GameStop short squeeze

No paper hands on my side.

Hold the line!
¡Hasta la victoria siempre!

I * am * not * selling * any * GME * share.

(to be honest, I didn’t buy any :stuck_out_tongue_winking_eye:)

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So that was the wrong assumption. Even though my put moved faaaar out of the money, it still gained 40% in value due to rising volatility. It’s starting to look like owning GME at $40 might actually be a good deal.

This is the way.

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Dear all,
Please help me to manage this “new” situation for me.
I decided to enter in GameStop when it was at 130USD. Now it’s closed to 290USD and I would like to hear how do you manage to squeeze this situation to the max.
My ideas/options are:

  • stablish a higher limit, for example at 300USD and sell when it reaches that point.
  • slowly increment the stop loss in IB to let it capture more gains. Which % shall I stablish the stop loss based on current price?

Any other tip?
Thanks

The same as me, but I guess in your case it was after recent lows. I bought it before, when 1 day after it went to over 400 USD if I remember correctly. I’ve decided to sell half at around 325 USD, so I cashed out a bit more than I put. Then I kept the rest and to be honest I have no idea what to do now. Maybe I will be just forced to sell if I (finally) buy the house, but no matter the price, the outcome will be positive :).

I think it depends on how much did you put (in terms of % of your portfolio/NW) and what is your risk tolerance/goal for this speculation.

Hi @baldur I dont have more than 1k USD there, but happy to pay my next holidays with the gains of it 1.3k :slight_smile:
I was readinga bout Trailling stop orders in IB, but I could not find this option in the Web broker version. Maybe it’s something available only in TWS?

Thanks

Trailing stop orders can be entered in the IB app.

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I would sell the shares in stages at predefined price points. For instance: 20% at current price, 50% at 300 (or whatever your target is) etc. Make an exit plan in a spreadsheet and adjust the percentages and price points until you are happy.

A stop loss is going to be risky even if it’s a trailing one. This stock is so volatile that it may trigger your stop loss before bouncing back up. On the other hand you can also lose if the stock plummets. If you set a stop limit and the price drops quickly below your limit price the sell won’t happen. If you set a stop loss at market price it’s anyone’s guess how much you will get in the end.

This is a trade that needs to be managed on a daily basis and to do calculated decisions you need a plan you can just execute.

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Good point! I will try the trail until it gets to 300 and then will slowly exit my positions with your suggestion. Very kind!
Cheers

Hi @LeStache finally I put the trail order with 10% since I could not be in fron of the computer the whole day. It happens that the stock reached to 344 USD and while driving I was hopping to get my trail order executed at 344 USD * 90% = 309 USD, but it was only executed at 280 USD due to, I guess, no demand. In this case I didnt loose much, but it’s a good lesson for the future.
Isn’t there any better way to squeeze this upsides? Maybe trail limit order?
Thanks!

Sorry to hear that but I’m not sure there is a winning strategy with a stop loss when there is such volatility. It sounds like your stop order was a market order and it got filled with whatever was the bid price at that moment. I have read that sometimes there are short attacks which try to push the price down to trigger stop losses and with them even more of a downward spiral.

A stop limit would prevent that but it might not get filled on the downswing. The worst case with that is that you might end up holding the stock when it crashes down. It’s also possible that the order would be filled when it bounces back up.

What I might do is to set a normal limit order for some % of your position at a high price and let it several days. I would include pre-/aftermarket times because sometimes the price spikes outside the regular session.

The worst case would be that you end up holding the stock while it goes to zero. Don’t believe the rumor, stonks don’t always go up :wink:

You cannot play a high risk game like GME without a considerable downside risk.

I edited the sentence for clarity.

To whomever is still holding GME consider exercising your right to vote at the next shareholder meeting on 9th of June 2021. You should do this with every stock you own anyway because it is your right as a shareholder.

But with Gamestop it is even more important: The media has been silent about the stock but the shareholder meeting will offer the only opportunity to prove the amount of artificial shares that were created by hedgefunds to short and make “free money” by bankrupting the company.
If every shareholder votes and there are artificial shares, the votes will be higher than the total amount of shares issued by the company. (estimates are far over 100% of shares). This process could result in the issuer of the artificial shares beeing margin called by its lenders that could force him to buy real shares back at any price to cover: short squeeze.
More Details can be found here

I just vote because it is my right.

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So WSBtards are at it again it seems.
Who is rolling the dice again/still? :grin:

What is everyone’s take on this? Reading up on the due diligence (Everything short, House of cards 1-3) has given me food for thought, can this be possibly true?

Why would it be different from February? Bunch of leveraged bets making all moves much bigger but no fundamentals.

Just make sure to leave before the top.

Edit: read through the house of cards threads, that’s the totally debunked thing from earlier this year, not sure why it would be more true now.

Just need free popcorn :slight_smile: AMC is giving free popcorn away to meme stonk investors - The Verge

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Here we go again :rocket: :full_moon_with_face:

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Is the MPW rally due to the GME mania?

Kinda annoyed I didn’t buy during the Steward bankruptcy. I had a buy at $4 but it didn’t hit.