 Hello there everyone and welcome. This is Melissa Armour with the Stock Swoosh and I wanted to talk about GME. This is obviously everyone that's ever been trading and the last two, three months has heard of this stock and what's been going on with it in the chat rooms and it's had its earnings tonight and it's tanking. This is no surprise. It's almost to the point where, you know, again, I'm not trading anything that the reddit people are trading because you can't read anything in the chart with any level of accuracy. The stocks are getting halted a lot and they're just burnt to me. But this is a great example here where, in fact, I'm just going to go back to yesterday. The stock had a big rally yesterday, launched the whole thing on the live day by the end of the close, then tried to move higher today and now is tanking on earnings. People are long this and they're getting killed right here. So most of these groups, these reddit groups are going long. Why? Because in the accounts they can only go long. There's certain restrictions in certain stocks that they've been trading or if they don't have enough money and they can't have it set up that they can short depending on where they have an account, they can't short. So most of the positions that the reddit people in these chat rooms have been taking are long and they're based on no strategy whatsoever at all. They get together and group and say we're going to go long it. While there's nothing wrong with that and people can do whatever they want with their money, I think that for me personally, the stocks are burnt that they've been trading and I think it's very dangerous to trade something when you can't look at it with a level of accuracy to read what's happening with the institutional money, whether it's buying or selling coming into it. I mean this is so predictable here that this would be falling earnings. I mean again, I do not want to trade these things because I think they're a disaster and they're just burnt. These stocks are ruined now because they've been traded by these reddit groups. But if I had taken a position in this into the earnings, it would have been short. It would have been to the downside. I would have done a put in it because a put has a fixed risk. I did not do that. But this was so, so, so, so predictable. I can't tell you how predictable it was. In fact, it was even predictable yesterday that it was going to lose the bar. I didn't know if it will lose the bar today or on the same day, but it did it exactly on the same day. It ran up to $344.66 yesterday and ended up closing to $300. So it ran up and then lost $44 on the same day. It's just nuts. I mean, in fact, let's look. This is the gap happening live by the way. So this closed today at $30256 and now you can see it's at $272 and it's continuing to fall. So here's where it is. And this is early. It's like $515. So, you know, this is a long way till tomorrow morning. It could be here till tomorrow morning. I don't know. Anyways, it's unfortunate that, that, that, that shack group has burnt stocks and all, you know, that I just won't trade again because the charts don't make any sense because of what they're doing. There's a couple of them. There's one of them. But I think the most concerning thing, which, you know, what I'm talking to people and they're telling me what they're doing is that people are risking money in the market. And it's not just this. It's other things that people do. I find this a general concern. People risk money in the market without knowing what they're doing. So whether it's $5, $500, $5,000, it's your hard earned money. You should know what you're doing before you train. You should know what you're doing before you train. I mean, I never took a position in the market with my own money without taking a class first. And while the class, an only class that I ever took trading did teach me how to make money. It did teach me some things about trading, which allowed me then to proceed and teach myself and create my own strategy, which I do today. And I don't do anything that's not gaps. But I'm saying these stocks are so burnt that I can't even read the gaps in these with any level of conviction or high level of probability that they're going to go right because of the fact that, again, it's not being played right with institutional money because really funds are staying away from these stocks, too. Or you would have seen different reactions in some of the moves that this has had. Yeah, so bottom line is I just want to hear what I said on this one. So that was over a month ago. So I was talking about that. Like it was an Ameritrade that night. It was right after my hit and this had earnings and then boom. So ever since then, let's just look at this from where it closed day after the earnings report. It closed at two 2039 and the stock closed Friday. Again, this is a little more than a month since then and it's dropped, you know, 50 some points since then. It hasn't rallied at all. There's a lot of people trapped long here. And again, they keep talking about holding and holding. You know, I'm not sure why anyone ever said holding stocks is a good thing to do or holding losers. Losing trades is a good thing to do. I'm not sure why people think that. At the end of the day, people really who fail to take a loss in something can't do it because they can't sustain the loss. They can't realize the loss. I don't want to come to face the truth that they will have to realize the loss. And consequently, then they end up losing more. Every single person that's ever traded in the planet, people that are successful, I'm talking about. Obviously, people that are losing money in the market take losses and lose. And they realize those losses all day long, every day, 200 plus trading days a year. But people that are successful still realize losses in the market. No one has 100% win ratio. It's just not possible. People that are successful understand that sometimes you have to take a loss and that the intellectual thing to do and the intelligent thing to do is to sometimes cut your loss. When you realize you're in a bad position or the positions moved against you and it's not going to recover. Not that this will never recover, but it was really obvious to me June 9th at night before it even opened on June 10th. That it was going to fall