Quoted from Pintucky:and movie theater (separate buildings) all paid in full already
I know this is completely off subject, but I'd love to see pictures of your theater. I built one in my basement and I love it!
(Topic ID: 175889)
Linked Games
High Roller Casino
Stern, 2001
Topic Gallery
You're currently viewing posts by Pinsider spyderturbo007.
Click here to go back to viewing the entire thread.
5 months later
Quoted from lancestorm:Hmmm bought $300,000 worth of Netflix and First Solar...
I wish I had those problems. I'm happy when I buy a few shares of NSC or something. 
11 months later
Based on some of the posts, it seems like there are a few people in this thread that really know what they are doing. Just looking for some other opinions. I'm 41 and put 25% of my pay in my 401k. My company matches 50% of the first 6% (3% match) and then they throw in another 2% for doing nothing. I also just started putting a small amount ($1,600/year in my HSA).
Other than a few dollars in some stocks I purchased as a gamble, I have no other investments. I was considering one of two things.
1. Dropping my 401k back enough that I could contribute the maximum to a Roth IRA.
2. Dropping my 401k back to 6% and then dumping the other 19% into some stocks like DTE, or NSC. Something long term that pays a decent dividend.
3. Both, #1 & #2.
Thoughts?
Quoted from donjagra:Fixed that for you...
I’m a little confused. If I currently contribute 25% and I change my contribution to either % you indicated (20 or 15), that would be a drop in contribution.
3 months later
Quoted from Trekkie1978:Bought 5,000 shares of AMCR at $9.62
Quoted from Trekkie1978:Formulate a plan and stick to it.
Quick question.
When you pick a stock (as opposed to options trading) do you have a formula for when you sell? E.g Automatic sell at +25% of the price of the stock or -15%?
So you'd make your trade and say if AMCR drops to $8.30 or increases to $12.20 you'll sell.
If so, does that formula get adjusted based on the size of the investment? I won't have $48,000 to make such a trade, but let's say someone started out and bought $1000, would the +/- trigger point change?
Thanks for your help. I think my problem is that I get greedy when something goes up and I need to set hard limits and abide by them. It seems like that's how you do things so I thought I'd ask.
4 months later
Damn. I transferred a few bucks into my Ameritrade account to buy a few shares of something today, stop here to see what everyone is recommending and all the talk is over COVID-19. 
My poor 401k is down almost 30% in the last few days. I've been putting 26% of my pay in there for a long time now, just to watch it vaporize. It takes soooo long to accumulate and it disappears so quickly.
I have plenty of years left before retirement, but it's nauseating to watch it happen.
1 week later
Quoted from Whysnow:thanks
I am talking about a full rebalance where I move all my current stuff around (dump the index, small, mid, etc... and put it 100% in the bond)
I would leave my purchase for all future stuff the same to they catch some of the upswing.
I had a discussion with my financial advisor last week and she advised me not to move anything. However, I have longer to go for retirement than you do.
She told me that I should be changing my future allocations, but there was no reason to move anything right now.
Here are the take aways from our conversation. Keep in mind, I'm almost 100% in stocks and aggressive risk, so this was based on my portfolio.
1. Emerging market funds will mostly likely have the worst downside and could be in a recession longer than the United States
2. Wait for a 10% bump in the S&P at increase exposure in the following funds by moving future allocation from small cap funds into the following funds:
-AllianzGI
-Alger Cap Appreciation Fund
-T. Rowe Price Growth Fund
3. Energy shares are unsafe and they expect them to bottom out by the end of the 2nd quarter.
4. Energy and Industrial materials could drop by another 30% due to supply chain issues and dividend cuts
5. The expectation is that this economic recession (not market) will be sharp and short. Lows are expected around the end of the 2nd-beginning of the 3rd quarter with recover by the 4th quarter.
Not sure if that helps, but that's what I have in my notes.
Either way, my suggestion would be not to take the suggestion of someone on the Internet that can't look at your portfolio and suggest a course of action to help you in reaching your goals.
3 weeks later
I’ve seen USO thrown around in this thread. It looks like a fund as opposed to a stock. Does that just mean it invests in oil futures and I buy it like a stock? Similar to how my 401k funds work?
I was thinking of buying some USO but don’t want it to expire or something weird to happen that I don’t know about.
Quoted from Concretehardt:Can USO go to $0.00?
Don’t say that. My dumbass bought some yesterday. I suck at this stock thing. 
Quoted from cottonm4:Mind if I ask why you bought it? What were your thought processes? I don't know how USO works. Still trying to figure it out .
Because I don’t know what I’m doing apparently.
My assumption was that oil is going to rebound as things return to normal. I just figured it’s not like we are going to all of a sudden stop using oil and it would have to come back later this year.
Thought it might be a good idea to buy.
Not sure if should buy more to drive down my share price, or sit on what I have already.
As I said, I appear to be pretty bad at this entire stock thing.
Quoted from Concretehardt:Are we talking a couple hundred or a couple thousand shares?
Only 200 shares. I thought of buying 200 more. I’m trying to stay as liquid as possible right now, but I know it’s a buying opportunity. I’m trying to do a little if I can.
My wife got laid off 4 weeks ago and my side business has ground to a halt. My day job + savings is keeping us a float. I’m just trying to hold onto cash because of the uncertainty.
But on the other hand, I don’t want to be left in the dust if things are on sale. I kicked my 401k up 5% more when this started and thought buying a little stock might be a good idea. Perhaps not. 
Any of you stock ninjas around here have a recommendation? Sit on the USO I have, or buy another 200 shares?
I know it’s peanuts to some of you guys, but you have to start somewhere.
Quoted from cottonm4:Were/are you buying it for an investment? Or for a short term trade?
I was figuring a short term thing. Maybe 6-9 months. I figured things would start getting back to normally and it would rebound. I don’t mind holding longer.
Quoted from Concretehardt:I can’t wrap my head around USO! Why would anyone ever buy it? It seems like you lose no matter what.
Maybe because they didn’t know any better?
1 week later
Quoted from SantaEatsCheese:I know it's a cartoon but this short clip has really helped me understand how to play the stock market now that the fed takes a more active role in economics.
That entire episode is hilarious. I recommend everyone watch it.
This is from the same episode:
4 months later
Here is my issue with stocks. I own some, but not a lot compared to most of you guys / gals. My issue is when I look at what I've made on a particular stock and then I look at the 30% capital gains, it seems like if you're not making $5k or $10k trades, you're just working for the government. For example, let's say I buy 100 shares of Stock X at $10/share and it goes up to $12/share. I sell it and take my 20% profit which is only $200. Now remove the crazy short term capital gains of $40 and I've made $140.
I guess it's $140 I didn't have yesterday, but on the downside, I could easily lose more than that $200 and the write offs are limited from my understanding. Maybe my reasoning is flawed......
So instead of buying stocks, I've just been putting 31% of my pay in my 401K. Maybe that's not the best way to go, but it's better than nothing.
Are there any of you that just play with a little money? I just don't have the capital to play with $30k trades on a regular basis like I see in some posts because I spent it all on pinball machines.
Quoted from SantaEatsCheese:Don't forget about your tax advantaged accounts.
You can put $6,000 in a ROTH or traditional IRA every year. If you put your money into a ROTH account, you use "after tax dollars". From here on out that money grows tax free. So if you drop your money into a ROTH IRA, you can buy/sell/trade all you want with no tax implications so long as it stays in the account. You can start at $6,000, and make $500,000 per year in the market listening to ICEMAN. You can't withdraw the money until you reach retirement age, but when you withdraw the money you do not pay income tax and you do not pay capital gains.
Were you to have your money in a non-tax advantaged account, yes, much of what you say is true.
I've thought about backing down my contribution and moving some of the 401k dollars into a Roth. Can you buy individual stocks "inside" of a Roth? They aren't funds like they are with my 401k? Is the growth non-taxable or just the initial investment?
