I Day Traded GameStop Because of /R/WallStreetBets and Got Out Immediately

I’m still angry at Robinhood

Homepage of the Robinhood website. Background is green and it says “Investing for Everyone”. Picture of a phone and card.
Homepage of the Robinhood website. Background is green and it says “Investing for Everyone”. Picture of a phone and card.
Homepage of Robinhood — Screenshot by author

I bought the stock late and sold it quickly

I first heard about the stock going crazy on Monday from my boyfriend. He’s a big gamer and we go to our local GameStop location every couple of weeks. We went over the weekend to get an Xbox one controller, but they were all sold-out. [Side note: we got the last one at Best Buy, but apparently Meijer sells controllers, too. Yes, the grocery chain!]

Robinhood history picture showing I sold my $GME Gamestop stock.
Robinhood history picture showing I sold my $GME Gamestop stock.
Screenshot by author.

Why I sold on GameStop on Wednesday when the best day to sell is Friday

Primarily I sold because of the crash. I wasn’t confident Robinhood would be able to keep their platform up on Friday with all the increased interest. I was considering buying in again as the price dipped back to $290, but I chose not to.

Robinhood deserves all this bad press for limiting users

Although Robinhood’s official reason for limiting user trades was to show caution in a volatile market, it felt like a slap in the face to its users. Over half of Robinhood users own GameStop and stopping them from trading it freely cost many people hundreds, if not thousands of dollars.

I don’t know if GameStop [$GME] will go back up, but I’m not risking it…

I applaud all the Redditors and casual investors who are holding onto their GameStop stock until this blows over. Truly, they are making history and I hope the hedge funds lose out on even more. That said, I won’t be joining the movement again. At least, as of writing this Thursday afternoon.

Living a better life as a freelancer. Support me on other social media platforms: https://linktr.ee/rachelyerks. Follow me! ⤵

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store