on June 10th, which it did. Again, I refuse to trade anything that is involved with any of these ready people. This fell and then it continued lower. I'm sure there are people in these rooms that are really hurt in these positions. They could be options. They could be swing trades. It could be overnight. I don't know. But the reality is I'm, I can't say I'm shocked because it never surprises me what traders do. Having taught traders now for 10 years since I've had the stocks, which really nothing surprises me anymore as far as hearing crazy stories about things that people choose to do with their trades. Horror stories I hear from people every week when I talk to people about my class or thinking about trading and don't know what they're doing to have lost money in the market. But when you're taking trades for no reason at all, none, zip. No strategy here whatsoever at all if you're long this. Then it's not surprising why people are losing. Now people may think fundamentally that the stock is strong and going to continue higher. If that's people's belief system and that's the reason that they're in this trade. They need to be in it in a long position that it could continue higher. It may not, but it could over the course of the next 10 to 15 years. There's no indication here this is going to continue higher anytime in the short term. None, none whatsoever. It tanked on the earnings. It's fallen off. The trade virtually, the stock that virtually doesn't even trade in between the moves that occasionally happen in this. The stock is just flat line for days and weeks and weeks and then it has a big move. It's a very volatile thing to trade now because the reddit moves are in it, moves are in it. And if people happen to be in it when it has a big move, people don't get out because they think it's going to continue. And this is finally it and then they stay in it too long and then they lose. I mean that is exactly what happened here. People did not get out here and here into this pop up before the earnings. Probably thought it was going to continue higher and the earnings are making new high or go back to 500. So wherever was the previous high, where was it? Didn't quite get to 500, I don't think. Let's say 483. So anyways, getting back to what I was saying for all the years I've taught people, I guess I'm not surprised, but I am still surprised that people trade the market and listen to strangers and get trade ideas from strangers and don't know what they're doing. I guess it'll always surprise me. And you know who most people do it? Most people do it that don't have enough money to trade. So they have small accounts and they're taking ideas from strangers and they don't know how to trade and they don't want to pay for class because they have limited funds and they feel like they want to use their money to trade and they don't know what they're doing and consequently lose and then they have no money to trade and no money for a class to learn anything right whatsoever at all. I would never take ideas from strangers about my money. Never ever ever ever. I never have. I never will. I never ever ever ever ever will. I just won't. One, I know how to trade. Two, I'm the best at predicting anything that's in the market including the market itself stock wise, trade wise doesn't mean that I don't take trades that sometimes lose, sometimes I do but I trust my decisions better than anyone else because what I do with gaps in my 26 point rating system is so, so good and it really helps to predict where something's going to go and the few times that I do lose over the course of a week or a month is usually because I got the timing wrong and something not the direction of bias meaning that it's the trade is going to work at some point and I was off in the timing. I mean my long term if I could just take positions swing trades and everything that I trade never have to worry about an options expiring never have to worry about covering a day trade on margin before four. I probably would have like a 99% you know win ratio or something crazy but you know I have to watch my funds I trade on margin during the day and I use options you know to protect myself for the overnight positions but it's interesting to me how people are taking trades and chat rooms without knowing anything at all and they're doing it a lot and I guess it's not surprising like I said but it is, it is and it isn't because I hear the harsh stories I'm familiar with them for 10 years but this phenomenon about these reddit rooms and people taking trades from strangers with no strategic reason is it is shocking I mean it really is shocking and I these are all stayaways from me they have ruined these charts ruined these stocks they flat line in between it's no surprise they fell and I could have shorted it and I if I did predict it was Laura's right but I didn't take a position in it because it's gotten halted way too many times and it's just completely just off the like the reddit rooms have ruined these stocks like they're garbage now to trade I mean you can look at this here like look at this even here it's of course garbage, kind of a shame really anyways interesting to hear what I said about it I don't know when the next earnings are in this probably not till the end of August or beginning of September because these were late late from the last quarter in June probably not till the end of August or early September really so people are probably going to stay long here that are long until for another two months or six, seven weeks until it reports again and God knows where it could go I mean really who knows I mean this is getting pretty close to 150 and if it breaks 150 it could go to 100 in the blink of an eye again I'm not sure at this but I wouldn't be surprised anyways really the lesson for today the stocks which lesson for today is do not take trading ideas from strangers even people that come to me learn my system before they join the live trading room learn what to trade and why you should be taking a trade before you risk your money in the market that is the stock swish lesson of the day people and I couldn't think of a better example than this to describe it to you good luck everybody if you're interested in learning my class it's July classes July 24th and 25th email me at listofthestocksswish.com to sign out thanks