As for making 500k following iceman44 I'm not sure that I have the bankroll.
Quoted from iceman44:No matter what, while taxes are "on sale", everyone should consider a "Roth conversion" based on your own personal situation.
Can you explain this to me? Or point me in the right direction? Is that were you move your 401k (paying the penalty) into a Roth?
My assumption is that I should talk to a financial advisor before I would move forward?
Quoted from iceman44:No you don't pay a penalty by converting money from a traditional IRA to a ROTH IRA.
You do pay "ordinary income tax rates" on the money you just converted in that year. Taxes are on sale this year.
When you look at your COMBINED INCOME, wages, cap gains, etc., as a general rule of thumb for me and my clients, don't put yourself ABOVE the 24% marginal tax bracket.
Meaning, you can have a COMBINED INCOME of up to $326,600 in 2020 before the NEXT dollars above that limit gets taxed at 32%
The Biden plan proposes to RAISES TAXES at EVERY SINGLE INCOME LEVEL if you actually earn a living.
Gotcha, thanks! As for the taxes, can you use some of the conversion to pay the taxes? Meaning if I were to convert $100k, I'm assuming I need to write a $22k check for Federal taxes and then whatever my rate is to the state?
I'm thinking it might not be smart to remove $100k from a 401k, only to reduce my investment in a Roth by $22k to pay taxes. Or maybe it would be....
Quoted from iceman44:Yeah that's the other issue i just dealt with this AM.
ALWAYS pay the tax bill from non ira assets to the extent those are available.
Remember, your "effective rate" or average rate would be around 20% if you maxed it out. It's the "marginal rate" you want to make sure you don't exceed that 24%, thus giving the 20% average roughly.
Thanks. It's the tax bill that would prevent me from converting a chunk of my 401k. This year has been hard on our finances with my wife getting laid off for months and my business taking a shot in the ass.
Quoted from iceman44:Then wait until you can in the future, sorry to hear that. But always keep it in the back of your mind for the future.
But any little bit helps on that conversion to Roth.
No need to apologize, such is life. I'm just happy we were able to power through it with our savings.
4 weeks later
Quoted from pinnyheadhead:Yes sir. I own a lot of FSLY but bought early on. It went from $90’s to $130 in few weeks for a reason I have no idea on. ARK ETF’s, the best this year, bought a bunch this week and added another 87,000 shares Friday . $80’s is ok pricing for the long term. $120’s is bat shit crazy now, but that is how things go sometimes.
Whoa. I can't keep up with you guys. 87,000 shares at $80 is almost $7 million. 
I'm lucking if I can drop $1,000 every month or two.
4 weeks later
Quoted from iceman44:One of the most powerful concepts in portfolio management is to let your winners run. Simple, yet very difficult to execute.
I have a stupid question. I'm terrible at making money in the stock market, so perhaps I should just stick to my crypto.
Anyway, how do you know when they aren't winners anymore? That's my hardest part. I don't know when to get out regardless of if it's going up or down. Do you just set a blanket percentage and go with that number? For example, buy stock X and if it goes down 10% you sell, if it's up 20% you sell.
That's where I get stuck.
2 weeks later
Anyone have any thoughts on RUTH? I bought some at $9.66 and it's at $17.01 today so I'm up about 76%. I don't have a lot, but was wondering if now would be a good time to get out? 52 week high is about $24.
I'm torn because of the "raging pandemic" and the "we are approving a vaccine". Kind of makes me think it could go either way.
2 weeks later
Quoted from BMore-Pinball:been using coinbase - takes a little effort to set up as you have to verify you identity but I am happy with it
They have a vault you can use to move your coin off network for more security.
pm if interested, I think there is a link I can send you that benefits us both
Do you want any free crypto? I'm part of the Coinbase Earn and have referral links I can send for a few different coins. You have to watch the 2 - 3 minute coinbase video about the currency, but then they deposit it right into your wallet.
PM me if you are interested in the links. It's 100% legit and right through the coinbase website.
Quoted from Isochronic_Frost:I think you missed my suggestions, haha. Already beat you to the referral link.
Also a word to the wise, don’t bother with those other shitty altcoins. I’d say a majority of them of pump-and-dump scams. They skyrocket and then get ignored and dump to nothing.
Just focus on the stables, ETH is super strong 2.0 is rolling out with Smart contracts, it will be the future of digital currency., and ₿ Bitcoin. XRP/tether are so dumb.
It’s not a referral link. It’s what’s called Coinbase Earn. You already have to have a Coinbase account to use the link.
It’s the way Coinbase promotes new coins and has nothing to do with account sign up.
1 week later
Quoted from Friengineer:It's not an asset though. It has no value intrinsically.
Neither does fiat. If you're worried about intrinsic value, why are you trading stock in an attempt to increase your fiat holdings? You should go buy gold or real estate instead.
Quoted from BMore-Pinball:I am about to sell my initial investment in Bitcoin and just ride the profits with 0 risk
bought in May and it's returned 256% since then
also done very with ETH
I’ve been holding on since 2017. Some of my coins are up over 1,300%. My only regret is that I didn’t put more into it.
I thought about selling about half of what I have, but I just think we are at the beginning of a huge run up.
There are transactions from 2 weeks ago that have doubled in value. It’s just getting a little crazy.
Quoted from Isochronic_Frost:What other altcoins have you dabbled in? I’m not a fan of most of them, but always interested to hear what people also find success in.
My home run is LINK. If I had only bought more when I grabbed it at ~$0.50. It's trading at over $15 now. I've always believed in the project and still do.
Defi is the place to look right now. That sector has been killing it lately. You almost can't go wrong with any Defi token. Ether is never a bad investment. You have to remember that ERC-20 tokens rely on the Etherium network, so it's a very important part of the crypto "world".
I picked up some SNX (Synthetix) two weeks ago, which sounds like a very interesting project but there aren't a ton of assets locked up in that Defi protocol. Only about $2 billion. The token has doubled in the last 2 weeks though, so that's good. 
There are also a few coins you can just buy, hold and accumulate staking rewards. No interaction necessary. Just let them sit on Coinbase and get back between 2 and 6% APY.
DAI - 2%
Tezos - 4.63%
Algorand - 6%
Cosmos - 5%
Just be aware, that it's a wild ride. You'll be up 20% one day and down 20% the next. I'm up 33.8% for the last week and 69.4% in the last 30 days. On the flip side, I've went to bed, woke up 8 hours later and been down 30%. So just be prepared.
Does this thread make anyone else feel poor?
I'd post what I have in stock, but everyone would laugh me right out of the room.
1 week later
My biggest problem with investing is that I get stuck and don't want to get out....especially if it's going up in value.
If I sell and it keeps going, I feel like an idiot. For example, my crypto is up 65% in the last 30 days and 133% in the last 90 days. Should I sell and bunch and rake in a really nice profit, probably. But I keep sitting here thinking, "Well, it's went up this much, why can't it keep going?".
With my 401k it's easy, because I'd get whacked with penalties if I withdrew anything and when I'm old enough I'm going to be forced to draw. With my stock and crypto, I just get stuck holding on.
I need to find a way to get over that thought process. I just don't know when I should make a move.....
Quoted from athenspin:I added a tiny bit a couple hours ago while it was in the high 29’s.
I grabbed some more SNX and GRT when it was down. I wanted to grab some more DOT and UNI, but didn't have the extra cash.
Quoted from KornFreak28:Thanks for the explanation as I’m sorts new to this. So about those “keys”....I trade on Robinhood and when I buy Bitcoin for example, I just buy the coins or stock and that’s it. I’ve never heard anything about owning keys? Apologies for my complete ignorance on the subject
No need to apologize. In a nutshell, when you buy Bitcoin an entry is made in the blockchain (think digital ledger) indicating that your wallet owns X amount of BTC. Associated with that wallet is a public / private key pair. You prove ownership of the wallet and associated BTC with the private key. That's what validates your ownership of the BTC you purchased.
