US Brokerages Block Trading of GME among others


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5 hours ago, Burningman said:

This has me fuming. Multiple brokers are stopping people from buying shares. I use two different brokers. One of them is not allowing purchases of certain stocks. I will no longer be doing business with them. The people getting squeezed and the firms participating are full of adults who know the risks. If they lose money then they are learning a lesson they presumably should have learned early in the game. Everyone should be held accountable for their actions especially the big boys.

Agreed....it's total B.S.

 

I have Schwab and for the last 3 mornings I have been restricted to all trading no matter the security and they were one of the firms to restrict GME, AMC.....I'm moving everything to Fidelity....they have 0 PFOF too which is divine for price improvement...plus their mobile platform is infinitely better....

 

Wallstreet will claim stability in the market as a reason to censor retail investors but it's horse crap....Wall Street has been manipulating the market since it was created...

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Ive watched with great amusement at the whole situation. 

First the big brokers do what a bunch of relative amateurs do now and thats perfectly fine. Then a bunge of amateurs copy that behaviour and suddenly its bad for market? I laughed out loud. That the market would react that erratic the amateurs didn't expect either I suppose. I love the way some big guys on market (like Musk) reacted on twitter with a LETSSSSS F***** GOOOOOOO!!!! 

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I'm getting a Business Studies project out of this for my 15 year old, who has always liked Gamestop, for buying crap, not stock ownership. Though he owns some Ethereum.

In a 15 minute chat last night, I have him understanding, to some degree, stock trading, short selling, Hedge funds, how business models become outdated, and a beginning of an understanding of the implications of market speculation on people's livelihoods. All because he likes Gamestop, so I could hold his attention.

It'll be interesting how this plays out. While it may serve as a wake-up call for the bigger players, I can't see it turning out well for "the little guy". Having more money has always gamed the system. Bank balance is much more likely to change people's minds regarding how they feel about regulations than some notion of "freedom", regardless of how passionately "Freedom" is cried out. That may be changing, but not quite yet.

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Guess I like the story :

https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html?action=click&module=Top Stories&pgtype=Homepage

On Tuesday, Mr. Gill posted a picture on Reddit that showed his $53,000 bet on GameStop had soared in value to $48 million. (His holdings could not be independently verified.) The post was “upvoted” — the equivalent of being liked — more than 140,000 times by other users. GameStop, which traded at $4 a year ago, closed on Thursday at $193 after reaching more than $480 earlier in the day.

Fast-talking and cracking jokes in between analyzing stocks, Mr. Gill sipped beer, brandished cigars and told viewers he sometimes used a Magic 8-Ball to guide his investments. He often wore a baseball cap over his long hair and a T-shirt with a cat in sunglasses.

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Is anyone involved with this? I'm looking for who isn't restricting trading on the market and crypto and who will be less likely to put a stop to trading. 

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3 minutes ago, MooseAMuffin said:

I believe Fidelity and TD Ameritrade are not restricting trading.

Yeah, I think I'll go with Fidelity. They have a stake in GME and they have an interest to keep trading.  https://eresearch.fidelity.com/eresearch/evaluate/fundamentals/ownership.jhtml?stockspage=ownership&symbols=GME

 

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So I went to sign up for both Fidelity and Ameritrade last night. Ameritrade now has a disclaimer that you agree to them limiting trading on "certain" stocks, bonds, etc. and trades for crypto and stocks,bonds etc under $1.00 are not able to be traded. Looks like I might have to use Webull lcurrently ot restricting. Started a dogecoin wallet last night, I'll buy a little of that. Simply because back in 2012-13 I had an opportunity to buy bitcoin at about $13 a coin that had just risen from $8 when they were just hitting controversy. I was going to sink just $500-1000 into it but I think I just gave up trying to figure out the wallet and how to purchase and transfer it, which wallets were safe etc. 

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6 minutes ago, Fosgate said:

So I went to sign up for both Fidelity and Ameritrade last night. Ameritrade now has a disclaimer that you agree to them limiting trading on "certain" stocks, bonds, etc. and trades for crypto and stocks,bonds etc under $1.00 are not able to be traded. Looks like I might have to use Webull lcurrently ot restricting. Started a dogecoin wallet last night, I'll buy a little of that. Simply because back in 2012-13 I had an opportunity to buy bitcoin at about $13 a coin that had just risen from $8 when they were just hitting controversy. I was going to sink just $500-1000 into it but I think I just gave up trying to figure out the wallet and how to purchase and transfer it, which wallets were safe etc. 

