I put in an order to sell my stock of GME at 48.71 1124 a share with hopes of reinvesting later.
It opens at 48.62 how is that even really possible. So i'm stuck with shares i bought at 48.80 and a portion of them at 48.45.
Then I went to work thinking the trade executed and now this crap is down 2.00
What should I do?
Looks like the stock is rebounding nicely this morning. Unforunate for me because I was hoping to pick up a little more if it dropped again. Its alright though, I got quite a few bargain shares.
what should you do jerrysk4au? you should stop trying to time the market(trading every time you turn around) every time you buy or sell, you pay out fees to your broker. this reduces the profits more than you realize. you'd have to make a bundle in a short time to realize any profits at all. simply put,find a deserving company such as this one, buy when its depressed, if it gets depressed further and you cannot find good reason for such a low price then buy more. but what ever you do, hold those shares as long as the company deserves to have your support.thats how you make your money buy and hold(so your not paying out brokerage fees every dam week).besides, you sell too soon, you pay more in taxes. keep this quality stock more than a year, you reduce your tax bite putting more money in your pocket.
I was lucky enough to get a brokerage company that issued me a 100 free trades. So i'm not complaining lol about the fees yet anyway hopefully next year around when i run out i'll have enough assets not to even care about those commission rates.
But your right i see alot of people in for the long-term I will be starting my long-term investing as soon as this stock gets me near a good exit.
<"can sell September covered call for 1.75">
--> You must be talking about the Oct $50 calls because there are no Sep calls at $1.75. Yes you could sell those but I wouldn't. I don't like selling calls into these pullbacks. When a stock like this rebounds you don't want to have your upside limited by a covered call. The time to sell calls was at $48-49.50 as the volume came back down on Fri/Mon. Now, you should be looking to cover (buy back) those calls. Now is the time to look at "buying" calls (maybe the Sep 50's) or selling puts.
IRT "selling" puts "OR" calls--> Only consider it if you know what you're doing! If you're less experienced please stick to "buying" calls or puts until you've gained some experience.
I'm getting my broker to add options to my brokerage account so i can begin trading them. This would be my first time ever investing in option contracts. But they are the best solution to my problem.
I have a good feeling that GME will be trading around 65 to 74 next year but i'm in stocks short-term for growth and income.
Not willing to wait for christmas on this one.
Right now if I were you.. I would hold. Perhaps buy more if you can. To me it would depend on how diversified I was.
The question is how much pain can you take before you dump your stock? What if it goes down a dollar again tomorrow? Are you going to panic and sell?
On the brighter side what do you think about the future?
Earnings were good. We are closing in on Christmas and a few new titles are being released.
The market is down because why? Home prices are down? So what we knew that was coming for awhile now. You can play video games in an apartment. :P People are going to buy games regardless of the economy. Also, I believe the market was priced with a rate cut from the Fed.
Will it go down more? I dont know, but I believe if you were to sweat it out you will come out on top by the end of the year.
I knew this was coming lol that's why i tried to get out at opening lol.
You can play a Nintendo DS or Sony PSP in a homeless shelter lol no house required.
But the thing is if you are the President of the United States and you see your country struggling because of stupid things you've done or didn't do, you help you country men before you help the idiots in IRAQ.
There shouldn't be problems with the housing sector in the first place is where im getting at.
The other thing is i'm sick of turning on cnbc and listening to them wine about that crack headed Bernacky he's an idiot what can i say there's more pressing issues though.
The FBI is essential to america's protection and they have a book for dummies. Maybe the other FED's aka Bernacky needs one to before he dooms the rest of us.
<"The market is down because why? Home prices are down?">
--> While I agree with your long term enthusiasm you should compare GME to the mkt before you blame the mkt for GME's pullback. If it was due to the mkt being down GME would be down on par with it. GME was actually down twice as much as the mkt (twice as much as ERTS, and 50% more than ATVI and THQI). That shows that it's trading down on a lot more than just the mkt's direction.
Well, you could put an order in to buy the Sep $50 calls for somewhere around .60-70 and use some leverage on the way back up. I wouldn't go out further than that on the call side just because I think the calls get less attractive as you get further out in time.
jerrysk4au You really know your stuff man I appreciate your advise.
I only wish i had followed some of the other great advise on this forum about not selling right away. I ended up selling at 48.82 under pressure you could say. If I had the stomache for this ride i would of kept in it untill it was 49.47 lol.
Yea I figured a rally would take this stock into space but we've had two down days so far with some stocks hitting record lows.
I'm going to have to blame that bald headed munchkin cramer for this to many people are following his advice and pushing the eject button.
But at any rate I will continue to hold on I kind of feel like watching Titanic now.