When you keep it stored on an exchange, they have the private key which is linked to your account via your email address. If something happens to the exchange, your private key can be lost forever which in turn means your BTC is locked up forever.
Best practices is to purchase a hardware wallet, which is a device that holds your private keys. That way you control them and not someone else. However, there are reasons to keep crypto on an exchange. I have about 25-30% of mine on exchanges and the rest in a hardware wallet.
Anyone know the next target? I'm considering selling something so there are funds in my account for the next sleigh ride. I missed out on GME, AMC and NOX apparently.
Quoted from DBLM:For me, it is not a price, it is market conditions. Not seeing anything that has me nervous right now.
Only thing that is in the back of mind is if AMC does an offering to pay down that 17% note. something for all to consider.
So you think it's going to go up and stay up? This is all new to me, so I'm not sure when to get out. You guys seem to know what you're doing, so I thought I'd just come along for the ride.
Quoted from DBLM:No. I am watching this on a day-by-day basis. I think we have a few days, but that could change. Oh, and just for you:[quoted image]
Alright, I'm going to cancel my sell orders. I'll just stay here until you say to sell.
Let's just say that I've been following this thread and your name is one of a couple that I stop to read. 
In case anyone wants that full interview from earlier, I found it. You can't get it on the CNBC website without paying, but someone did a screen record and dropped it on YouTube. Part 2 link is in the description.
All my money for trading, or should I say, gambling is tied up in crypto right now. I did managed to scrape together a little bit of play money and bought 4 whole shares of GME at $333 and 67 of AMC at $18.44.
If I lose it, I lose it but I think it's going to be one hell of a ride!
Quoted from jwilson:And you all thought I was full of shit!
Although I might change my mind and get out of GME at $500. But it’s so tempting to let it ride to $1,000.
One thing that’s crazy is it has totally dominated all social media, which is a good indicator it’s time to bail. But in this case the short squeeze play makes it different from the usual pump and dump. So I’m thinking maybe I let it ride until Monday and see what happens.
I’m always reminded of how smart I felt selling my Bitcoin at $200 per.
I was wondering if I should throw a little at NOK or BB. Those keep getting lumped in with GME and AMC.
You're right though, $1,000 does sound good. People keep babbling about $4200.69.
Quoted from BMore-Pinball:You have to base that on your comfort level - since the rise is based on nothing but a pumping scheme there is no solid financial data that is going to tell you when to sell.
Basically you are asking, When do I walk away from the Crap Table - when you won or lost enough
I wouldn't call it a pumping scheme based on my limited knowledge. I thought that was always used when someone circulated a ton of news surround a stock in an attempt to pump the price so they could dump it.
In this case, it looks like people are using the massive 141% short interest in the stock by the hedge funds against them in an attempt to shine a light on the way hedge funds manipulate the market.
But once again, I'm new to all this stock stuff, so don't listen to me.
Quoted from KornFreak28:I’m with you.....When would it it a good indicator for you to jump ship though?
A lot of people are saying that although things expire tomorrow, you won't see the real action until Monday / Tuesday of next week.
I don't understand all this expiring crap and how it works, so I'm just regurgitating stuff I read.
Quoted from yfz450:WHY AMC IS DOWN AFTERHOURS: Hedge fund managers, Short sellers, and Market Makers are using their extended hour trading to scare retail traders (You) off. Most retail traders (You) lack the ability to trade before and after the market opens/closes. This is why it is currently down. Once retail traders (You) are able to get back in at market open tomorrow, this will again go up. This is an attempt to scare ppl away from the stock. It will happen every single evening for the next several days so be prepared for this. If it is to stressful for you, please put away your phone/computer and check again in the morning.
That's really interesting. So if a bunch of people band together and go after a hedge fund it's evil, but if they attempt to manipulate the market, it's alright.
I'm really starting to jump on the wagon with those people on Reddit.
Anyone know anything about a "Good faith violation". I did an ACH yesterday and sold a few shares of stock. I then bought a few shares of GME. From what I'm reading, I'm not allowed to sell that stock until at least Friday or I commit some sort of violation.
Is that right? I'm totally confused with this crap.
Quoted from delt31:I was able to buy AMC right now - down $3.5, I bought a little more.
I read that they are restricting margin purchases and you can still buy and sell shares, but just not on margin.
Quoted from loneacer:If you don't have a margin account, you can't buy and sell with unsettled funds. It takes like 3 days for funds from a sale to settle. Do it enough times and they'll restrict your account.
But I can do it this time and get a warning or something? I don't want to miss the wagon. I bought AMC too.
Quoted from KornFreak28:Now Robinhood restricted NAKD as well! WTF!
This really shines a light on how crooked this crap is.
Quoted from captainadam_21:How do you buy shares premarket? Just place an open trade and how someone takes it?
With Ameritrade I had to pick the GTC + ext option. It's under the Time-in-force section.
Quoted from SantaEatsCheese:I had this issue. If you have a plain, jain trading account you can:
1. Buy stock A. Wait a week, sell stock A, immediately buy stock B.
What you can do but will cause a "violation" is, Buy stock A on Monday, Sell Stock A on Monday. You are technically selling "unsettled funds".
You may be able to do this a few times, but they will eventually lock down your account and force you to trade with settled funds.
Scenerio where I got in trouble.
ACH is cheap! Lets buy some at 100!. Wow, it's 120 now, lets sell it (same day). Wow, its 100 again (next day) lets buy it! Wow, its 120 again, lets sell it! (same day). Got my account into restricted mode and can now only trade with setteld funds (for 90 days or so). What does that mean? Buy stock A, keep it 1 month. Sell Stock A. Money is not "settled" and tradeable until the second business day after you sold, usually in the pre market.
That makes sense. I guess I'm used to trading crypto where it's basically instant.
Quoted from captainadam_21:Thanks man! I'm gonna try a few bucks on this madness
That's what I did. What the hell. Just enough that I can lose it and still sleep at night.
Quoted from Zablon:It's not just RH doing this though?
There are 3 or 4 doing the same thing.
Bloodbath in 17, 16, 15, 14.....
I think Ameritrade just blew up. I'm having issues loading pages and the SnapTicket thing stopped responding.
Quoted from Gumby510:Ya screw then they canceled my Gme and my Nokia buy from last night. Wasn’t even a large amount either like 40$ I’m new to all this but it’s quite eye opening to see the open corruption.
I'm with you. Even if I lose the $3k I have tied up in GME and AMC, it's worth it to shine a light on this stuff. I had no idea it was so corrupted. Makes me scared for my 401K.
I'm losing my shirt and down about 40%. I'm terrible at this stuff for some reason. But like Clint Eastwood said "A mans got to know his limitations". I think once I lose this money, I should just see my way out the door on the stock stuff.
If you were looking for the person holding the bag, I'm right here.
Quoted from Trogdor:Sorry, man. This is a new one for everybody. The brokerages and market makers are admitting somebody hacked the system. This is how trading will be and they have to program around it to protect people who don’t know what’s going on and throw money they can’t lose at “sure things”. Reddit users will probably get blamed for this, but I still say this was much bigger players that leaked some info on Reddit when it served their scheme.
No apologies needed. It was money I was gambling with and if the casino hadn't changed the rules in the middle of the hand, I would have probably made a few bucks.
It's really disgusting to sit here and take it in the ____ and not be able to do anything about it. The people doing this and lining their pockets will most likely get a free pass.
I just logged out of my Ameritrade account and am going to stop watching it. If I lose the $3,300 so be it. I just have to accept the fact that the game is 100% stacked against the little guy trying to make a few bucks and if the little guy finds a way to make some money, they'll just change the game.
Maybe I'll go check out the GIF annex or perhaps the cats and pinball thread.
Quoted from Lamberger:Made a quick $82k. I think the big guys dumped tons of money in all of these stocks yesterday and crashed everything on purpose today.. Pretty wild.
