BigMoneyJim - In another thread you "rick rolled" to prove some memes last awhile, and I encouraged it by saying I think too many people are using (that song) as their GameStop investment strategy.
What's even funnier is that 12 hours later, on another site and completely different subject, someone rick rolled me. Or at least it proved to me that some memes last quite a while.
Could you be rick rolling yourself, in that you're "never gonna give [GME] up"?
GME wasn't worth $230/share when I bought it, and I knew that. It was likely to lose nearly everything, and I knew that. I was jumping in *after* the hype, and I knew that.
Then I started hearing about the story from emails from family who don't invest in stocks, and in sports podcasts, the latter being after I had bought. I knew that probably was the time (or past) to get out.
I was right about everything, sort of. But I didn't act in my own financial interests. And I knew that.
I'm not trying to say I'm smart and acted appropriately. I'm saying I wouldn't encourage anyone to act as I did.
Holding now isn't smart, either, but it was $460 (2 shares) to be part of a meme and have a tiny chance of outsized profit. I even had the chance to double my money but missed it.
Yesterday morning I reset my sell order to $100/share. For no smart reason I decided selling at $50/share isn't worth my time, but I'll take $100/share if it hits that.
So I guess maybe I am still memeing, but I approached the whole thing as a trip to the casino where if I walk away a few hundred bucks poorer, at least I had fun. I unsubbed r/wsb and am mostly out of the daily hype, and I was never about "diamond hands", although "to the moon" was fun.
Most likely scenario is that I'll eventually sell them to get rid of the digital clutter. I had a buy order for $4, but I canceled that. These 2 shares I'll hang onto for a bit, but I figure that $460 is probably just gone now.
I did pick up 10 shares of BB, too, at around $17 I think, but I'm OK hanging on to them long term. But I'm probably done with playing with more meme stonks for quite a long time. I'm not going to monitor BB for squeeze spikes or other anomalies. I'm not watching GME close enough to act quickly, either, but just setting a 60-day sell order.
The rest of my money is in index ETFs and cash. I could certainly have spent that $460 more effectively elsewhere, but it didn't actually hurt me in any meaningful way.
I really worry if any of these folks claiming to have invested their home down payments and all available assets while still in debt were serious. When I've posted about GME I've tried to emphasize that my stake in it is near-meaningless to me so I don't encourage others to jump on the bandwagon in a self-destructive way.