlike you, I am not a fucking clown and know what I am doing.

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