Congrats.
I'm hoping one day to be able to say something like that, but not at the rate I'm going.
I would just like it to be fair. That's all I'm annoyed with in this situation. I've lost money on stocks before, but not because someone decided to change the rules in the middle of the game.
It leaves a very foul taste in my mouth.
This can't possibly be true, can it? Unless it was a margin call maybe?
Quoted from Fifty:Volume is waaaay down today. It's amazing what locking people out from buying does.
There are some rumors flying around that Citadel reloaded their shorts right before RH stopped allowing purchases. I'm not sure if it's true, but there have been a few people showing short interests are now around 250%.
https://twitter.com/Chris2pherChase/status/1354854971221684225
Is anyone listening to this douchebag on CNBC? He just admitted that they did this to protect themselves and the hedge funds.
Quoted from Pin-Pilot:UM, they are not going to admit any wrongdoing!
We investigated ourselves and found no wrong doing.
Quoted from Fifty:Man, I would love to go to bed tonight and wake up retired.
I'd like to go to bed tonight and wake up even. 
Quoted from DBLM:I broke my rule and bought 1,000 shares of AMC A) to recoup some of my losses on a trade yesterday and B) Fuck all of these fucks that are trying to restrict trades. For you speculative types, I bought Golden Nugget (GNOG) to hold for a while. This is what my LCA call this summer became. I know a few of you traded LCA this summer but I think it flew under most of your radars. Big fan of Tilman Fertita.
Broker and I had a good call this morning and we are converting my non core positions to some managed programs that they are doing. Not going to the extent of investingdad because there are some core positions that we like and I love gunslinging, but this is where a lot of where my guy is converting his clients to. The past few days have highlighted some deficiencies and issues in the system so this is just recalibration.
Again, not investing advice. If you need bourbon advice, I can help you there (Hint: Dont fall for the Buffalo Trace family of product bullshit. Overhyped and over priced. Honestly, we should all just drink good Tequila).
Can I just come to our house, sit in the corner of your office and learn about this trading stuff?
I'm literally terrible at it.
Quoted from robertmee:I think I'm a reasonably intelligent guy and I understand blockchain tech, but for the life of me I don't understand all the mechanisms of trading BTC...coin base, cold wallets, dead wallets, exchanges, etc...i have never grasped the intricacies.
If you can do what you're doing with investing, it's a piece of cake.
Exchange = Broker (TD Ameritrade, eTrade, etc)
As for the wallets, you have to remember that all you're storing is a public / private key pair. Just a really long set of alphanumeric characters. The private one is what signs any transactions when you move your crypto.
Where you store your public / private key pair is what determines the wallet type. That's what you guard with your life. Just like the password to your bank account.
A hot wallet is one that's immediately accessibility and has online connectivity to it. So if you have 1 BTC sitting on Coinbase, they control your private key. The crypto is immediately available to you to trade, move, sell, etc.
A cold wallet is when you store your private key offline. It's not immediately accessible and has no online connectivity, but it can't be hacked.
I keep what I want to use / trade / sell in a hot wallet (Coinbase) so I can sell if I want. The bulk of my currency is on my Trezor at my house, locked up in a safe. You can't hack it, but if I wanted to liquidate the majority of my holdings, I'd need to drive home, move the crypto from my Trezor to an exchange and then sell.
Hopefully that helps!
This is what I use as a hardware wallet.
Quoted from BMore-Pinball:Curious is there is a failsafe if your trezor device fails or malfunctions?
Excellent question. When you initially setup the Trezor there is a "Master Access Key" created using a random 24 word list in a specific order. If the Trezor dies, gets lost, broken, I can regenerate all my private keys and wallets with the 24 word mnemonic recovery phrase.
Mine is kept on a steel plate in case of fire, water, etc. They give you a piece of paper to write it on, but that just didn't seem like a great idea for long term storage.
Quoted from DBLM:Nope, because that would be boring as shit. I do very little trading, and honestly, it is mostly a quick call or text with my guy. You can come listen to me make sales calls, which is always fun and/or profane. If you think the stock market is crazy, selling software to the government is nuts!
Now, you can come hang out on the boat and have a blast. I am always down for that. spyderturbo007, one of my virtual drinking buddies djreddog said you were a pretty cool guy, so I would give you some of the good stuff!
Don't trust djreddog he's lying.
Sign me up....I'll bring the beer. But not until it gets warmer out.
What software do you sell?
Quoted from BMore-Pinball:For that to work, does that mean there is a cloud backup somewhere?
Nope. You can buy any other hardware wallet (Trezor, Ledger, etc) or even go the software wallet route using something like metamask. When you setup the device you restore all your keys on the new device with the 24 recovery seed.
The 24 word phrase is used to generate private keys for all coins stored on the device. So instead of having to remember private keys for 10 coins, you can use a more manageable series of words if you ever lose your device or need to regenerate the keys.
A picture might help. In this example, the 12 word phrase is used to generate keys for Bitcoin, Litecoin, Ethereum, Dash and Decred. It's just an algorithm that's run on the recovery phrase, so you always get the same result when using the same words. Lose your device and you can just input the recovery seed into the algorithm and out pops the exact same private keys.
Does that make sense?
Quoted from nwpinball:I'm curious to see how many people hold GME into next week. If things get crazy in the last hour of the market, will there be a massive sell off? Or is the mission so big that people will stay on this ride?
A lot of people over on reddit are saying the real action isn't going to happen until Monday / Tuesday of next week. I also read somewhere that even with all the manipulation yesterday, they only covered 20% of their short interest and are still sitting on 120%.
I was thinking of just throwing in a sell order for $1,000.
Quoted from Zablon:It's because of the limits on buys and apparently RH is up to something now too. No one is buying no one is selling (mostly)
Someone should go to jail for this shit. Seriously.
Quoted from robertmee:Everyone hang onto your shorts. Expect the afternoon push to dip GME, AMC, BB, NOK, et al. Wouldnt be surprised to see 150 on GME and under 10 on AMC. Buy the dip and don't panic. This is not financial advice but relaying alot of net chatter. The bell is about to toll for the short positions.
Just because I'm an idiot and don't understand this stuff, wouldn't you think it would go up? If they have to close their positions by today, wouldn't that drive the price up and not down?
With that said, if you were theoretically buying more GME, what price would you be eyeballing? Not asking for investment advice, just theoretically. You know, asking for a friend.
One of my other stocks were up 90%, so I sold some of my position. I was going to take that and throw it at GME and see if it sticks. I just don't want to throw it at the wrong number.
And yes I know this is a hell of a gamble, but since I was up 90%, it's really the houses money.
Quoted from JodyG:Shorts have no expiration. This may very well run through next week if the hedges have the money to pay the interest on the shorts. Calls expiring today can be exercised any time today if they are in the money. I personally will be buying more GME if and when they put the artificial ladder squeeze on in the 3-4PM hour, and only if it gets down into the mid-100's. I bought in at $48, so my risk tolerance is probably different than someone who bought at $375. Do your own DD, and this isn't financial advise.
I'm in at $333 for a whole 4 shares so anything lower would be great. I know you really smart guys don't want to give financial advice, but I don't have much of a clue so I have to start somewhere so it's probably best to start with someone that's successful. Even if it doesn't work out, I really don't care. I would have learned something. I'll be the last person to complain if someone says "Get in at $165 and out at $800" and it goes to $4.
Quoted from f3honda4me:Suggestions on where to buy crypto like dogecoin and bitcoin?
I would stay away from DOGE. Unless you could have gotten in yesterday at $0.007, it's way over valued at any price really. It was honestly created as a big joke and has no real utility.
BTC is up right now because of the Elon Musk tweets and it's jump was really unexpected when I woke up this morning. I expect it to fall back around the $29 - $32k range and continue to consolidate until it makes its next move. It's been range bound for a little while following that huge influx of capital late December / Early January.
