Don't hesitate to tell us about a ticker we should know about, but read the sidebar rules before you post. How Reddit posters made millions as Wall Street lost billions on GameStop's wild stock ride. Possible? They've built an empire on this, and you think you can beat that? To me, the only surprise was just how absurdly high this got before it crashed. GameStop millionaire u/DeepFuckingValue Roaring Kitty. Well, with GME down nearly 90% since last week’s intraday highs, most of those Reddit millionaires are now Reddit thousandaires. Thanks for your comment. The higher return you want … So starting/selling business is lucrative but is also more risky. Long-Term Stocks to Buy: Lyft (LYFT) In November’s election, it was easy for investors to have … If there's a get rich quick for everyone there would be a very big amount of people in the "high class". Secret Dividend Millionaires. So it might take me $2 to increase the profit by $1, so I turned $2 into $10. Press J to jump to the feed. Posted by: Wesley Nolan on January 6, 2020 Under: Millionaire Stock Traders | What is StocksToTrade? It is a reasonably priced and one of the best dividend newsletters available. Ain't nothing wrong with that. There are also people(professionals) who trade based on how they think these types of people will behave on the stock market. Brockton track star becomes stock market millionaire: an unlikely Wall Street success story ... As the stock price shot up, Gill’s Reddit posts became a cause for celebration in the forum. The free stock trading app Robinhood has become the new millennial lockdown hobby; just before it stopped reporting customer trading totals, in June 2020, Robinhood reported more monthly trades than Charles Schwab and E-Trade combined. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. Seven days ago in my free blog post, I wrote the following to all of the new Reddit millionaires out there: The problem is when these people are sitting on a mountain of profits, rather than thank their lucky stars and locking-in these once-in-a-lifetime profits, they are too busy gloating and taunting the other side. That’s over. Please note that all comments are pending until approved by our moderators. Keith Gill, the trader known on Reddit for reaping hefty gains from GameStop's recent stock spike, is … The fact GameStop (NYSE:GME) crashed isn’t a surprise. Instead of being satisfied with nearly $500, bulls insist on waiting until this goes all the way to $1,000 or even $5,000. By Stephen Gandel Updated on: January 29, 2021 / 8:45 AM / MoneyWatch any of each other's Investing.com's posts. Plenty might lose a percentage or make a small amount. Cash in what you have left, learn from this lesson, and come back to the market better prepared next time. This week, GameStop shares drove Wall Street crazy, due to a massive buyout by Reddit users. Maybe we get back to $100 or even $125, but waiting for anything higher is just wishful thinking. But only 10% of day traders succeed and it has many factors that come in, especially risk tolerance. You're a millionaire in about 16-17 years with a "principle" of only about 120k. More than a few that get there might eventually lose it all too, because many are trading YOLO style. © 2007-2021 Fusion Media Limited. Just take a look at... One of the most important aspects of trading is being able to properly identify major market cycles and trends. Probable? Only 500 bucks each month like clockwork and you achieve 20% each year (that's a simple model because I'm assuming you just look back in hindsight and have a 20% p.a. If you diversify a lot, it'll be safer but probably longer. By now you've heard about the hedge fund-busting antics on Robinhood and Reddit.com where teenagers became millionaires overnight by investing in GameStop stocks. Others have a whole lot of explaining to do when their wives discover the down payment for a house has gone missing. Everyone thinks they're smarter than the majority of people, but are you more likely to be the one who makes a million dollars, or one of the hundreds or thousands who loses a ton of money? I haven't day traded consistently though, just for fun and I see why only 10% succeed. Stock markets odds are smaller, because it isn't winner take all. Your ability to comment is currently suspended due to negative user reports. And that’s exactly what happened to GME this week. You could easily lose a million dollars. This is method most people use to become rich. So sure you could turn that $100K into $1Mil in a short amount of time, but that would also require you to take a large amount of risk. