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GameStop Mania: How Reddit Traders Took On Wall Street

If this California hospital worker can do it, why not us?

I haven't really been following the market in years.  I just know my 401K was hit bigly during the past administration.  Also my fault, I wasn't managing it.

So my Robinhood app was approved a couple of days ago.  I just need to add funds.  I found out cousin Melvin has been on Robinhood for a few years, and cousin Ress has also been trading.

I got flashbacks to the tech boom in the 90's, when I used to day trade, and took $1000 and turned it into $30K in one year.  So I know it's very doable.  You just have to do your research and due diligence.  Of course, I was an active trader before I got married.  I'd turn on the tv to the financial news, login on my E-Trade account around 6 AM, and do some trades before work.  At work, I'd scour the web for the latest, plus I was in a few forums.

WallStreetBets and the "little guys" have shown that if they band together, and hold together, it's a "guarenteed win."

How I turned my family’s Covid Stimulus check into over $40,000 thanks to WallStreetBets

I’m all for the cause of the WallStreetBets movement and internet social media speculation trading, but this caused a serious talk with my wife. Should I sell? Should I hold my position with “diamond hands”? After some fluctuations I came to the conclusion that the guaranteed money was too much to not cash out a bit on. I sold 80 shares of my GameStop position at various prices to pay off 100% of my margin owed and pocket about $20,000. This left me with over $20,000 in stocks still. For a total of over $40,000 of liquid cash and stocks owned outright, no margins owed.

I’m not on a crusade to “stick it to the man”, I’m not an internet troll, I’m just a normal guy trying to do good by my family. I’m a son of immigrants who fled Iran during the revolution, I’m an IT Analyst for the Department of Veteran’s Affairs, I have dedicated my life to serve those who have served. My wife is an immigrant to this country from a young age with a State Government job who has dedicated her life to serving her community. Her love and guidance was just as big a part of this story as the stocks I chose. We are just a young couple with a newborn trying to find extra income so we can provide for our family.

It was a slap in the face when I saw Lee Cooperman on CNBC saying “people are sitting at home getting checks in the mail…this fair share is a BS concept”; it hit home. He was talking to me. He was telling me I’m not allowed to make money the way they do. I truly believe if RobinHood and others hadn’t restricted buying, I would have more than $40,000. The people who control the levers, do not want to see normal folks like us having the resources to do things like this. My wife and I are both college educated professionals, we are not some lazy people laying around trying to stick it to wall street. We may have gotten lucky, but our gains were earned…not given. Read more.

GameStop has captivated Wall Street’s attention. 

The stock’s rise has been otherworldly. But the obsession isn’t just with the rally, it’s with who’s making money off of it. Legions of individual investors -- regular, everyday people -- gathered on social platforms like Reddit and decided to send GameStop stock, as they would say, to the moon. This week, GameStop shares soared 400%, a hedge fund had to get bailed out, and online trading platforms had to restricting trading on GameStop and other hot stocks. Here’s how the GameStop saga played out, and what’s next as lawmakers turn their sights on the story that took over Wall Street this week.

WallStreetBets: How Boomers Made the World’s Biggest Casino for Millennials

The stock market and by extension the greater financial system has lost touch with its fundamental purpose for existing. There was a time when the stock market was a mechanism for growing businesses to raise money, playing a large role in the industrial revolution—boosting America to a global superpower. Today the stock market has morphed into a high-tech system of fluctuating arbitrary numbers which are used by individuals and industries alike to find profit opportunities by placing bets, masqueraded as sophisticated financial maneuvers with fancy labels and acronyms. Nowhere is this more evident than with the tendencies observed today. There is a shocking trend by today’s Millennial generation to shamelessly and unapologetically find ways to use the stock market to place very high-risk bets. And unlike formal Wall Street investment institutions, these gamblers, of sorts, don’t attempt to disguise the game: they are proud to call Wall Street a casino. Jaime Rogozinski combs through various elements of how reckless investors play Wall Street similar to a casino. He illustrates these often in playful ways, using entertaining and compelling real-world anecdotes. His stories are taken straight from Reddit’s r/wallstreetbets community which Jaime founded in 2012, and currently has more than 800,000 followers in addition to 3 million unique visitors a month. WallStreetBets is a forum based gathering where people are notoriously known for taking a brazen and public approach at gambling with the stock market. -- Amazon

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