I was actually thinking of unloading a little at this price.
Quoted from Deaconblooze:Ah I figured most moved off of RH after the shit they pulled yesterday. I had no problem funding and trading on another platform (fidelity) in a matter of hours.
There were a bunch of people saying that they jumped to Fidelity too.
Quoted from Pin-Pilot:Good Move. Everyone needs to do this and send RH to the grave!
I was thinking to jail, but that works too.
Quoted from KornFreak28:Someone please help me understand this. So GME (and AMC) is currently dipping big time. I honestly thought today was the day it was going up. So as long as we hold you guys are saying there still aren’t enough available shares to cover their short positions. Does this mean the price can still skyrocket Monday or Tuesday? So confused!
This should help. It explained it for me.
https://pinside.com/pinball/forum/topic/stock-market-traders/page/169#post-6103452
Quoted from KornFreak28:I can’t move until this circus is over. I got shares tied up in RH. Nothing I can do atm
I think the people that did it just opened new accounts with Fidelity and did an ACH so they could buy more.
Quoted from KornFreak28:Thanks brother! I have a HUGE headache from days of sleep depravation, malnutrition and stress over GME and AMC. On my way to the gym to blow off some steam! Will I still be looking at the stock, pinside and WSB while I work out? Yep!
Sounds like you have a lot in it! I'm doing this because I can't go to the casino and play craps. I'm also doing this because this made it very obvious to me how much the game is rigged and I want to be a part of "pulling back the curtain". If I make some money off these a-holes at the same time that's great too.
That might sound stupid to some of you, but whatever.
Quoted from KornFreak28:How long does it take to get you approved with them?
No clue. Some guys were saying it was really fast. Open the account, send the ACH and trade. One guy said he got a message about a good faith violation since the funding hadn't technically cleared. He said he read the message and it said that it was only considered a violation if you didn't intend to pay so he went forward with his trade without issues.
Quoted from Parzival:I've had no trading issues/limits with TD all week btw
I haven't either with TD.
I'm sitting here looking for an entry point for my pile of cash! Just kidding, it's a very small amount, but I want to join in for some more fun!
Was this shit rigged 20 years ago as much as it is now? Or am I just older and see through the smoke and mirrors?
Quoted from athenspin:How many shares is robinhood limiting buyers to today?
One. You read that right....just one. Unless you already own 5, then you can't buy any.
Quoted from jalkelly:Haha. I set a buy at that too...really wanted to avg down my 1 share.
I'm trying to average down my 4 shares. I'm ballin' over here.
Looks like a $320 close is a important number too. I'm not sure if I want to double down or not.
Quoted from Bork:Put in orders just in case of a possible flash crash. AMC and GME.
I put in one at $280. I'm was going to put another one in lower, but I'm not sure at what price? Either that or just pull the trigger on a few shares at market price. All these damn decisions!!!
Quoted from TireFryer426:robinhood locked everything down to 1 share.
https://robinhood.com/us/en/support/articles/changes-due-to-recent-market-volatility/
I read their name was changed to RobinCrook......
Looks like it. It's way down now, but I learned yesterday that's the guys trying to scare everyone buy selling a very small number of shares to drive down the price once the market closes.
Closing price of $328.02
Quoted from Soulstoner:This is so frustrating! I transferred money to trade three days ago and it's still on hold due to "Risk assessment". I JUST WANT TO GET IN THE GAME!
What broker? I literally did an ACH into Ameritrade yesterday and I was instantly allowed to trade.
Quoted from f3honda4me:Suggestions on where to buy crypto like dogecoin and bitcoin?
One follow up. This guy does some great analysis of the most popular coins.
https://cointelegraph.com/news/price-analysis-1-29-btc-eth-dot-xrp-ada-link-ltc-bch-bnb-xlm
Quoted from robertmee:Not a chance. It's not a crime to openly discuss stock tips on a forum. These people don't even know each other. There is no collusion, just an organic movement. SEC wouldn't touch this with a 40' pole.
Awesome. I don't want them to come after my $37 in profit!
I'm at a loss as to how they turned a few thousand into millions? Even if you bought let's say $5k in stock at $40/share and sold at $450/share, that definitely isn't millions.
Quoted from robertmee:DFV bought 90,000 share options with a strike price of $12 for around $15K. 90,000 x $350 a share is 35 million give or take.
Here's a video that shows about a year's worth of his trades:
Options expire though, don't they? So he just kept repurchasing them over and over again?
I need to take a class or something.
Quoted from robertmee:He bought 6 month or year options (not sure)...they expire April 2021
You can buy options as far out as 2 years. Here's a link to AMC's available 2 year options
https://www.barchart.com/stocks/quotes/AMC/options?expiration=2023-01-20-m
So the option gives you the ability to buy the stock at X price. Can you exercise that option anytime in the 6 months or does it have to be exercised at the end of April or something?
Edit -> Found it. It says you can do it anytime if you're in the US but I guess if you're in the EU, you can only exercise it on a specific date.
Can someone translate this for me?
"Gamestop was very, very unique situation though that was only possible because of the generation of synthetic longs. Synthetic longs are not real voting shares, they're generated by buying at-the-money calls and selling an equal number of at-the-money puts. For Gamestop in the last few months, a portion of these synthetic longs become lendable shares as they settle in lending programs (mutual funds and ETF providers), marginable retail accounts and rehypothicatable hedge fund accounts. That's how Gamestop had a share float of 50.65M and around 65M shares were under short contracts. The demand for short positions exceeded the total float, meaning that synthetic longs from large institutions were being leveraged in short contracts (that's why there was a 120% short/float ratio).
Looking at my terminal, due to the lack of stock borrow supply existing shorts were paying a 32% stock borrow fee and new shorts are paying an over 80% fee. With its low market cap and low volume it really didn't take a lot of purchase power to buy a LOT of cheap call options early on and put enough buy pressure on the market so that the shorts started getting margin calls and had to liquidate at market price once the market day closes. The price went to the moon purely because there was a massive liquidity problem created by these virtual shares."
Quoted from robertmee:So if I want to buy crypto, is it just open an account on coinbase and fund it? Just like a stock brokerage? Any significant ID hurdles, or delays for funds to clear?
I tried Kraken a year ago for lite and gave up...could never get through the approvals and it kept crashing.
Coinbase follows KYC so you have to upload your ID and fill out your information. Once the account is open you have different options. You can just buy it with a credit or card but you pay 3.9%.
You can ACH and then purchase what you want and I think the fees 0.5% + a transaction fee based on how much you purchase.
If you really want to keep the fees down, fund your Coinbase account via ACH, transfer that to Coinbase Pro and make your purchase. It’s a flat 0.5% if I remember correctly.
I would definitely steer clear of PayPal. You can only buy, sell or hold. You can’t send or receive which is a big deal to me.
I can shoot you a referral link if you want a few bucks free when you sign up for Coinbase. We’d each get a whopping $10.
One thing to note, depending on how hard you hit this. Keeping track of it can be an enormous task. Its not like your broker that sends you tax statements at the end of the year. If you’re making a lot of transactions you’ll want tracking software.
Remember, you’re not going to be buying 1BTC. It will be more like 0.43627846BTC so it can be a real pain in the ass. Especially if you don’t have the trading pair you need on the exchange. For example there might not be a DOT/USD trading pair so you’ll have to make a DOT/ETH transaction.
I recommend an app called Blockfolio for casual people that buy and hold. If you’re going hard, then I’d suggest investing in something more robust. I use www.cointracking.info which does all the tax stuff at the end of the year.
Quoted from Zablon:Speaking of buying/selling BTC etc. With the crazy fast change in price, do you just do that at whatever market is, or do you set limits and hope it hits it?
When I actively trade, I use limits. It happens so fast and trades 24/7 you really can’t do it any other way. To be honest though, I’m normally just buying.
