- How Wallstreetbets Plan to Screw Wall Street Ruined TikTok
TikTok was a fun way to lose yourself for a few minutes each day and now it’s ruined
Just now·4 min read
Photo by Tech Daily on Unsplash
Wallstreetbets takes on Wall Street — the GME saga.
Hey, I get it. I understand it; it was a great story for a day or three. The folks at wallstreetbets and their coordinated stock play, especially with Game Stop (GME).
Unless you were living under the rock next to my wife, you’ve heard and read all about it. It was daily news; the story was everywhere.
In case you were under said rock.
It was a riveting story about a group of small retail investors who collectively pumped their funds into the GME stock as they felt Wall Street traders had driven the price down to unfair levels.
They discussed and executed their plans through their Reddit group. They had a pact to hold together to the very end. What was the end, you ask?
When GME was to the moon!
I still haven’t figured out exactly what price level correlates with “to the moon” so I’m glad I didn’t invest my money into GME.
Some made off like bandits, others never stood a chance.
As a retail trader myself (mainly Forex) I too followed the story as GME exploded from around $20 to just under $500 over the course of two weeks. Most of the highest volatility action occurred over 7 trading days between Jan 22nd and the tremendous gap down which occurred on February 2nd.
At the time I wrote this article, GME was sitting in the mid $ 40s. Despite all the excitement and stories of people who got in early and made some big money, there are just as many stories of those who failed miserably;
- Many held too long and made nothing as they waited for “the moon”.
Even worse, those who got in far too late under the FOMO trading method buying the top and finding themselves immediately trapped in losing positions.
So for all good that came from this story, there was an equal amount of pain and suffering because too many people jumped on with no knowledge of the markets blindly following the call of the wallstreetbets.
And worst of all, they ruined TikTok.
I fucking hate TikTok now. TikTok for me was a place to escape to where I didn't need to use my brain. I could shut it off and flick through video after video, most of which made me smile or laugh.
Videos of people doing fun dance challenges, impersonations or just people having fun cursing like a sailor while they BBQ a piece of chicken.
“Throw on a little fucking chicken spice, rub the spices right hard into the chicken booby and throw that fucker on the grill!”
For me, it didn't matter what they were doing as long as it was entertaining.
Then it all changed.
Out came the “gurus”.
I use that term loosely and with deep-rooted sarcasm. Out of blue, I was suddenly seeing trading advice on TikTok. I mean I had seen a few before but now it had taken over.
Then I made a life-changing mistake that would haunt me for the rest of my days. I clicked on a couple to see what exactly their profiles and other videos were.
Big fucking mistake!
The TikTok algorithms now have me squarely in their sights as someone who likes the stock trading “guru” videos because now they show up in my feed as almost every second video.
No more endless stream of mind-numbing bliss now it’s just an endless onslaught of kids in their teens all the way to people in their 80s selling how outstanding they are at stock trading.
The worst part of it all is that the videos are almost all the same. Copies of a copy. We either see a kid sitting in his mother's basement talking about the millions he’s making or a 60-year-old man in his khaki shorts sitting on the hood of a Lambo seconds before they chase him off the lot.
95% of them give you the same instructions;
- Go to Finviz.com
Bring up the stock screener
Filter some settings
And BOOM you got your exceptional, money back guaranteed list of sure-fire stock picks
What most of them don’t tell you is that this is only a watch list and you still need to know how to read a fucking chart.
Some may be real.
As with anything in life with online teachers and guru’s some are real, most are fake. I am sure we can say the same for TikTok. All I can say is to be very careful about who you listen to about what you should invest in. There are tons of sharks out there just waiting for a taste of blood.
If you know nothing about the stock market or investing, don’t do it. Talk to your bank's financial advisor or take the time to at least educate yourself by investing in a highly rated (high buy count and rating) stock course on Udemy. Never buy or sell because TikTok or wallstreetbets or any other online (or offline) platform said you should.
#stocktok (693.7M views) — #stockstok (42.5M views)— #stocktokticktok (215.3K views) — #stocktok2021 (357.4K views) — #stocktokph (8.7M views)
I say #whatthefucktiktok
- Date of publication:
- Tue, 02/23/2021 - 13:35
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