06-03-2021, 07:09 AM
(06-03-2021, 06:20 AM)fenders53 Wrote:(06-03-2021, 12:40 AM)crimsonghost747 Wrote:So the goal is to HODL until the inevitable decline back to fundamentals, and give back most of your gains (or take a loss), to a weak minded paperhander who cashed out with a profit? See that's where you are losing me with this game. Explain it slowly to me one more time.(06-02-2021, 09:17 PM)ken-do-nim Wrote: My ex-wife holds AMC. She's anxiously waiting to sell as soon as the market opens tomorrow.
Paperhands!
Holding through the downs and especially the ups is what these stocks are about. The shorts will want to cover at some point, (I'm guessing this is what has been going on with AMC this week) and the less supply there is the higher it will drive the price because the demand is there. On my GME position I've been everywhere from -70% to +50% during these past months. In all honestly, selling some here might not be a bad play, since timing in general is super hard and it's downright impossible when the stocks move like this.
But to quote the famous time traveling (just a joke, again) genius DFV, who was the first to figure out the GME play (and is up maybe $60-$70 million on his position right now).
"what's an exit strategy"
This turned out to be a long post, I'll just make the diamond hand principle bold and leave the rest here for your entertainment.
While it may seem like it's a "let's make a quick trade for 10% or 20% gain" that was never the idea. We have seen this thing play out for months already, and it was in play months before the general public knew about this in January. (I wish I had known before!)
Of course the price will return to being somewhere close to fundamentally correct at some point. Of course we need to sell the shares at some point to get the money. But we kinda forgot where the sell button is located because we want to see where this can go. Once again, it's not about getting a 10-20% gain. We want more. I firmly believe that we can remain retarded longer than the shorts can remain solvent!
Since there is no way to predict how high these can go (just look at the charts, who ever thought they would be up here) taking profits at 10%, 25%, 50% or even 100% can be very counter productive. We simply have absolutely no idea. Again a quote from the legend DFV himself, he was asked about his price target when this all started. His reply?
"just up"
For reference: yesterdays close was $282
If someone bought in at the beginning at around $10, then locking in gains at 100% would have been something to regret. It would have been a good trade... but it could have been so much more.
You personally said in March that you didn't think it would go much past $50 in the next 5 years and that you feel no pity for anyone who doesn't take profits when/if it starts getting close to $100. (page 5 of this thread.) I do not think those were bad assumptions by any means, I also thought this was over and the shorts covered when it was trading around $40 for ages. Yet here we are up 600% from that $40.
We simply have no idea what is a reasonable level for an exit. So we just diamond hand to zero or the moon... whichever comes first.
Is this a bit retarded? Obviously. But so far so good.
ps. If someone knows where the top will be pls let me know so I can paperhand at the top!