I do trade the swings sometimes though. You can watch certain currencies cycle. A lot of the DeFi coins have been cycling lately but they have general uptrend.
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?
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.
Quoted from Trogdor:Not worried about wash sales?
Quoted from loneacer:There's no wash sales on profits.
Yeah, I thought that was just on losses within a 30 day time period?
Quoted from boscokid: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
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.
Quoted from WeirPinball:Sorry man - I don't give a shit about all the people investing in GME right now - we don't need to fill up this forum with this crap. Now if you buy good deal post it. But don't post every 30 seconds on updates.
And here I thought this was the "Stock Market Traders" thread and that GME was a stock on the stock market. I must be worse at this stock stuff than I initially thought. /sarcasm
Seriously though, this is a stock market investment thread and the biggest thing circling the globe is the GME news. Why wouldn't that be the thing talked about?
Quoted from robertmee:A
Yes, it was 400M on Friday, IIRC. Combing posts, so as to not overwhelm the thread:
Did anyone get in on SNDL? It's actually poised positively as far as Marijuana stocks go. I've never been positioned in this market, so just took a flier on it. It's gone from .8 to 1.2, up 42% today.
I tried the pot stock thing awhile back and got slaughtered. I used a few of them to offset gains last year. They were just sitting there rotting in my portfolio.
Bought CANN @ $7.17 and it's at a whopping $0.906 right now.
Well, between AMC and GME I’m down about $2,700. I think it might be time to cut my losses and lick my wounds.
I knew it was a long shot too. The decision now is weather I ride it into the ground or get out while I can still walk away with $2k.
Quoted from Zablon:GME halted...it wasn't moving that fast. Fn'g rigged.
Did you see one of the trading platforms was automatically liquidating peoples positions “in the interest of the investor” if it dropped too low. Essentially they were imposing a stop loss and making decisions for people.
I’m thinking that AMC is a loss at this point with my entry at ~$17. GME maybe, just maybe has a chance to come back up.
Any of you smart guys have any thoughts? I’ll pretend it’s not investment advice and I promise not to listen to or read what you write.
Quoted from desertT1:How many shares of AMC do you have? One thing you can do is get to 100 if you aren’t there and sell a covered call in the 10+ range. Slowly claw back to even unless it pops again and then it would get called away. If it stays about where it is and the option expires, write another one. Might not be your thing, but that’s one way to offset things without selling outright.
I have 117 shares. Just tell me what button to press and I’m in. I’ve never sold a covered call but if I’m going learn, now is the time!!!
If not, I think robertmee is right about the mechanics vs, pump and dump.
Quoted from f3honda4me:Anyone here enjoy crypto trading? Just curious.
I do, I do!!!
I own more than 25 different coins. My best performer is up 1,600%.
Quoted from pinballjah:Always do 'limit' price when trading options, never 'market'.
Either I did it wrong or I’m not allowed.
9A89F6D0-DF6B-4021-BB2B-B850AE762C2B (resized).jpegQuoted from MrBally:I am not telling you how to invest or spend your money. That said, if I was you and did not understand what those terms mean; I would sell everything immediately and put the money in cash/government guaranteed fund that pays you about 1¢ for every $10k per month. I would then learn what those terms mean by talking on the telephone with a real, licensed broker.
If you need to, open an account with Fidelity or Merrill Lynch.
Are you talking to me?
Quoted from pinballjah:Or maybe they are not allowing call or put transactions on AMC in general?
My account says Options Trading Authorization - Long
There is a button there that said “Add Security”. Then more stuff came up. The action button says:
Buy
Sell
Buy to Cover
Sell Short
If I pick Sell it says Estimated total $938. But don’t I just want to sell the covered call, which means I’d get the premium of ~$100 or so?
I think I understand how this works but I’m not finding the right way to do it in the app.
C8B3EE59-33E9-494B-A057-6D1481A4B98C (resized).jpegQuoted from MrBally:Yes, I was.
Thanks for the sarcastic ass response earlier but I’m old enough to establish my own level of risk.
I don’t need to sell everything and put it in a government backed bond earning $0.01, just because I don’t know the difference between Buy to Open and Sell to Close.
I have a financial advisor that handles the bulk of my retirement and investments. This is play money. So if I want to set it on fire in the front yard while dancing to the YMCA song, I’ll do just that.
Ah, I figured out why it wasn’t going through. I forgot that I already had a sell order in from the other day for some of the shares that never executed.
Quoted from Trogdor:Haha! I guess with spyderturbo for a name. Do you have one?
I did, until the day I smashed it into a concrete barrier and totaled the car. My daily driver was in the shop so I had no choice to get it out when it was sub freezing temperatures. The car had extreme performance summer only tires on it.
Went around a corner at normal speed on an exit ramp and she just let loose. Right into the barrier. Spun around and hit it with the back.
I wish I could say I was going 140mph and lost it but no such luck. I miss that car.
Quoted from f3honda4me:For anyone who is into crypto I bought a little ETH, UNI, and ADA today. All 3 broke above some big resistances today or recently. Still waiting on funds to deposit into my Etrade account so I can do some stocks investing for longer term.
ETH and UNI are definitely good plays. I don’t know much about ADA. I grabbed some UNI at $8.32 about 2 weeks ago and I’m up 130+%.
I dumped my AMC yesterday at a decent loss, but am still holding the 8 shares of GME I own.
The end of last year, I bought 1 share of AMZN and 1 share of GOOGL for my Roth. They are doing well after earnings yesterday. Now I'd just like them to split.
Quoted from sd_tom:Anyone have a crystal ball?
I do, but the damn thing seems to be broken.
Quoted from Pin-Pilot:GME just popped $25 after Robinhood lifts trading restrictions.
Robinhoods restrictions on GME has drastically affected this stock over the last week by their abrupt restrictions on many stocks.
Maybe now is a good time for me to get out.
So what's the play when buying more of something when it is on the way up? For example, I buy Stock X at $10/share. It's now at $20/share, but I'd like to buy more. Do you just buy more, or is one of those, I already own it at a lower price, so I'll just buy something else?
Quoted from Roostking:Why are people still even considering RH anymore? You are aware of the shenanigans they pulled, right?
I think you misread the post you quoted. They are asking about switching TO Ameritrade FROM Robincrook.
Quoted from f3honda4me:Did you happen to grab ADA earlier this week after I mentioned it? It's up 35% since then.
Unfortunately not. I'm running out of money to throw at investments.
I bought some more GRT after I posted, but no ADA. I was really hoping AAVE was going to pull back, but it just keeps going and going.
$500 - Bitcoin is a bubble and worthless
$1,000 - Bitcoin is a bubble and worthless
$5,000 - Bitcoin is a bubble and worthless
$10,000 - Bitcoin is a bubble and worthless
$20,000 - Bitcoin is a bubble and worthless
$30,000 - Bitcoin is a bubble and worthless
$40,000 - Damn, wish I would have bought some Bitcoin
I’ll go back to the crypto thread now.
Quoted from robertmee:HCMC is up 86%....Wonder if there is any insider knowledge on the PM lawsuit. I bought at .0015.
EDIT: Would appear they are converting shares.
I bought 150k shares at 0.0016. I didn't have the money you guys do, but thought it sounded like a good idea when you posted about it.
If it goes to $1/share I'll be dancing in my front yard. Hell, I'd take $0.10.
Just as a dumb question, do you go in and set a sell order at a particular price in case you missing it when it runs up? I know this kind of stuff can be really volatile.
Quoted from robertmee:Thats great...you doubled if not 3x your money in a weeks time. For something like HCMC the real movement comes if they settle their suit against Phillip Morris for patent infringement. I bought 1M shares for $1500. I could cash out, but the upside for me is worth more than the 1500 profit minus taxes. So ill let it ride. But you do what you need to do to make yourself comfortable...no shame at all in taking your 100% gain.
Thanks for the insight. I’m only in for $240 so it’s not a big deal if it doesn’t pan out.
