Bad Crypto Investing Advice

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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

Still ping-ponging in that $4k-$5k window:
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Looks like the crypto trading platform Coinbase (COIN) will be having an IPO soon. I think I want to get in on this. More data as I find it.
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Maeve
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Re: Bad Crypto Investing Advice

Post by Maeve »

Furious wrote: Thu Feb 25, 2021 7:33 pm Still ping-ponging in that $4k-$5k window:

bunch of nothing 2021-02-25_13-26-47.jpg


Looks like the crypto trading platform Coinbase (COIN) will be having an IPO soon. I think I want to get in on this. More data as I find it.
What’s an IPO?

ETA: nevermind, duh, I do actually understand what it means.


Yet another stupid question. Would it behoove me to start an account, buy dribs and drabs and just wait until it crashes to buy stuff then? And after buying stuff then, just... leave it, -maybe- add to it, but just pretty much let it build from there.

Or, is it just better to not jump in at all.
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Furious
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Re: Bad Crypto Investing Advice

Post by Furious »

Maeve wrote: Thu Feb 25, 2021 8:26 pm Would it behoove me to start an account, buy dribs and drabs and just wait until it crashes to buy stuff then? And after buying stuff then, just... leave it, -maybe- add to it, but just pretty much let it build from there.
I won't answer for what you said after "or". You already know how I'll respond to that. :P

Investing is a skill you need to develop, and at the very least you need to place money into an ETF or 401k for a rainy day/when you get older. It's important to learn how to make money in the markets.

And yes I feel we're due for a whopper of a crash, but because of the way the stock market stops trading every time a fly farts, the crash will be incremental over a few weeks instead of in a day or two. (Not a financial advisor bla bla covering muh butt,) I would open accounts NOW and learn how the software and markets work, buying whatever instruments you like in VERY LOW AMOUNTS, like 1 SHARE of your favorite stock or $50 in an ETF or 1 CALL TO OPEN in a cheap option. When the poop hits the fan this fall (allegedly :roll: ) you will be ready to jump in and buy a few things at sale prices.

You will make money. You will lose money. Sometimes you will buy and sell at the wrong times and coulda-woulda-shoulda yourself for something silly. Sometimes you will throw a dart blindfolded and hit the bullseye. You will get dopamine rushes when you win and get the sinking-pit-in-your-stomach feeling when you lose and you will learn to control those emotions. You will learn to not listen to talking heads that try to scare you or tell you what you want to hear. It's a dumb game, but everyone on the planet is affected by it so you might as well get good at it.

One of the little plink-and-dink purchases I made Monday was a very cheap option call on AMC. Paid $35 for it. Sold it yesterday for $85. Could have made more, also could have lost it all if I waited and sold today. Took it and reinvested in another cheap AMC call that expires in 2-1/2 weeks. Doing stuff like this teaches me timing and patience that I'll apply to my larger investments.

tl;dr: YES, drib and drab! NOW!
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Furious
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Re: Bad Crypto Investing Advice

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y u poek bear?
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Maeve
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Re: Bad Crypto Investing Advice

Post by Maeve »

That news link! Such drama!


The drama is what lures me in. It’s what makes me buy lottery tickets. Which I have been playing since I was 18 (a long time ago) and the most I ever won in one day was $600, on two tickets. That was... er. Over a decade ago.

So yeah, if I had chucked all that into some sort of investment, I would be much better off, but you mentioned “skill”. I don’t think I have that? I mean, obviously I won’t know unless I try, but. There’s always that doubt.

And yeah, I started an IRA when we set up the investments, and The Money Guy takes care of all that. Don9t have a 401k, because disabled.

But I love that you answer my stupid questions! And even though we might not get much traffic on NuBoard, this is interesting.
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Furious
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Re: Bad Crypto Investing Advice

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Maeve wrote: Fri Feb 26, 2021 6:04 pm That news link! Such drama!


The drama is what lures me in. It’s what makes me buy lottery tickets. Which I have been playing since I was 18 (a long time ago) and the most I ever won in one day was $600, on two tickets. That was... er. Over a decade ago.

So yeah, if I had chucked all that into some sort of investment, I would be much better off, but you mentioned “skill”. I don’t think I have that? I mean, obviously I won’t know unless I try, but. There’s always that doubt.

And yeah, I started an IRA when we set up the investments, and The Money Guy takes care of all that. Don9t have a 401k, because disabled.

But I love that you answer my stupid questions! And even though we might not get much traffic on NuBoard, this is interesting.
When we get more traffic (after the Netflix series starts and DC does its inevitable push of Sandman) I may have my hands full, but I'm happy to answer stuff if I can. I can't give BUY THIS advice because I experiment and I'd feel awful if I was wrong -- speaking of wrong, AAPL (Apple) is still under its (post-split price from last year - it'll eventually go up but for now, yuck -- but I think people should at least try.

Living next to Omaha NE (Buffettopolis) it's interesting how many people DON'T invest but think nothing of donating a few hundred bucks to their favorite casino across the Iowa border. :roll:
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Furious
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Re: Bad Crypto Investing Advice

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BTC's still on sale. Part of me is thinking the ongoing Hedge Fund wars is keeping the price down.

There's no reason for the market and crypto to fall at the same times (sans crypto mining stocks) unless prices are intentionally being kept low. Still at 460% profits in 7 months so I can't really complain now can I? :lol:
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Re: Bad Crypto Investing Advice

Post by Ophelia's Vengeance »

It looks like some stocks that dipped for awhile (GME) have been climbing up this week, or at least were as of yesterday.
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Re: Bad Crypto Investing Advice

Post by Furious »

Hedge Fund Wars: AMC Edition

Today the equivalent of 15.4 million AMC shares (as put options) expired out of the money by one penny. In the very last minute of the trading period today, a mystery investor bought 8 million dollars of AMC, pushing its price to $8.01.

Monday begins the hedge funds' panic to buy the shares they legally have to.
Tuesday could be the short squeeze.
I'm not leaving my PC Tuesday. :shock:


Edit: fixed 8 million shares of AMC to read 8 million dollars of AMC. Lots of unreliable info flying around. My best info shows mystery man buying 900,000+ AMC shares just before the closing bell. 8ish x 900kish = 7.2 millionish. Sorry about that.
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Furious
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Re: Bad Crypto Investing Advice

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Speculation:
In the next week (or two) hedgies are going to get hit hard and have to pay up for their AMC stupidity. The miracle $8.01 whale buyer yesterday hints that it's not just the little guys fighting the hedge funds, its possible that other hedge funds are in play here -- I envision them circling around in the air like vultures heh heh hehhhh... Anyway, the AMC Hedgies could do the stupid move and not pay from their vast coffers but short other instruments to pay for AMC. This could lead to a downward-stair-stepping stock market crash.

Meaning: That Tesla stock with the laughable Price/Earnings ratio of 1055? Remember 20 years ago conventional wisdom said to avoid stocks with a P/E over 30?... THERE'S GOING TO BE A BIG SALE SOON, probably on most overvalued FAANG-like stocks.

Don't expect immediate profits from this sale. 2021 is still "that year" in the cycle where stocks go down the toilet and stay there. This may be an opportunity for the patient to acquire stocks long-term and LEAPS options.
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