The AMC Stock Discussion Thread

[pawdalaw]

I forget i even have stocks tbh.


Every single day I forget all about this stuff. Then I come to the coli, see this thread and be like

" oh yeah let me see where I'm at today."

Breh, I keep forgetting I have a small stash in 2 other brokers. I was reminded today when I checked my email for the vote.

 

[JackRoss]

Damn that shyt pushed over 60?

 

[Ezekiel 25:17]

I’ll be real with you, I really don’t know cause I’ve made a lot of my money over the past 6 months

from what I understand this is all short term capital gains so it’ll basically count towards my income. I’ll unfortunately get hit with some massive taxes

I’ve got a friend who has a small business and trades under his company so he just has to pay the corporate tax rate which I believe is lower than income taxes.

I was also looking at transferring and trading through my IRA but they have all type of restrictions on trading

I haven’t withdrawn anything yet so not sure about the tax implications if I do

for your last question… I hope not

Whatever profits you withdraw you owe taxes on. If you lose them profits you still owe if I'm not mistaken.

 

[MeachTheMonster]

Still going

 

[Ineedmoney504]

Not 100% on this but a good reason to buy, hold or buy & hold. Selling on small upswings and buying back on dips holds the price down:

This is a dope post for sure. But as much as I love the movement I don’t think someone doing this with 100 shares and selling 20 and rebuying is gonna effect much. Maybe I’m wrong tho. I would be more worried bout the taxes on doing so

 

[jerzboy]

Thanks breh

I started last year during the covid crash with about 40k

Not gonna lie I did some extremely reckless swing trading on penny stocks/pharm stocks/meme stocks/ doge coin to get to about 160k 2 months ago

Huge swings up and down

Heart rate prob hit 200+ at various points

The last 2 months though I finally started to be a little less retarded and take more calculated risks

My main strategy is to go all in on a volatile stock and sell weekly covered calls.

Covered Call Definition

This caps your gains but also protects against big losses

For example last week I started off with 260k. Bought about 5200 shares of amc at $50 then sold a covered call at about $13.5 a share at a 50 dollar strike (that kind of premium is absolutely unheard of)

As long as amc finished the week above 36.5 (50-13.5) I made a profit. If the price action stayed stagnant I made about 70k. My gains however were capped at 70k.

The price ended up basically at $50 so I made $70k (disclosure: covered calls almost never work out this perfectly)

The market also tends to run on Monday and sell off midweek (of course not always true but a general trend). So if I want to swing I like to get in late Friday and sell Monday morning.

U also generally see a sell off around 1030am and recovery around lunch into power hour.

When I swing trade non covered shares I’m pretty quick on taking profit (1-3%) but I’ll look at level 2 data for sell walls and general sentiment on Stocktwits to see if it can run more. The technical way to swing trade is looking at things like RSI and MACD but I don’t have the software to calculate that shyt

I have no shame getting into fukkery stocks

AMC for example has such a massive community behind it, even if the squeeze doesn’t happen I can’t see the apes letting this bottom out.

I disclosed my spending power not to flex by any means. There are probably brehs on here with even more. I don’t tell anyone about my investing except for my wife a few close friends and my parents.

But nothing brings people closer than making and losing money together . Got nothing but love for all of y’all (pause)
Even the AMC haters

appreciate the insight

 

[Fukwatutalkinwatisaylaw]

Man I can't sit down..let this bytch stay over $60 tomorrow

 

[Reality]

Beware the setup brehs. Don’t be disheartened if / when things crash tomorrow. And same if it doesn’t moon. Tomorrow is a battle not the war.

 

[pawdalaw]

When I cash out I'm building me a trading station. I made up my mind duringcovid I would never work again. And this is just furtherance of that mantra.

 

[humminbird]

Sounds like you got experience with stocks, I got a few questions.

How does short term capital gains tax work? I hear it adds to your income.
Are you paying taxes each time you withdraw profits?
Do you know that if you lose all that money you still owe taxes on the profits?

Short term capital gains are added to your income so if you make $50,000 for your job and you make $80,000 in stocks your income for the year Is $130,000 before counting losses deductibles and so on

let's say you take $40,000 and reinvest in new stocks but lose $20,000 because you sold at a loss. you can only write off $3,000 from the $20,000 but you can keep writing off increments of $3,000 the year after next and so on until you reach the $20,000 loss

This is why people hold stocks for at least one year because the long term capital gains are much better

 

[skylove4]

Just some motivation to HODL.

#HODLGang

Imagine trying to keep that shyt clean if you have small children

 

[Ezekiel 25:17]

Short term capital gains are added to your income so if you make $50,000 for your job and you make $80,000 in stocks your income for the year Is $130,000 before counting losses deductibles and so on

let's say you take $40,000 and reinvest in new stocks but lose $20,000 because you sold at a loss. you can only write off $3,000 from the $20,000 but you can keep writing off increments of $3,000 the year after next and so on until you reach the $20,000 loss

This is why people hold stocks for at least one year because the long term capital gains are much better

Yeah long term is hella better. I wonder if you lost your job could you pay 0%?

 

[pickles]

I brand new to investing, so this is all exciting and new to me.

I love you guys (no homo), I have learnt alot in the past week from this thread and other places.

I hope all your dreams come true, I am going to keep it humble, if the stock doubles, I will be happy.

 

[humminbird]

Yeah long term is hella better. I wonder if you lost your job could you pay 0%?

if you're under the standard deduction level probably
you still need to file though

 

[Ezekiel 25:17]

So what's the deal with $60? Does it need to close at $60 tomorrow?