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Not just Robinhood, all the consumer brokers have incl Trading 212, E-Toro etc
Wait for the market to close, no point in jump in right now.
Most online trading platforms delistered GME, not just RH.
Most people outside of the system can't buy GME stocks.
Merrill Edge is blocking GME too. There are legitimate concerns of an XIV-style blowup here.
It's just the SP500 index with fidelity. My take on it is that most of the time it beats the market or what any financial advisor could produce. I understand that it can dip like crazy during recessions and have seen it first hand but it doesn't bother me as it always goes back up. I'm only 33 anyway so it's going to be a long time before I tap into it anyway.
that being said I do feel like what I'm doing is overkill. My 401k is with the vanguard sp500 index and I'm maxing out those contributions annually. Ive set up another account with fidelity for the extra cash I can invest but just ended up throwing those into a sp500 index too. I get that bonds are safer but at my age I don't really see any reason in transitioning anything yet.
OP
OP
Very nice of Robinhood and other brokerages to think of the children and force them to sell at a loss.
Also, would recommend e-Trade to anyone that wants a more robust trading platform. It's not as pretty as some of the more modern apps but it's far less gamified.
Also, would recommend e-Trade to anyone that wants a more robust trading platform. It's not as pretty as some of the more modern apps but it's far less gamified.
It is if your risk management procedures are seen to be lax especially on option and margin trading.
The SEC has likely reached out to all the brokerages asking to see how they are complying with margin requirements, option disclosures etc. The brokerages are supposed to take certain steps to prevent non accredited investors from doing certain things.
Robinhood has like no compliance protocols so they are trying to limit risk and figure out what to do.
This isn't HFs saying block the trading abilities. This is the SEC breathing down the neck of the brokerages asking them to open up their books and procedures.
Understood.
Yeah, thats true. I thought he/she was only referring to the halt in the market itself, so i wanted to ask if this wasnt a common thing :) The blocking of being able to place new orders at the traders happened before the big drop (unless some trading platforms added this after the big drop? Then i see what he/she means).
EDIT: I read now that eToro said that there might be trading halts. I'm not sure if this message was posted right before or after the market opened or after the big drop started though, or if "trading halts" is referring to being able to place new orders through eToror, but it sucks big time if they halt new orders at this point in time for sure :\
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Who would have thought that the stock market would be the biggest thing in video games in 2021? I feel like so many crazy things have happened in the last 12 months that I'm not surprised but also, I sometimes feel like I've moved from one way of living my life to a completely new way because of the world around me changing so rapidly.
Existential gaming thoughts....
Existential gaming thoughts....
Right now I'm -$$ for AMC, only put in $600 so its a bit whatever right now since that was my holiday bonus lol
Ah, I see you forgot the turnip market in Animal Crossing in 2020.
Welp, I tried to buy the dip and lost $5k so far.
But I think there's going to be extreme pressure on these trading platforms, and expect the stock will rocket up once they reopen.
But I think there's going to be extreme pressure on these trading platforms, and expect the stock will rocket up once they reopen.
Boy am I glad I got in early. I'd be shitting bricks if I hopped on in the last few days. I'm holding through this but can completely understand why people late to the party would bounce.
Mass manipulation on a massive scale but it's okay cause rich people are happy
Yeah I'm holding too. Days like today have been talked about constantly over the last week or two, warning people that a massive sell-off happens right before it skyrockets and to not fall for the hedge funds getting desperate. There's no guarantee VW will be repeated, but fuck it.
(insert american flag) Never Forget (insert american flag)
This whole situation is so fucked.
Maybe on top of taking a couple of hedge funds down, this event can also take down some of these platforms currently engaging in blatant market manipulation.
Hope this hill was worth dying on for Robinhood.
Maybe on top of taking a couple of hedge funds down, this event can also take down some of these platforms currently engaging in blatant market manipulation.
Hope this hill was worth dying on for Robinhood.
i think saving is based entirely on your mindset, your risk aversion and your income
I agree in index funds, its the safe way. I try to put at least 23% of my gross into retirement, but i'm a way higher income earner than some. I like to be safe and sure and slow with retirement investment
but goddamn if there isn't something exhilarating with going in on meme stocks
i feel obligated everytime i meme stocks with friends IRL that this money is AFTER putting into retirement first.
Hard to make any definitive claims, but that is what it appears to me.
If only I had a faster way to get money into my Fidelity account.... I want to buy the dips but it takes like 2 days for my money to clear.
I went in on a few this morning with vanguard. Not a ton of money although no choice but to hold now. Still annoying. Hoping it pops back up once they actually open trading again.
Market manipulation in front of everyone because they can.
Correct. They are trying to manage risk. They will be on the hook for these huge losses and have to collect as people who shouldn't be in options or on margin are using both. Massive losses mean them having to collect.
Shit is rigged and anyone who was at least half paying attention has gotten all the proof they need.
I bounced out of GME at the high this morning though. I'm off this ride but rooting for anyone still fighting the good fight. I wasn't looking to make bank, but I far exceeded what I was hoping for. Can't cry over what you didn't have in the first place, so no FOMO here.
I bounced out of GME at the high this morning though. I'm off this ride but rooting for anyone still fighting the good fight. I wasn't looking to make bank, but I far exceeded what I was hoping for. Can't cry over what you didn't have in the first place, so no FOMO here.
If you have BOA and use Merrill Edge money transfers are instant
They're trying to scare everyone out, and breaking the law to do it. There's no reason to sell now.
I really hope that Robinhood is absolutely ruined from this. I doubt it, but they deserve to fail after hurting the very people they advertised their product to.
Halted again for a meager $10 increase, so either there is some more crazy fuckery going on, or shit's about to get real when it reopens again
This honestly is my thinking as well (although again I don't know nothing about any market stuff). I figure you don't go to this much trouble unless you've got something serious on the line, so what is coming that they're pushing so hard for this to happen? It just feels like a move to break spirits and have folks cut their losses.
Anyway, fascinating times. Very interested to see what the next few days hold.
People did exactly what people do when they start losing money. Panic.
They've lost all the good faith they've built with me for 2 years. Incredible story about how a brand disintegrates in real time.
I don't see anyone panicked. Just people who want to buy.
Can Gamestop themselves sue or something about the fact that their trades got for all intents and purposes frozen?