I'm not. Theater business was on the decline before COVID, people got used to not having them during COVID. The diehards are not going to save them. Unless you got in really cheap, I wouldn't hold much longer. Also, COVID as a whole isn't going away any time soon. The vaccine is not the savior, and too many people are over it to care.

If it dips below 10 again, that's my play. Buy and hold for the long term. I don't see it to 30 by years end. I predicted 25 by mid next year. But either would be great.

Every meme stock EXCEPT GME up pre market. NOK, SNDL, NAKD, AMC, BB.

To actively trade, you need a margin account, right? Meaning if I wanted to sell AMC at $18 and buy it back at $16 and then sell it at $18, would I need a margin account so I don't trigger that good faith violation thing?

You need $25k in your account to day trade.

4 round trips in 5 business days will get you flagged, then you have to have $25k in assets to trade, or wait 90 days. I've only been using cash at this time, no margin.

Well that sucks. Maybe I should stick to crypto. Sell something, wait 5 minutes, but it back, wait 5 minutes, sell it again. No restrictions since it settles within minutes and sometimes seconds.

I thought I might be able to get in on what's probably going to be a roller coaster today, but I guess not.

You can do it, just don't do it more than 3 times this week.

AMC up $3 pre-market. GME flat. Let's see if AMC can hold until the bell. Everyone be careful buying pre-market. Price will have a wild swing at the bell. Coin Toss which way.

(Just to clarify)

3 times in 12 months will put you in the box for 90 days.

https://www.fidelity.com/learning-center/trading-investing/trading/avoiding-cash-trading-violations

Or you'll go blind

Nah. It's as Wolfmarsh said.

The SEC collaborated with the NYSE and NASD to determine a “Pattern Day Trader”, as one who executes four or more round trips in a rolling 5-business day period in a margin account.

I did daytrading like this over the past year and found it to be very stressful, time consuming, and somewhat addictive as it is basically gambling...my time would have been better spent doing more of the things I enjoy or know how to make money doing. I knew that was the likely outcome but still tried it anyway because I like to learn the hard way sometimes Long term investing and maybe a small mix of swing trading is the best bang for buck/time. I think the current market situation (and past year) is ultimately going to cause a lot of people to learn some hard lessons.

I'm listening to the clubhouse interview between Elon and Vlad and this guy has not once apologized for what happened. He doesn't seem sympathetic at all, and sounds really scared and like he's hiding something. He could just be socially awkward, but again, he hasn't apologized at all. I think lawyer wise they probably told him if he does it admits wrongdoing.

This is what it looks like on TD Ameritrade when you get close to the pattern day trader warning.

pasted_image (resized).png

Silver markets are open and the Spot Ask has jumped to $30.

Never seen a stock frenzy like this in my 25 years of investing.
So many newbies that really don't understand what they are doing and the potential consequences.
I have employees trading stocks and asking me questions - never had that happen ever
Sadly, this is going to end very poorly for a lot of people

+1
20 years ago i was trading all the time chasing stocks and it does consume you after awhile its just to much . One day i told the Mrs. we are selling everything and built a new house . Shortly there after the bubble burst i was a happy stress free man.

1999-2000 was pretty similar. That was my first year out of college, so I didn't participate, but I watched it daily and all my co-workers were talking about it.

I saw some of it starting up about this time last year, before the pandemic shut up all the new daytraders in my office. People were opening accounts with $200 and buying far out of the money call options.

It's become the new lottery, and probably better odds to make money, as long as you aren't buying on margin or shorts. That's where you get hurt, as your downside exceeds your initial investment.

I remember waiting and watching Ask Jeeves IPO. I think they were up 500% at one point on their opening day. I used their site quite a bit as an alternative to google.

I loved ask Jeeves.

God I feel old

Altavista was the bomb.

Not worried about wash sales?

I agree. Even though I'm relatively new at this, a financial adviser friend helped me figure out where to put my long term safe investments, and then we set aside this TD account for me to have a little fun with. This is "fun" money I'd take to vegas or drop on something like a vacation.

Thanks to tips from dudes like @iceman44, so far it's worked out really well!

Day trading rules are more strict on margin accounts. If you're a cash account, it's more relaxed. QUOTE: The Pattern Day Trading rule regulates the use of margin and is defined only for margin accounts. Cash accounts, by definition, do not borrow on margin, so day trading is subject to separate rules regarding Cash Accounts. Cash account holders may still engage in certain day trades, as long as the activity does not result in free riding, which is the sale of securities bought with unsettled funds. An instance of free-riding will cause a cash account to be restricted for 90 days to purchasing securities with cash up front.

On another note, binance US is taking a long time to do the FIAT verification.