You’re definitely right about the taxes. A $240 profit * regular income taxes = not worth it.
My problem has always been establishing an exit strategy. I’ve talked to a lot of traders and always seem to get the same two answers.
1. “I don’t know, I just get out when it feels right”.
2. “I don’t give investment advice”.
Quoted from BMore-Pinball:What miracle comeback are you waiting for - fair value is probably about 10% of current stock price
Sell now and absorb the lesson before you lose more
Probably the same one I've been waiting for the last week or so.
But you probably are right.
Anyone have any good articles on covered calls? I just want to make sure I'm reading something worthwhile.
Quoted from pinballjah:I do a lot of covered calls and call spreads. Always interested to read some articles on strategies. I like the call spreads better, especially with in the money calls (low time premium) and at the money calls (which you sell and mainly time premium). Can make a very good return in a few weeks. As long as the stock stays at the current price, in a lot of cases you can make 50% on the trade in a few weeks. Currently have a BB $11/$13 spread open, 57% return in two weeks if can stay above $13, breakeven is $12.27.
Do you have any recommended resources or sites that you trust?
Quoted from jonesjb:What is Etherium classic compared with the standard Etherium?
It’s a legacy fork of Etherium from back in 2017.
My understanding is that the transaction times are absolutely horrible. Something like 2 weeks for what’s considered an irreversible confirmation.
Quoted from vex:Riot blockchain is like a money tree. Cograts to all the holders.
*HODLers.
Just playin'. It's a crypto joke.
Carry on and congratulations to those of you that own a lot of RIOT. I own a whopping 13 shares I bought way back in 2017 around $14. Sat on it forever but never pulled the trigger when it was in the dumpster. The good ones keep passing me by. One day I'll catch the right bus. 
Quoted from DBLM:Not at all. Riot is a stock company, that just happens to be a crypto miner. Fine to talk about Riot here. The finer intricacies of alt coins belongs in your excellent thread. I follow both.
Can we talk about the impending Coinbase stock offering? It's supposed to go straight to the public or something and not be an IPO? I did read that it's being passed around privately at a $77 billion valuation.
Any accountants around here? My question is about cost basis (FIFO, LIFO, etc). Can you change that from year to year or for transaction to transaction? Or do you have to pick one at the beginning of your investment career and stick with it?
Quoted from PunkPin:Not an accountant but you can choose which stocks you sell with each transaction. My account gives me several options FIFO, LIFO, highest/lowest cost, tax harvesting.
The length of time held will determine long or short term gains for taxes
Thanks. It’s actually for my crypto, but I don’t think we are allowed to say that word here
I thought I’d ask in this thread since you guys live and breath cost basis. My tracking software doesn’t have any functionality (that I can find) to allow you to change it on a per transaction basis. It’s just a blanket cost basis for the year drop down.
Unfortunately with the entire crypto space you’re pretty much on your own to do the tax reporting. It’s an absolute mess. I paid a few hundred for software that does it, but it apparently isn’t as refined as what the regular brokers provide.
Quoted from DBLM:Take a look at this. Depending upon how many transactions you are doing, you probably need to get an accountant. HIFO is your friend here.
https://www.forbes.com/sites/shehanchandrasekera/2020/09/17/what-crypto-taxpayers-need-to-know-about-fifo-lifo-hifo-specific-id/?sh=400d727036aa
That is exactly what I needed. My accountant is actually out with COVID right now. I’m trying to put together stuff for her for when she gets back.
I do have detailed records of each purchase and the software lets me choose a reporting basis for each year. I’m wondering if it somehow marks them once reported? That would be a question for the developer I guess.
It looks like if the software marks them as reported or “used” I can just generate each report and see which one is the lowest.
Sounds pretty simple I guess.
Thanks!
Quoted from stubborngamer:It does seem like he is seeking fame, otherwise he genuinely thought it would go up higher, it did rise and drop ridiculously quickly.
He does deserve credit for being who most people on wsb credit for being the first person who pushed gametop as a good buy. Regardless of not selling at the top.
If I remember correctly, he pulled out $14 million at one point and then held the rest.
Quoted from robertmee:I sold half my million shares when it crossed .005 a couple weeks ago.
Crap. I bought right when you posted about it. But I never saw you say anything about selling any so here I am still holding mine.
I always miss out. 
1 week later
Quoted from iceman44:Essentially, you can't lose on covered calls, just some potential upside opportunity cost. 85%-90% of calls expire worthless.
Can we use an example with a stock that I own so I can see if I can get this right? I have a little RUTH I bought back when it was around $9.75. I was in the app and found the Options tab and was wondering if someone could decipher this for me.
From what I see if I sold a March 19th Cover Call at the $25 strike price, someone would pay me $105 ($1.05/share * 100 shares). I would keep that money regardless of what happened between now and March 19th.
If the stock made it to $28.00, then it would get executed. At that point, I would have the $2,500 from the sale + $105 premium. I would have lost out on the Additional $1.95 that it rose above the $25 strike price + $1.05 premium.
If the stock makes it to 3/19 and doesn't go above $26.05 then I get to keep the $105 and still have the 100 shares.
Is that correct?
Quoted from captainadam_21:Or you could be up 25% today with gamestop. And 90% for the week.
Or you could have been an idiot, got in at $333 and sold thinking the entire thing was a bust at around $60. Oh well, it will make for a nice tax deduction. 
Nothing like feeling like a moron.
Quoted from captainadam_21:I did the same on round 1. But I got back in quickly for round 2 that I've made enough that I'm ahead on the gme saga
I'm not falling for that one again!
I think I'm just always late to the party.
Quoted from captainadam_21:Never too late. Up 19% already today.
It was too late the last time I tried it.
1 week later
Anyone have any thoughts on this?
https://cryptobriefing.com/coinbase-registers-115-million-coin-shares-8-2-per-share/
1 week later
Just a funny story from yesterday. About a year ago I threw $300 or so at some pink sheet stock just for fun. As of the other day, the stock was worth about $26. They did a 75 to 1 reverse split and I opened my Ameritrade account last night to find out that they charged me a $38 "mandatory reorganization fee" for my $26 of stock.
I called and bitched. They are supposed to refund me the $38.
Where in the hell do I go to learn this stuff? Did I miss taking the right class in college or something?
2 weeks later
Anyone around here a CPA? I have a question about gains calculations and how it relates to taxable income. I'm getting conflicting information from two accountants I've spoke with about this question.
https://www.irs.gov/taxtopics/tc409
-----------------------------------------------------------------------
Capital Gain Tax Rates
The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000.
A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450 for single; $496,600 for married filing jointly or qualifying widow(er); $469,050 for head of household, or $248,300 for married filing separately.
However, a net capital gain tax rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate.
------------------------------------------------------------------------
So lets say that you're married and your taxable income is $60,000 which is $20,000 less than $80,000 threshold. If that couple disposes of $50,000 in stocks that fall under long term capital gains, how is that taxed.
One accountant told me that the entire $50,000 is taxed at 15% since it throws you over the $80,000 cap. The other said that the first $20,000 is taxed at 0% and then the remaining $30,000 is taxed at 15%.
Anyone know who's right?
Quoted from DCFAN:It matters whether it is long term or short term gains.
It would be long term.
Quoted from DCFAN:15% of the profits then
Just for calculations sake let's assume the investment only cost $1, so the gain was $49,999. You're saying that the entire $49,999 would be subject to the 15% tax and there would be a $7,500 tax liability?
Quoted from sd_tom:This is also eventually an actual thing that will happen with QYLD. Some of your dividends are Return of Capital, which lowers the cost basis/what you paid. Over long enough time you could have $0 cost basis so everything is now 15% like your $1 vs $49,999 example.
I'm sorry, I don't know what QYLD is and a google search returns at least 3 pages about a covered call EFT.
Quoted from DCFAN:Ok I am lost. I ran a sample on turbotax of income including capital gains of less than 80000 and it seems to be taxing the long term capital gains.
