Successful previous Uber driver...suggest investing in the stock market.

UberLAguy

Well-Known Member
Yesterday I almost bought MFA at the close 36 cents. I keep saying to myself: "Could have bought it cheaper. Let's wait till tomorrow. It might go to 25 cents. " Would have triple my money today.
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Oh well. There will be other opportunities
I am still sore for not dumping $20k two days ago to buy MFA at 27 cents. Would have made ten times the Money in two days time.
 

UberLAguy

Well-Known Member
I am thankful that the opportunity was presented to me. I am thankful that I have some good capability to recognize its good potential. The man up there probably was teasing me. It was good that I didn't lose my cool to jump in and chase the rally.

I hope he will give me another chance.
 

LAWeasel

Well-Known Member
I am thankful that the opportunity was presented to me. I am thankful that I have some good capability to recognize its good potential. The man up there probably was teasing me. It was good that I didn't lose my cool to jump in and chase the rally.

I hope he will give me another chance.
From my own thread -- I'll sum it up in case you didn't see it.
I called the bottom of this market the night before we started up. Was hoping what I saw was good news on the CV front, but turned out to be a hopium rally.
It's going to fizzle out (like now).
The S&P will pullback to around 2340, then another giant rally to at least 2850, maybe 3100.
After that, odds favor another crash to new lows, below 2,000, and will likely be at a much slower pace than the fierce drop we saw starting on 2/20.
So yes, another chance is coming, but when you are in profit, set stop losses, take some chips off the table, and leave the party before the cops show up. If it does crash like I described and you get in at the bottom (prolly ~SPX 1800) you're safe until 2023.
 

Toocutetofail

Well-Known Member
  • Thread Starter Thread Starter
  • #8
From my own thread -- I'll sum it up in case you didn't see it.
I called the bottom of this market the night before we started up. Was hoping what I saw was good news on the CV front, but turned out to be a hopium rally.
It's going to fizzle out (like now).
The S&P will pullback to around 2340, then another giant rally to at least 2850, maybe 3100.
After that, odds favor another crash to new lows, below 2,000, and will likely be at a much slower pace than the fierce drop we saw starting on 2/20.
So yes, another chance is coming, but when you are in profit, set stop losses, take some chips off the table, and leave the party before the cops show up. If it does crash like I described and you get in at the bottom (prolly ~SPX 1800) you're safe until 2023.
Someone just private messaged me regarding Robinhood as unreliable
 

UberLAguy

Well-Known Member
Someone just private messaged me regarding Robinhood as unreliable
Robinhood, I think, pioneered the zero commission trend. Then Charles Schwab jumped on the bandwagon forcing major brokerages to follow.

So you can see that Robinhood has too many customers, so does Charles Schwab when everyone was switching over. I love Charles Schwab, but since they have too many customers, I decide to use Merrill Lynch, less customers than Schwab, and they integrate well with Bank of America.
 

Breezze

Well-Known Member
Robinhood, I think, pioneered the zero commission trend. Then Charles Schwab jumped on the bandwagon forcing major brokerages to follow.

So you can see that Robinhood has too many customers, so does Charles Schwab when everyone was switching over. I love Charles Schwab, but since they have too many customers, I decide to use Merrill Lynch, less customers than Schwab, and they integrate well with Bank of America.
Most offer free commission trade now ... One of the greatest sources of revenue for brokers is to invest or loan out the money clients don’t have in play in the market.

Robinhood recently crash during the market tank ... causing their user quite some dollar for not able to trade ...

Charles Schwab has become pretty big ... they recently merged with TD Ameritrade ... before that, TD Ameritrade has already merged with Scottrade

21122FA7-8200-4F91-AF73-E6A7DAC56112.jpeg
 
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Toocutetofail

Well-Known Member
  • Thread Starter Thread Starter
  • #11
Robinhood, I think, pioneered the zero commission trend. Then Charles Schwab jumped on the bandwagon forcing major brokerages to follow.

So you can see that Robinhood has too many customers, so does Charles Schwab when everyone was switching over. I love Charles Schwab, but since they have too many customers, I decide to use Merrill Lynch, less customers than Schwab, and they integrate well with Bank of America.
I have $500 cash my employer gave me, can you tell me what stock to buy? I only have robinhood.
 

LAWeasel

Well-Known Member
Someone just private messaged me regarding Robinhood as unreliable
Correct.
I don't use them, but I am aware of what occurred:
As the market was making its last leg down, RobinHood went down. This left a bunch of folks on the wrong side of the trade when it turned & caused margin calls.
Use Think or Swim from AmeriTurd or a bigger, more reliable platform which has been around for a while.
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Robinhood, I think, pioneered the zero commission trend. Then Charles Schwab jumped on the bandwagon forcing major brokerages to follow.

