Don’t fall for the GameStop pump and dump scheme
Another massive move out of GameStop stock today (stock symbol: GME) and once again, another pump and dump on Wall Street. It was revealed that Keith Gill, also known as Roaring Kitty, bought 5m shares of GME stock as well as 120,000 option contracts that are expiring on June 21st at a strike of 20. Should you be buying GME or should you avoid the GameStop stock all together? In this video I dive into the problem of following a trader like Keith Gill in hopes of striking it big in the stock market.
What You’ll Learn:
- Not to fall for the trap of doing what everyone else does
- Cult-like following of certain traders usually ends in losses
- GameStop is nothing more than a pump and dump
- Meme Stock rally are a great way to lose all your money.
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In today's episode, I tackle a listener email covering a variety of swing trading topics, including the benefits of cash accounts, T+1 settlements, options trading using straddles, and even straddling the indices with leveraged ETFs. I'll also discuss whether new traders should be trading options and the ramifications that come with skipping over trading equities and jumping into options trading instead. Lots of insights packed into this one!
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