Last night I had a conversation with a close friend of mine. We started talking about the economy. Full disclosure I am a full time trader i stare at charts for a living.
I've been warning him for over 2 years now that the plandemic and all the bullshit they implemented was going to cause a massive recession into a depression the likes of which we've never seen. That the credit crunch was gonna be unbelievable and that buying at home at all time highs during the plandemic was retarded and that he should stop pouring money into his 401k at his work.
He continued to pour money into those wortheless funds at work, he bought a house in 2021 which he got into a bidding war with and he even bought a new truck.
He is now complaining and blaming others about all the shit that's happening to him. He's going through a rough marriage, his work (new build developers) are now talking about massive slow downs and putting projects on suspension because the cost benefit analysis is weak etc etc.
He's mad at wall street for his problems. Just blindly pointing the finger at anyone but the mirror.
He's also giving me attitude lately because he finds it absurd that I can make money on a declining economy.
This is normie mentality 101. THIS is the core of the problem. Now I wouldn't even bother talking about the DS with him cause there is no point.
As long as you know not to sell now. The internet is filled with paid shills subtlety spreading FUD,maybe I spend to much time their and am to suspicious. That's why they have a proof or ban rule on WSB ,if they didn't it would be half shills lying about their trades.
We had a guy here last June trying to trick people into buying weekly gme options far out of the money. He was probably selling covered calls himself slightly cheaper than the going rate and making thousands a week......
There is a difference between people bragging about their trades and me warning people to not fall for pump and dumps and you getting offended because I took advantage of an obvious trap.
A new trader one week into it would have seen DWAC from a mile away.
It's to late for that. I bought when it was issued and sold the next day,when it was starting to be heavily shorted. I don't go around telling people they should have sold then,that ship sailed.
At this point anyone who has shares needs to hold on,if you are still short,one announcement from the sec,and you lost it all,not a good risk at this point.
I knew the day biden took office that the market would crash,and took steps to preserving my wealth. When I think we hit bottom,I will move back in.