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Surly #Stonks

Wally Fairway

By Wally Fairway
in Business and Markets

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Hank_Hill
Hank_Hill

Haven't mentioned it because didn't need naysayers because it is stupid, but I'm a med student doing this almost purely on my student loans while they're at zero interest. I've made +$20k since Decemb

Hank_Hill
Hank_Hill

The real treasure is the friends we make along the way

BradInATX
BradInATX

As long as 700% APR payday loans exist, you can fuck right off with "protecting people from themselves".

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52-80

52-80 19185

Posted
Posted (edited)
1 minute ago, PenelopeWitherspoon said:

I will probably leave the app when I can.  Do not want to liquidate some of my positions (like TSLA, AAPL and FTCH), but once I profit take, will move all over to Fidelity and TD.

you can transfer ownership/custodianship of securities from broker to broker.  its standardized.

Edited by 52-80
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BTW

BTW 370

Posted
Posted

Question, how many of you dudes are trading your penny stocks on RH?  I'm wondering how people getting pissed and bailing on RH will influence the penny stocks if lots of the retail traders in those stocks were using RH to trade them.

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Foosters

Foosters 17858

Posted
Posted
10 minutes ago, PenelopeWitherspoon said:

I will probably leave the app when I can.  Do not want to liquidate some of my positions (like TSLA, AAPL and FTCH), but once I profit take, will move all over to Fidelity and TD.

I just liquidated my entire account. I've only had it since beginning of pandemic. Made a nice little bit of change.

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ZB'Tejas

ZB'Tejas 593

Posted
Posted
6 minutes ago, BTW said:

Question, how many of you dudes are trading your penny stocks on RH?  I'm wondering how people getting pissed and bailing on RH will influence the penny stocks if lots of the retail traders in those stocks were using RH to trade them.

Not sure RH offered OTC so it might not even matter.

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Chewbacca

Chewbacca 7780

Posted
Posted
Just now, Cheeseweasel said:

Many of us run and/or own businesses, so yeah. Pro business. This isn't business. This is monkey business. FUCK EM

Yep.  I've always believed that the stock market was truly (for the most part) a free market.  Sure, the little guy gets front run on trades and loses a couple pennies here and there, but at the end of the day, if you picked right, you made money.  Never in my life did I think I would see something so brazen as this.  They're just straight up stealing at this point.

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52-80

52-80 19185

Posted
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lawsuits filed in new york.

 

in the worst worst worst case, everything fucking goes carbonite and trading completely suspends and they nuke the entire security.... they'll wind back everyones trades in cash at traded value. 

maybe? 

or they'll leave everyone at the side of the road.

 

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52-80

52-80 19185

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1 minute ago, Foosters said:

Explain to me like I'm 5:

Why I should not be worried about: my pension, my IRA, daughter's 529, and 401k?

if this undermines consumer confidence in the securities market (including the GLOBAL securities market as EU brokers are also freezing GME buys)..... and keep in mind a generation of young investors..... the equities market is going splat.

 

which means your 401k will become a 200.5k

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ZB'Tejas

ZB'Tejas 593

Posted
Posted
Just now, 52-80 said:

if this undermines consumer confidence in the securities market (including the GLOBAL securities market as EU brokers are also freezing GME buys)..... and keep in mind a generation of young investors..... the equities market is going splat.

 

which means your 401k will become a 200.5k

Hello Bitcoin.

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Cheeseweasel

Cheeseweasel 26438

Posted
Posted
4 minutes ago, 52-80 said:

lawsuits filed in new york.

 

in the worst worst worst case, everything fucking goes carbonite and trading completely suspends and they nuke the entire security.... they'll wind back everyones trades in cash at traded value. 

maybe? 

or they'll leave everyone at the side of the road.

 

082ihpop04e61.jpg

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Continental Op

Continental Op 3934

Posted
Posted (edited)
8 minutes ago, Chewbacca said:

The bigger issue here, IMO, is now they've brought the credibility of the stock market itself into question.  How many people are going to be willing to invest when horsefuckery like this happens?  

Because it's that or watch your nest egg get eaten alive by inflation in a savings account that a bank pays you 0.000000000000002 percent interest on while they loan the balance out many times over at a much higher rate.  There is no alternative! 

Edited by Continental Op
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52-80

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Posted
Posted
1 minute ago, Continental Op said:

Because it's that or watch your nest egg get eaten alive by inflation in a savings account that a bank pays you 0.000000000000002 percent interest on while they loan the balance out many times over at a much higher rate.  There is no alternative! 

leverage for me but not for thee.

oh and dont worry, we dont lose this borrowed money because if our positions go sour we'll just freeze the trades.  lol.

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Trey3216

Trey3216 15349

Posted
Posted
38 minutes ago, PenelopeWitherspoon said:

I will probably leave the app when I can.  Do not want to liquidate some of my positions (like TSLA, AAPL and FTCH), but once I profit take, will move all over to Fidelity and TD.

Just open a new account and do an AFAC transfer.  Transfer the positions as is and you don't have to sell them.  

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BTW

BTW 370

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Posted

FYI ...  Schwab will allow me to buy and sell GME and all the other "big short" stocks.  It will also let me buy and sell options on them (but they have increased the options limits.  I'm about to buy a bunch of puts on GME so I can make money along with the crooks.

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52-80

52-80 19185

Posted
Posted

Per Deloitte:  there are ~20 million brokerages account in the US. 

 

how many of those are "actively" traded?  like even once a month rebalancing.  1/10?  1/20?

 

there are over 1 million live eyeballs on WSB right now.  (well, if its eyeballs then technically 2m+).  if you discount some of those to europoors... this is a gargantuan chunk of the american investing community watching this all unfold.

 

im kinda tearin a little

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Hefeweizen

Hefeweizen 5328

Posted
Posted
18 minutes ago, Foosters said:

Explain to me like I'm 5:

Why I should not be worried about: my pension, my IRA, daughter's 529, and 401k?

I’m worried about everything now.  This exposes a fundamental flaw with how we perceive what I thought was a free market. Yes, algos and big shops have a huge data edge and buckets of research but I thought the rules applied.  Now we find out they apply until the wrong people lose money, then they just change the rules.  That is horse shit and makes  me want out.  
 

I will wait and see but I am really feeling a sense of unease like never before.  Now I need to go trade some pennies to get my dopamine hit.

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