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. It's well known stocks have turned people to millionaires in SHORT AMOUNTS OF TIME, I stress that because it's no where near a dream to leave a big amount in bluechips or an … With a business you can lose multiple times your investment with loans. If you think you can do it because "you're good at picking stocks" with no extensive experience or education, you're going to most likely lose money. Position trading comes to mind. At least the lucky ones are still thousandaires. Even if there was a cheat sheet that worked universally, it wouldn't mean anything, because this is a zero sum game. Take these lessons and grow from them. Yes I understand what you're saying, thank you for your thoughts. KOSS Stock: Why Popular Reddit Squeeze Koss Is Blasting Higher Today KOSS could benefit from growth in the headset market By William White , … Getting wealthy over 20 years seems like a worthy goal to me. The problem with this method is it's not scalable, it that you can do it for small businesses, but not large ones. %USER_NAME% was successfully added to your Block List. The other 999 walk away with nothing. Tim Grittani began day trading penny stocks with his life savings of $1,500 three years ago. The markets will typically move between four separate stages:... Property shares in the U.S. topped returns for last week’s mixed results for the major asset classes, based on a set of exchange traded funds through the close of trading on... We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. As always, if something was very easy or if that something even exists, why hasn't everyone done it yet? Even some Reddit posters got in on the action. Replace the attached chart with a new chart ? "Do you believe it is possible to become a millionaire in a short amount of time by investing and not day trading? The stock price is being fueled by hedge funds desperately covering their short positions in … Do your homework and practice practice practice. The results were the stock going through the roof, turning at least one of the Reddit investors into a multi-millionaire while drawing attention to the community of mostly day traders. New comments cannot be posted and votes cannot be cast. Your status will be reviewed by our moderators. How quickly you want to make money necessarily changes your tolerance for risk, but it shouldn't be confused with gambling. It may therefore take some time before it appears on our website. The answer is the first rule of investing: With $10k you could become a millionare if you win 2 high risk bets in a row. Opening Bell: Futures, European Stocks Retreat As Fund Jitters Weigh;... Cryptocurrency Acceptance Is Growing Even As Governments Continue To... 2 Bank ETFs To Keep On Your Radar As Yields Rise. Others have a whole lot of explaining to do when their wives discover the down payment for a house has gone missing. The 1mil, it's iconic. The free stock trading app Robinhood has become the new millennial lockdown hobby; just before it stopped reporting customer trading totals, in June 2020, Robinhood reported more monthly trades than Charles Schwab and E-Trade combined. Experience is the name we give our mistakes. Sign up to create alerts for Instruments, Problem with that method is you can easily go deep in the negative. I'll stick with investing and leave day trading to the dreamers. Think about odds. You get lucky at the options go up 10x. Reddit millionaire investor set to tell Congress ‘I’m as bullish as ever’ on GameStop turnaround Published: Feb. 17, 2021 at 4:03 p.m. No. Now let's say you stick with it. Even some Reddit posters got in on the action. If you are interested in investing in stocks that pay dividends I recommend signing up for the Sure Dividend Newsletter*. For every person that makes $1mil, that means the sum of money lost by a group of people is going to be about $1mil as well. For everyone that was introduced to the stock market because of GME, while it didn’t turn out the way people had hoped, use this opportunity to learn more about the stock market. The fastest way to become rich quickly is to start your own business, why? GameStop shares rose another 70 percent on Friday, in a staggering rally driven by small investors on the online forum Reddit that has seen the stock surge 1,800 since the beginning of January. No one will hand you the keys. That means 50% and 100% moves in both directions. Not long ago, all you needed to do as a company to guarantee success as a financial entity was to somehow associate yourself with electric cars. So it can be done, but it is mostly unicorns turning the trick, not average people. Therefore you are much more likely to loose the $100K than profit 10x, although it is not impossible. But don’t trash the multi-millionaire who lost $700,000 in this mess. I will skip all the talk and unnecessariness and cut to the main point. Huge returns always come with huge risk. The 1mil, it's iconic. Diversification. When GameStop shares hit $20 last December, he uploaded a screenshot to Reddit showing he had $1 million in cash and $2.5 million worth of stock and bullish call options. As you get bigger you transition over to stocks which are scalable. If you were short — or even bearish without a position — these Reddit stocks, the loyalists branded you scum. Please wait a minute before you try to comment again. People who got rich quick in the stock market did not simply bet it all on black, by and large. ET But by all means people should try and see what shoe fits for them, if they wanna be risky and possibly get rich fast or lose fast then give yourself a pat on the back. return). You can't do that with stocks. If it is a straight game, with 1000 people each putting up $1000 to play, one person becomes the millionaire. For many of us, this has turned into a lifelong adventure. At least the lucky ones are still thousandaires. The way to get rich quick with stocks is the same way you get rich slow: a carefully planned, tested, and tweaked system. 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