One of the original founders of ask Jeeves was my parents neighbor during the time of the IPO. They thought they were going to the moon!

If you are in the US - Uphold is really good for crypto. I've used coinbase and kraken as well, and moved over to uphold.
I'm in XRP, the SEC filed suit right when everything started to take off. I think its going to make it through it fine, so i'm hanging on to it. But if you are brave you can try timing the pump and dumps. One just happened over the weekend. Went from 25 cents to 70 cents, back down to 40.

I was pretty excited to see that the microvast merger happened. I'm up 275% on that one. I'm also playing AMC today. I figured the GME cash out would start to happen and was hoping some of that money would migrate to AMC and cause a nice pop.

What are the implications of being designated a day trader?

There's no wash sales on profits.

Yep. I probably sound like a broken record to regular posters on this thread because I keep saying the same thing, but trying to say it differently each time so as not to sound like said broken record.

1999 and 2000 were similar. I was a few years out of undergrad, but was getting my MBA. The combination of learning real financial analysis and not having extra money to lose is what spared me any real pain.

There are a handful of posters on here making some complex trades... based on what I think they're doing, those folks appear to have a solid grasp of the complexities and risks.

But there appears to be a lot of irresponsible trading as well. When somebody was bemoaning only being up something like 10% in a few weeks, I felt like I jumped into a flux capacitor powered Delorean and set the time circuits for Feb 2000.

Yeah, I thought that was just on losses within a 30 day time period?

Even on a loss, it's not a big deal. Your cost basis just gets adjusted. You don't lose the loss, it just carries forward.

That's funny, I did the same thing. Great minds think alike. Deposit box at the bank.

What longs did you get into? if you don't mind me asking.

GME and AMC both down after the bell. GME by a lot. Will see if buying the dip is a 'thing' today or if the runs are over.

I am thinking about joining The Motley Fool. Anybody a member? Worth it?

I understand the play on GME but not AMC. Feels like AMC is just being pumped up from GME hype and it's only strength is volume. I am not complaining. Have scalped it twice already. From $4 to $17 and then again from $10 to $15. Just seems like all diamond hand emoji, HODL hype. Lots of first time investors who are asking when they should sell, what the PT is. A lot of people diving in without any exit strategy.

Iceman has posted several times that he pays a nice chunk of money to mf and finds it well worth it.

It's bizarre to me how many people seem to think of Musk and Random Reddit Posters are some sort of investing White Knights when all they appear to be doing is manipulating markets in their own way.

I wish we could hear from somebody that bought Gamestop at $483 how they feel about the "hold at any cost' mantra now

they would tell you, "i was just playing by the book".
holdembook (resized).jpg

I bought at $333 if that makes you feel better? I'm not going to cry if I lose my $2663.56. Hopefully it shines a light on all the bullshit manipulation that ends up screwing the retail investor.

I'm not saying it wouldn't suck to lose the $2,663.56, but for now, I'll just go along for the ride and see what happens.

Same boat....I made good profit last week playing the swings, but I don't see it going crazy like GME. The mechanics aren't the same:

Shares issued are 7x GME (440M vs 70M)
AMC keeps issuing shares, converting debt to equity, diluting everyone's position
There is no short squeeze to speak of on AMC...Only about 40% short positions compared to GME's 138%

First of all, I wasn’t going to post this but you did sound like an ass judging me without knowing in what situation I was in at that moment.

I’ve been trying to get into Fidelity all weekend long. I want to buy more GME and AMC, that’s my decision and I fully understand the consequences. Fidelity kept asking me stupid questions to verify my identity. I would answer them correctly and they kept shutting me down!

When I posted that picture, that was because Fidelity had FINALLY accepted my answers to those questions. I was not at home and I was in a hurry and needed to pick one of those options quickly because the page was going to time out.

I needed to make a quick decision on which one to pick because I had already tried so many times and it had finally accepted my application and the page was going to time out!

So NO I didn’t have time at that exact moment to dive deep and read what each of those 3 options offered. I posted in hopes of getting a quick answer because I know you guys are very smart (including you) and know your stuff.

Yes I’m a rookie at this, I’m just a beginner. I’m sorry sir but there’s no need for you to bust my balls or make me look like an idiot that was too lazy to read what those 3 options meant because that wasn’t the case at all.

To make a long story short, the damn page refreshed and my application was gone. I Kept trying without Success. I have now read what those 3 options are but Fidelity still won’t work for me.

All of this happened because I was in such a hurry to open up another account that lets me buy the stocks I want. Any other day I would have taken my time and research what those 3 options offered. Sorry again.

AMC and GME charts look identical today.

Are they diamond balls though?

They are! Holding strong!