this post was submitted on 18 Jan 2024
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I've never bought options before, but I'm in for 10grand and shorting the shit out of this.
If you're serious, just remember the old saying "Markets can remain irrational a lot longer than you or I can remain solvent"
Oh I learned this the hard way
I don't really care about Reddit but this is probably a bad idea
Usually they don't allow options on new stocks until after the cutoff period. Unless your broker allows naked shorting.
Probably not through some online broker, but OTC with an actual trading desk you can short just about anything. In the end it's just a contract.
Well then you need someone on the other side of the deal.
Proof or ban
Oh wait, I forgot we aren't on wallstreet
We need a Lemmy version of WSB
Do we really though? Don't get me wrong it's some of the most entertaining content I've seen on the Internet but I think it brings more harm than good on the whole, especially with the fervor around GME that spun off into being downright delusional. I'd prefer if we don't end up bringing that over here tbh.
I think the 'old' wsb even would be sort of borderline with the egging on and memefication of gambling one's life savings on weeklies
I guess I mean the old version prior to the GME and AMC fiasco.
A summoning circle for corpo bots?
I think what may buoy them is the fact that you must append “Reddit” to searches, however, ChatGPT, DuckDuckGo, and Kagi are giving them a run for their money
TLDR how do?
Short version: don't
Long version: doooooooooont fuck with options. Knowing that reddit is going to tank is not enough of an edge for you to be able to make winning trades
You know. Fair enough!
Not financial advice, but there's been a few times I wanted to short something (I didn't in the end) but one thing to watch out for after an IPO is the date insiders are allowed to start selling stock. It's often 6 months or so after the IPO and can cause share price to drop.
So if a company jumps in value post IPO, there might be an opportunity to short it at some point, with the options expiring a period of time after the insider sell off date.
I imagine I'm going to do some paper trades on reddit on this and see what happens. I'm rooting for them to do poorly. Fuck u/Spez
Edit: And to clarify, I mean buy puts on something. I'd never short something directly.