Yeah, I'm not really sure how it works. These guys are saying it's only on the $30,000 (in my example) over the $80,000 cap. The $20,000 is at 0%.
https://erwealth.com/podcastblog/will-capital-gains-push-me-into-a-higher-tax-bracket
An example showing how capital gains are taxed
Let me give you an example. Ignoring any credits or deductions, let’s say you are married and have a combined income of $60,000 and you have long-term capital gains of $40,000. Of this $40,000, $20,800 (80,800-60,000) would be taxed at the 0% long-term capital gains rate, and $19,200 (40,000-20,800) would be taxed at the 15% capital gains rate.
Quoted from vglohaus:How do you buy Safemoon? Please dumb it down for me as I am new to crypto!
Do your due diligence on that one. I know you’re not supposed to talk about crypto but I don’t want to see you drive your wallet into a wall at full speed.
That coin just launched, has a supply of something like 650 Trillion coins and offers no data on total supply.
Quoted from Zablon:You realize that having COVID and getting over it doesn't mean you won't get it again, or give it to other people right?
Neither does being vaccinated.
So obviously some of you have been doing this a long time, so what is your thought on preservation of capital? Mostly notably selling a portion of a position and then reentering at some point in the future even if that price of that asset has increased?
For example, you buy 100 shares of Stock XYZ at $100. The price goes to $200 and you sell 50, putting the initial investment back in your pocket. At some point in the future, weather it be a month or a year, Stock XYZ is $265.
Is someone an idiot for getting back in when they could have just held it the entire time?
Quoted from investingdad:What are you doing with the cash when it’s not invested?
And, have you taken into account the drag of short term capital gains when you sell and repurchase?
I wonder how often the short term cap gains is overlooked when people are calculating their performance...
To be honest? Buying a sports car. It's actually my crypto holdings, but I thought I'd ask here because you guys have been doing this for a long time.
It's probably not a responsible thing to do, but I have my 401K, some stocks and only dumping a portion of my crypto holdings.
I'm sure I'm going to get a bunch of thumbs down, but I don't care. I got lucky with some investments and I'm not going to live forever. I don't have any kids and my only debt is my house so screw it.
Quoted from DadofTwins:Dude, that's awesome. Congratulations! What's the point of making money if you can't enjoy it? What are you looking at buying?
Quoted from Richthofen:What’s the point of investing and “making money” if you aren’t spending some of it? Enjoy the car, dude.
Thanks! I figured this was going to go in a completely different direction. I max out my 401k and a Roth each year and dabble in stocks, so I figured what the hell. I assumed I'd get the "you're an idiot" for spending it on a depreciating item.
I'm looking at a used Jaguar F-Type S Convertible. I'd like an R, but I have a certain percentage of my holdings I want to keep and the R is about $8-$10k more than the S.
I know we aren't supposed to talk about crypto here, but this is a Stop Loss question, so I suspect it would apply the same to stocks.
I'm trying to setup a Stop Loss for one of my coins and I want to make sure I get it right. I'm just not sure of some of the terminology.
Stop Price - The price at which I want the trade to execute. For example, ETH is at $3,171 and I want to sell if the price drops to $3,075 then the Stop price would be $3,075.
Amount - This would obviously be the amount of ETH I want to sell at that stop price.
Limit Price - What goes here? Is this the lowest price at which I will sell with the slippage? So, something like $3,050? Meaning the trade will only execute when the price hits $3,075 but not below $3,050?
I've read about slippage a little and I think the Limit Price has something to do with that, but I'm not finding a clear answer.
1 week later
Quoted from Zablon:Sorry, but it's already been debunked. People who's jobs came back DID go back to work. What is left are shit jobs, or companies who still think you need 15 years of experience to hire.
I'm not sure where you live, but I'm part of a network of small business owners in my area (about 30 or so) and almost all of them have been complaining about finding people that want to work. The ones that own restaurants and other companies that require labor on the lower skill scale have lost a significant amount of staff.
Why come back to work when you're getting the standard $300+/week from standard unemployment + the additional $300/week from the CARES act. Can't argue with $31,000/year in free income for sitting at home playing Xbox.
Quoted from BMore-Pinball:true,
but we can stop the gov't payouts, get people back to work and spending money they actually earn...
Would you stop making sense. Geeze. /sarcasm
Quoted from Zablon:Show me all these ads for people offering $20/hr for washing dishes, I might move there. Maybe less riff raff where I live? I am not seeing what you are seeing at all. The issue you describe was an issue long before COVID.
Guess you should start packing your shit. This took me all of 30 seconds to find.
Dishwasher - $18.23 - $23.83/hour
https://www.indeed.com/viewjob?jk=7d3d9a2e0d1d4a45&tk=1f5dqs67nt5ar800&from=serp&vjs=3
Line Cook - $20 - $23/hour
https://www.indeed.com/viewjob?cmp=Matador-West-Seattle&t=Line+Cook+Prep+Cook&jk=8dfc905736e4ae86
Cook - $18.74 - $21.88/hour
https://www.indeed.com/viewjob?jk=560cc1a29a49bfc1&tk=1f5dqs67nt5ar800&from=serp&vjs=3
Quoted from Zablon:Interesting. I could be wrong? Maybe it's regional? It's just not the same around here. The jobs that were hard to fill before COVID are still hard to fill. Otherwise, everyone is back to work. Additionally, all the big companies I work with are downsizing.
I know about 30 small business owners that would agree that you're wrong but would love it if you were right.
Quoted from Zablon:I will admit from my perspective, that is some insane wages for those jobs. What is the cost of living there?
No clue. I just searched Google for $20/hour dishwasher jobs and that's what came up.
Quoted from Zablon:My point also is people are talking like they personally have talked to local businesses. So I guess my initial ask stands. You can't randomly grab want ads for random areas and claim it makes your point without context.
Maybe you didn't read what I posed twice. I'm in a networking group with about 30 small businesses. There has been countless conversation about issues finding employees. And when they can find someone they are paying way more than they did before all the free money. So yes, I talk to more small business owners in the course of a week than you probably do in a year.
I'm not sure what other proof you need? Do you want me to have 10 or 15 of them personally call you or something? If you've already made your mind up, that's fine, but before you start posting crap you might want to let people know that whatever they say isn't going to change your mind.
For those of you that own PLTR;
"The publicly traded software company has begun accepting the crypto as a form of payment, he said. Additionally, investing in bitcoin as a treasury reserve asset is “definitely on the table.”"
Quoted from kvan99:There is no such job....waiter get below min wage. Do you really think they would pay a dishwasher 20 bucks? Not even in San San Francisco
Ok. You guys are right. The business owners in my area are all lying to me. No worries.
Thanks for setting me straight.
Quoted from WeirPinball:Interesting thing about crypto is to watch exactly how much it is manipulated by people with $$$. Musk is just an example of how they play with their ant farms (bitcoin and doge)
[quoted image]
Are you implying that the stock market isn’t manipulated by people with money?
Quoted from WeirPinball:I need to make a couple grand today so I can buy a used graphics card - supply chain is totally F'd
Good luck with that, you're going to pay out the a$$. I've been on wait lists since back in December.
2 weeks later
Quoted from MrBally:AMC ought to be interesting today with their instant new share issue news.
Could this be a new form of market manipulation?
Didn't they do that the last time it went up?
Promoted items from Pinside Marketplace and Pinside Shops!
You're currently viewing posts by Pinsider spyderturbo007.
Click here to go back to viewing the entire thread.
Reply
Wanna join the discussion? Please sign in to reply to this topic.
Hey there! Welcome to Pinside!
Donate to PinsideGreat to see you're enjoying Pinside! Did you know Pinside is able to run without any 3rd-party banners or ads, thanks to the support from our visitors? Please consider a donation to Pinside and get anext to your username to show for it! Or better yet, subscribe to Pinside+!
