A quick update on my portfolio: WSB failed to convince me with fresh DD of the ongoing viability of the squeeze and therefore I exited my GME position yesterday.
I sold mostly during European hours, managing to get out between 360-305 as the price was continously dropping throughout the morning.
Overall this play ended on a positive note (phew!) and resulted in a net gain of 130k, which is quite a big number for me.
Only regrets: Not entering decisively nor early enough.
Okay, was guessing something like that… So the r/wsb trendy positions (BB, AMC, GME) held by the BNS are part of an us small cap ETF or something alike ? So no active trading on thoses stocks by the BNS ?
Congrats and fuck you! (I hope this meme is allowed here). Did you sell during premarket? It looks like you have a higher risk tolerance and went in with a lot more capital than I did. Well done!
I also (mostly) exited around 300 but still have 10 shares hanging. Overall it looks like I’ll make a profit between 7k-10k. I only put in $2700 so pretty happy even if I didn’t sell anywhere near the top.
The shares which are blocked by the covered call might make me an additional $2700, we’ll see.
Edit: I sold the last 10 now. What I learned about this was managing a volatile trade and how much averaging in and averaging out helps in general. Having an exit plan keeps the emotions out. I was a bit too greedy and adjusted my exit goals on the go. That actually made me miss some gains.
Congrats and fu indeed (no insult, just WSB etiquette). I never managed to get in in the end But was also trying the most when it was almost 400 USD so no regrets that IBKR stopped me from loosing money.
Well done to the both of you - I have never had so much fun trading in my life.
I got in at 90 USD, sold my initial investment at 182 and then playing with house money since then - I am not going to sell my remaining shares and happy to bag hold out of principle (it was never about the money for me anyway)
We captured the imagination of the world, inflicted major losses on several hedge funds, and exposed some of their shady activities. Lets hope this leads to more transparency and regulations (ie you cannot short more than 100% of a stock) but I am not holding my breath - as in most cases in life, the house generally wins.
Thanks to @nabalzbhf and @Julianek for their calm and fact based counterpoints to balance the narrative - its always important to have your assumptions challenged, we don’t want to live in an echo chamber.
The events of this past week have further confirmed my belief in automating my investments, and ignoring the news. We are all human and susceptible to emotional/fomo that can cloud your judgement.
You simply cannot go wrong with dollar cost averaging into a global index fund over 30 years - it is the easiest and best way to generate wealth. Albeit not as fun as buying a meme stock and watching your unrealised profit swing from +400% to - 200% in 7 days
Well as @Julianek stated it, at some point it will be a run for the money and I don’t want to be the last one selling…
I understand the background of them needing to make guarantees and depositing security to clearing houses that I can accept it as a temporary justified measure…
This is instead for me the second most disturbing part. I can’t grasp the reasoning of the T+2 and all that B.S. around it. If you don’t trust eachother, simply don’t network at all.
I don’t know how much you earn in your job and how your portfolio looks like, but aren’t you afraid that 130k short term capital gains could trigger a professional investor classification?
From the link below:
It looks like the Depository Trust & Clearing Corporation (DTCC) increased margin requirements on GME stock on Thursday – which forced Robinhood to post more collateral – which drove Robinhood’s decision to prevent users from buying more GME shares.
I really find the professional trader classification fascinating here. In theory there are no capital gains in Switzerland, however there is a constant worry on whether a single trade might push you over the edge.
I think I much prefer the UK system of ISA accounts where you can invest up to £20k each year tax free and there is no limit to how much you trade or how large your capital gains are. There are several ISA millionaires in the UK who simply draw down from their portfolios tax free in retirement.
In this particular case, suppose all he has ever done is buy and hold index funds but has this one single short term trade generating a large capital gain. Would that really trigger professional status?
From everything I have ready on here and the english forum, aren’t the 5 rules deliberately woolly and upto the discretion of the person reviewing your tax return.
If I’d make 130k short term gains I wouldn’t worry about that too much if your other investments didn’t make like another few hundred k. I’d be happily paying the taxes if they classify me as a professional trader.
Yes I agree and I’d prefer a clear definition as well.
But it’s still way better than in Germany where the first 801€ are tax free and everything above this amount is taxed.
I don’t get why they don’t say if you made more than 200k per year on average over the last 3 years you are a professional investor.
I don’t like the idea that the exact same scenario might have different outcomes depending on who is working on your tax declaration.
Because it depends on your wealth and when you decide to realize your gains. I have much more than 200k unrealized gains…
Edit: unless you’re doing tons of trades, and having substantial income from it, I really wouldn’t worry. As mentioned elsewhere there’s like only a dozen people in canton ZH who have the status.
I think it’s okay when you have much more than 200k of unrealized gains on average per year over the last 3 years it’s okay to classify that as professional.
They could say it’s 500k, or x% of the average income but that’s way above the average guy saving for retirement.
If that’s not classified as professional investor I’m totally fine with just saying there are no professional investors, capital gains are tax free.
I’d just prefer a less subjective way to classify.
Congratulations anyway.
Edit:
Just to clarify I mean capital gains per year, not realized capital gains.
@LeStache thank you! You are right, I had a large part in GME and was therefore also not sleeping particularly well anymore. I sold during the regular european hours if I remember correctly. Bravo to your play as well, fairly elaborate also with you deploying covered calls while I was just brute forcing my way through this.
@MrCheese thank you! From todays perspective you got quite lucky to have been held back to buy in at 400. Imagine the hangover now! I hope you are not feeling you missed out. A new opportunity will come around the corner, . And at that point you might finally be able to buy high and sell low like all of us other retards.
@britbanker Same here, I thoroughly enjoyed the week. Your meme was a highlight of course! I hope GME will eventually reverse and squeeze back up for you to realise some sweet tendies from the remaining shares.
@Zerte2 Is it ever over? Maybe it just felt so very climatic on Thursday with the huge rise, the following dip, the trading restrictions and so on, that it just seems like the hot air is out of the balloon at this point.
@Alvo Yes, the looming classification based on some vague “guidelines” was unsettling even before my involvement in GME. When IBKR’s Petterfy says they are gaining thousands of new Swiss users everyday, I am sure not all of them will be holding VT for years without end. Maybe the tax office will have to create some clarity at some point.
So… that was an interesting ride.
I made a small trading profit before transaction costs.
…and a loss after transaction costs. I am not even going to tell you how much in fees I eventually paid for this small trading roundtrip (you’d probably excommunicate me from this Mustachian forum if you knew).
Learned one important lesson though: Which broker / bank bullshitted me me the least and just reliably worked - and which I’d trust most when things get rough. Well, once I surpass 5 figures with my account. It clearly isn’t IBKR.
There is one, clearly laid out by the ESTV that defines a non-professional trader.
What they don’t give you: A template to optimise and minimise your taxes accordingly.
People can get “creative” in structuring things.
A very similar thing exists here in Switzerland with the 3A accounts.
The available products to trade are just a bit too limited and (often but decliningly) expensive.
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(no insult, just WSB etiquette). I never managed to get in in the end 
But was also trying the most when it was almost 400 USD so no regrets that IBKR stopped me from loosing money.