So you can see that Robinhood has too many customers, so does Charles Schwab when everyone was switching over. I love Charles Schwab, but since they have too many customers, I decide to use Merrill Lynch, less customers than Schwab, and they integrate well with Bank of America.
I have Merrill with B of A.
Only issue I have is they don't allow high volatility ETF's, like UVXY and others.
If you can, spread across a few platforms -- ME, AmeriTurd, etc...
 

UberIsAllFubared

Well-Known Member
Be aware, the market is going to go down for awhile. As deaths mount in the United States, think THOUSANDS a day, its going to become apparent that the country is not going to "open up for business" in the near future. Add to the fact that when it does, MOST people aren't going to be spending money, going shopping, going out to eat, things that drive the economy. You saw what people did with toilet paper, that is what they are going to do with their money. Will there be a time to buy? Hell yes. I'm not a trader, or an expert at the market, but common sense says, this is going to get way worse before it gets better. I think Mid May early June, is a nice target date on when to buy.

I had my mom move her 401k to bonds on Friday. Told her to keep it their until mid May early June.
 

LAWeasel

Well-Known Member
Be aware, the market is going to go down for awhile. As deaths mount in the United States, think THOUSANDS a day, its going to become apparent that the country is not going to "open up for business" in the near future. Add to the fact that when it does, MOST people aren't going to be spending money, going shopping, going out to eat, things that drive the economy. You saw what people did with toilet paper, that is what they are going to do with their money. Will there be a time to buy? Hell yes. I'm not a trader, or an expert at the market, but common sense says, this is going to get way worse before it gets better. I think Mid May early June, is a nice target date on when to buy.

I had my mom move her 401k to bonds on Friday. Told her to keep it their until mid May early June.
Mid May is when it is likely to tank again (if not, sooner).
Earnings season (which is going to reflect the mess we have been in the past few weeks).
It will either bottom again in August or October, not sure which yet.
 

UberIsAllFubared

Well-Known Member
Mid May is when it is likely to tank again (if not, sooner).
Earnings season (which is going to reflect the mess we have been in the past few weeks).
It will either bottom again in August or October, not sure which yet.
I think its gonna tank way before May... Of course you want to try to buy at the bottom, and thats the 24 million dollar question, when and what is the bottom. This is going to get really ugly. And here is the other problem. The USA is huge, unlike Italy. We are close to a disaster in NY and New Orleans. But after that, we are going to have disaster areas popping up every week for MONTHS. Florida is going to be an absolute utter mess by May.
 

yomomma

Well-Known Member
I think its gonna tank way before May... Of course you want to try to buy at the bottom, and thats the 24 million dollar question, when and what is the bottom. This is going to get really ugly. And here is the other problem. The USA is huge, unlike Italy. We are close to a disaster in NY and New Orleans. But after that, we are going to have disaster areas popping up every week for MONTHS. Florida is going to be an absolute utter mess by May.
Most of retail businesses in LA are done if we go to 2 months.
 

LAWeasel

Well-Known Member
Most of retail businesses in LA are done if we go to 2 months.
Businesses will be back open much sooner.
That does not mean the market goes up & continues up passed May.
Corporate earnings reports will start to surface in the future, reflecting losses now. That is what likely pulls the market down again, not continued CV hysteria.
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A few general things I've learned over the years (regarding the market):
  1. Events don't change the trend.
  2. The first reaction is usually wrong.
  3. Spikes (or drops) on news always retrace, then the prevailing trend resumes.
  4. At extremes, the herd is always wrong. Never underestimate their stupidity. (The Secret Life of Banking & Real Estate, Phil Anderson).
 

PacificCoast

Well-Known Member
Businesses will be back open much sooner.
That does not mean the market goes up & continues up passed May.
Corporate earnings reports will start to surface in the future, reflecting losses now. That is what likely pulls the market down again, not continued CV hysteria.
Post automatically merged:

A few general things I've learned over the years (regarding the market):
  1. Events don't change the trend.
  2. The first reaction is usually wrong.
  3. Spikes (or drops) on news always retrace, then the prevailing trend resumes.
  4. At extremes, the herd is always wrong. Never underestimate their stupidity. (The Secret Life of Banking & Real Estate, Phil Anderson).
So with stocks across the board down 30-50%, you think there more room to decline? I bought a few stocks at the current depressed prices. Some went up quickly but came down even faster. I was trying to hold on to them for awhile but I wished I sold and taken the profit. Is the market too volatile to hold for immediate to long-term?
 
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