TD was not permitting trading on margin. I believe still can with cash. 

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7 minutes ago, Fosgate said:

So I went to sign up for both Fidelity and Ameritrade last night. Ameritrade now has a disclaimer that you agree to them limiting trading on "certain" stocks, bonds, etc. and trades for crypto and stocks,bonds etc under $1.00 are not able to be traded. Looks like I might have to use Webull lcurrently ot restricting. Started a dogecoin wallet last night, I'll buy a little of that. Simply because back in 2012-13 I had an opportunity to buy bitcoin at about $13 a coin that had just risen from $8 when they were just hitting controversy. I was going to sink just $500-1000 into it but I think I just gave up trying to figure out the wallet and how to purchase and transfer it, which wallets were safe etc. 

That would now be worth a bit of coin...?

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Making the switch to tastyworks. I know the name is a bit... Odd. But they have the lowest commisions. Dont have the tools of ameritrade, but they come highly recommended by the guys holding on to GME right now. Good futures app.

Also, the SEC is now appearently investigating reddit instead of the prime manipulaters that love to cause bubbles and harm our 401ks. Dill weeds.

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10 hours ago, Fosgate said:

So I went to sign up for both Fidelity and Ameritrade last night. Ameritrade now has a disclaimer that you agree to them limiting trading on "certain" stocks, bonds, etc. and trades for crypto and stocks,bonds etc under $1.00 are not able to be traded. Looks like I might have to use Webull lcurrently ot restricting. Started a dogecoin wallet last night, I'll buy a little of that. Simply because back in 2012-13 I had an opportunity to buy bitcoin at about $13 a coin that had just risen from $8 when they were just hitting controversy. I was going to sink just $500-1000 into it but I think I just gave up trying to figure out the wallet and how to purchase and transfer it, which wallets were safe etc. 

I'd buy Dogecoin just for the lols.

Dogecoin Transparent PNG Archive : dogecoin | Cryptocurrency, Coins,  Virtual currency

 

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4 hours ago, Fuzz said:

I'd buy Dogecoin just for the lols.

Dogecoin Transparent PNG Archive : dogecoin | Cryptocurrency, Coins,  Virtual currency

 

For sure. Funny thing is though, people are taking this about as seriously as Bitcoin right now. The way I learned about Bitcoin back when I had the opportunity to buy some on the cheap was when I went back to business school. 21yr old guy was talking up a storm about it in our Entrepreneurship class. There was alot of up and down at that time, I think it was a woman CEO had been murdered, a brick and mortar bank had just banned it's use after previously embracing it and China was looking to ban it outright etc. It was a bretty volitiile bet at the time but it was cheap enough to get into it wasn't like you were going to loose your ass on it if you werent a degenerate gambler throwing everythiing you have at it. This 21yr old took so much crap from that Professor teasing him everyday about Bitcoin. Bitcoin was the opening joke for every lection and mentiioned as a bad example at every opportunity. I'll bet that kid is living pretty good in his 20's while that professor is still no further financially yet professing to kids about leaping out into being Entrepreneurs. (Those who can do, those who can't teach). I didn't short change the kid, I had been a young financial advisor previous to the 2008 shelacking I took on the market at recognised Bitcoin as something new and could potentially be an investment with alot of potential. I should probably go look on my old computer and make sure I didn't actually get a wallet setup and and buy some bitcoin while drinking and just didn't remember it now that it's $33k per coin. 

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Defi is the future.  If you're putting new money in at this point, I would buy BTC, Ether, or one of the Defi coins.

GME is a massive awakening by normal people to the typical tricks and rigging done by Wall Street, plus the politicians that are their agents.  I wouldn't be surprised if we see a big market pull back soon with the flood of retail investors and FOMO.  It reminds me a lot of the events and mentality of many in Bitcoin's first big run up in late 2017.  I'm sure the Fed's printer has other ideas though.

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