stocks in meltdown mode

[Chico23231]

Apparently the robinhood guy showed up on stock shows end of day and it went predictably terrible

You really need to be careful who you have your money with...the first rule of the stock market

[CRedskinsRule]

Originally Posted by mooby

Not gonna lie, I wish I was smart enough to understand the stock market enough to buy in on the Gamestop/AMC/etc. stocks while the gettin' was good.

But everybody smart enough to understand the stock market says the first rule is if you don't know what you're doing, don't buy individual stocks.

So here I sit watching everybody else get rich off the action.

I understand the basic concept of stocks, you buy low and sell high. Don't put all your eggs in one basket. Diversify your bonds, ninja. But this whole concept of short-sales and selling stocks you don't own so you can buy them back later at a lower price doesn't make sense to me at all. I just can't understand why you would be allowed to sell a stock you don't own.

Makes me happy seeing people who manipulate the market for a living (and get rich doing it) getting a taste of their own medicine though.

Tell you what, people who understood the market got richer over the past 10 months. I can just say with very limited funds, I made 300% growth with very select funds. Definitely not normal, but taking the simple concept that certain stocks got caught up in the panic selling for no reason enabled simple decision making. An example is DELL, a decent stock with no serious reason to have tanked when the market did. I bought it at $27 because the year leading up to the crash it was around $55. It's now over 60, but admittedly I sold it around 50 to lock in that and bought other stocks I saw similar potential with. And I bought several Cannibas stocks in November that have seen significant growth too.

The one question I have to see is taxes, it is all within an IRA so I don't think I have taxes due for the short term gains, but have to confirm that.

[mredskins]

Originally Posted by CRedskinsRule

Looks like ENZC was selling at around 10 cents after opening in December and went up to 25cents yesterday. While that's great profit its not making a million dollars. You can always Google a stock ticker and see the chart of pricing

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He bought it at .0005 cents a share like a year ago, this is how the story goes. Like I said I don’t believe it.

[sdskinsfan2001]

Originally Posted by CRedskinsRule

Tell you what, people who understood the market got richer over the past 10 months. I can just say with very limited funds, I made 300% growth with very select funds. Definitely not normal, but taking the simple concept that certain stocks got caught up in the panic selling for no reason enabled simple decision making. An example is DELL, a decent stock with no serious reason to have tanked when the market did. I bought it at $27 because the year leading up to the crash it was around $55. It's now over 60, but admittedly I sold it around 50 to lock in that and bought other stocks I saw similar potential with. And I bought several Cannibas stocks in November that have seen significant growth too.

The one question I have to see is taxes, it is all within an IRA so I don't think I have taxes due for the short term gains, but have to confirm that.

What does Dell still make? Admittedly I don't have a PC and don't know how common they are anymore, but I never even here the word Dell anymore.

[CRedskinsRule]

Originally Posted by mredskins

He bought it at .0005 cents a share like a year ago, this is how the story goes. Like I said I don’t believe it.

Pretty crazy if he did. I have bought some penny stocks, but I didn't think stocks could stay listed under a dollar for more than a certain time.

That would be winning the game right there.

[sdskinsfan2001]

Buying stock almost feels like gambling. But my roommate is constantly talking about it. Feel like I'm missing out.

I do 8% to my 401k and the maximum allowed into my HSA. But I have never jumped into buying my own individual stocks. I am no expert though, so it might be a good thing.

Then again, scared money don't make money.

[mredskins]

Originally Posted by CRedskinsRule

Pretty crazy if he did. I have bought some penny stocks, but I didn't think stocks could stay listed under a dollar for more than a certain time.

That would be winning the game right there.

I will report back in time, my guess it’s BS.

Let’s just say he is a very nice guy but he is no stock market ace. I was kind surprised he had $2k to put down to start.

Then as it grew over this past year he didn’t think to cash out ?

IDK

[CRedskinsRule]

Originally Posted by sdskinsfan2001

What does Dell still make? Admittedly I don't have a PC and don't know how common they are anymore, but I never even here the word Dell anymore.

They still make PCs.

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[CRedskinsRule]

Originally Posted by mredskins

I will report back in time, my guess it’s BS.



Let’s just say he is a very nice guy but he is no stock market ace. I was kind surprised he had $2k to put down to start.



Then as it grew over this past year he didn’t think to cash out ?



IDK

Well looking at the chart i would be more surprised he stayed in. It didn't grow at all until December.

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[sdskinsfan2001]

Originally Posted by CRedskinsRule

They still make PCs.

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Assumed so, but I thought maybe they also got involved with making parts for other companies laptops, tablets, phones, etc. Kinda like what Qualcomm does.

[mredskins]

Originally Posted by sdskinsfan2001

What does Dell still make? Admittedly I don't have a PC and don't know how common they are anymore, but I never even here the word Dell anymore.

The entire us govt is outfitted with Dells.

The only thing I ever see is Dell.

[mredskins]

Originally Posted by CRedskinsRule

Well looking at the chart i would be more surprised he stayed in. It didn't grow at all until December.

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Yeah, it was my interesting story of the week.

Said he bought when it wasn’t current with sec filings for .0003 a share, bought a million of them. Now it is on its way to Nazdaq he says. Had to buy it through e trade

[sdskinsfan2001]

Originally Posted by mredskins

The entire us govt is outfitted with Dells.

The only thing I ever see is Dell.

You don't know what you don't know. Had no clue about that.

[CRedskinsRule]

Originally Posted by mredskins

Yeah, it was my interesting story of the week.



Said he bought when it wasn’t current with sec filings for .0003 a share, bought a million of them. Now it is on its way to Nazdaq he says. Had to buy it through e trade

I would be curious what prompted him to by it?

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[mredskins]

Originally Posted by CRedskinsRule

I would be curious what prompted him to by it?

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Yeah, agree