Money Printer Goes Brrrrrr 🖨️💰

 Gainers📈 & Losers📉

Our Biggest Gainers & Losers of the Day in the $100,000 Build Portfolio

For the 18th July 2024:

  • Money Printer Goes Brrrrrr 🖨️💰

A big day at the office today. Click on me to go to my live portfolio.

Money Printer Goes Brrrrrr 🖨️💰

If I sound like a broken record, sorry, not sorry. 💁‍♂️

Meme stocks give us a super unique opportunity to make good amounts of money pretty consistently.

I made nearly $550 on GameStop today… My average profit on GameStop is over 70% across 73 trades 🤯

This is how I did it & how you can do it in the future 👇

I finished up the day with over $500 in profit!

First of all, the market as a whole looked a little overcooked. I decided to close positions that I thought I might be able to get a better entry on & cash in some profits too.

That left me with a good amount of cash to in my public portfolio. About $3,700.

Now what to do with all that cash?

Well GameStop was on a 7 day winning streak at an already overvalued price.

Load me up on the shorts🤑

Some of the current positions I’m holding

Since the second wave of hype, it’s traded very range bound with not much volume.

Why is that good? 🤔

Because it means we’ve flushed out the apes pumping the price and we’re more likely to start trading at a realistic valuation.

Now there is always the risk that Roaring Kitty comes to X & starts the rally off all over again. That’s why I always hold enough liquidity to cover my shorts beyond the most recent highs. I think you should too if you want to try this out.

There’s just not enough short positions that need to be covered (specifically in GameStop) to see the same squeeze we saw in 2021. So it’d have to be raw ape buying power driving the price. To be frank, I don’t think that’d be enough to see new highs so our money should be safe.

For reference, current float of GameStop shorted is about 10%. In 2021, it was over 100% of the stock.

The levels I like to open shorts at are $25 to $30.

The perfect range for shorting GameStop

I’ll wait for the price to hit $25 then slowly start scaling in if the price continues to rise.

So positions at $25, then $26, $27 etc.

When I do this, I pay attention to trading volume & how strong the candles are.

For example, I won’t keep adding if I’m seeing large, bullish engulfing candles all the way up.

If I see a push & pull between buyers & sellers with equal volume, or more volume on the red candles I’m more confident loading up the shorts.

My current take profit is set at 22.50. That’ll net me just over $1,000 on this position which will be around 50% profit & add another 25% to the account on my way to $100,000.

That’s the plan anyway!

Sponsored
simple.ai - The Agent AI newsletterJoin 170,000+ others and learn how to use Agent AI to grow your career or business.

That’s all! See you same time tomorrow 👋 

P.S Hit reply & let me know what you thought of today’s newsletter. All feedback is welcomed ❤️

Reply

or to participate.