All right, today's topic of discussion is: is reddit aka, particularly wall street bets still relevant in 2020. Hey everyone, lee training with stocks, trade tim bowling here, be sure to like share, subscribe and ring that bell to be notified. As soon as we drop a new video. All right, let's get right into it, so my answer might surprise you.

I know uh, i'm an ornery old man, ranching and raving if you're on pre-market prep, which is now the steady trade advisory check out the state trade advisor. I am still live every day. 8. 30, eastern, you hear me, you know with my rage issues quite frequently and you might think that i would be like.

Ah, it's all over pumping, you know they had their time in the sun, but no, my friends, i do think reddit is still valid in wall street bets. I mean look at amc, i mean i get a lot of flack and i'm sure i'll get some people. Some of the true believers that will comment on this video and yell at me: um, listen! I i i've said this since the beginning of the amc and the gme run, which were kind of the you know. The og's of the uh of the meme stock runs which, by the way, we were crazy bullish a year ago and you know, and all these wild runs but um.

Basically, what i'm getting at is the stock's still at 20 bucks i mean i think amc should be a back to five dollars. I mean gme still at 120. If you remember right, this started man, it's back time flies uh back uh. You know a full over a year back to fall, but uh our winner.

You know gme 20 stock. Here we are today still at 130.. Now, where i differ with wall street bets is listen. Gme is not going to a thousand okay and and comment away comment away, say whatever old man.

You know blah blah blah, hey, i'm a big boy. I can take it jimmy's not going to a thousand um. You know. Uh amc is not going to 500.

All these crazy price targets that they they throw out there, but what's great about these stocks is, is they move? You know? There's i've got some stats. Um reddit is the 10th most used social media platform in 2020, 303 million posts on reddit 50 increase that explosion during the meme stock during the shutdown you know back in 2020 and then, as of 20 uh june 2021, reddit raked him on the most popular social Media sites with 48 million active users and they're, mostly adults, so they can trade. Ultimately i mean listen, tic toc is awesome and you know, but tic tac is a lot of people that don't have you know they're under 18, that don't have brokerage accounts. Reddit skews a little bit older um.

So that being said, these stocks still have juice. If you trade them, you know, and and that's where again you know - i joked about getting the flack and somebody will yell at me. Listen game. Stop is not an investment.

Okay! Amc is not an investment 90 of these meme stocks aren't investments. Now they did pick a few like real stocks too, that they they tried moving around, but they don't move like these shorts because they learned how to squeeze the shorts, and you know if you've been following me: um. You know how you know my trading strategy changed in late 2015, when i recognized that whoever it was the big boys out there there's a there's, a great podcast with v trader. Where we talk about this jj is, is a market maker and he really knows the inside um, we'll we'll link it below.

I think it's 179 or i don't know too many too many videos, but anyway we re. I recognized the shift in late 2015 and basically pretty much gave up shorting, because i recognized that the squeezes were happening and that i'm not trying to take credit for the wall street vets idea. They they did it on their own, i'm sure they never saw any of my videos or never saw any of my tweets, but they decided that they were gon na all pile into these low float, heavily shorted stocks and and that's why gme blew up melvin capital And or amc whichever one, it was blew up these hedge funds because they recognized what they could do, which again that's been my trading strategy for five years now, six years since late 2015., i i used to be 99 short bias. Then 20 late 2015 happened.

It's like whoa, it's different out there, so i commend them for for trading these setups because i think they're, some of the best trades out there now that's where i'll differ with with the wall street vets people is is again. I know the chickens will eventually come home to roost anyway. These aren't investments again gamestop's not going to a thousand - it's probably never going back to 300 or 400. But if you go back to like the daily chart, i mean this thing was a great run.

This week and uh, actually i'm going to jump over to amc amc's even a little better. You know look at this red to green move at 18 or at 19 bucks. I mean a dollar a share spike, almost two dollars a share spike big run back here. Last week i mean this stock blows through those whole dollar half dollars it blows through those ready greens, it does dip and rips i mean this is a basically.

You could call this a red to green, but you could also call this that dip and rip pad because notice it ran big yesterday holds back at the open, then breaks the pre-market high again, which also was red green. So there's kind of some pattern overlap here, but they create amazing trading opportunities. If you know what you're doing and you don't marry these things, these are just traits. Okay - and one thing i will say is i wish wall street bets would would start doing this to more stocks.

I mean the bummer with the big ones like the amc's and the gmes is there's so many people that are true believers, so the bounces are always lower. I mean i mean you can see that on this chart like notice. This is that bouncing ball of momentum. Analogy we talk about, you know you get that bounce, but then each successive bounce is lower okay.

So what that creates? I mean this is that textbook bag holder chart okay, because everybody, not everybody, but a lot of people are stuck from the initial run and then the stock starts running. They start adding into these and that's why the stock fails because they're adding to losing positions. There's not enough new money, not enough new traders coming in to push it through levels. So that's why each and that and that's that bouncing ball analogy.

I talked about a lot. Every bounce is lower because it's it's just like with the ball. The energy is expiring. The volume is expiring, you don't have new traders, you don't have excitement, so it can't.

You know it can't make that ball. Bounce higher. It's just decreasing energy over time. So pick some new stocks, guys there's plenty of low floaters out.

There sell your amc that you've been holding for a year and a half sell your gme and let's go after some new low flows. Okay, let's blow up some more hedge funds, i mean he already blew up every melvin capital and all these guys in amc and gme. Let them die, let's go after some other ones. My friends, let's work together on this, so that's it i mean.

Ultimately, that's the the consensus of this video um reddit 100 still in play, and these stocks make great day trading opportunities, don't believe in them. Don't hold, don't swing trade them, don't invest in them, okay, but when they break levels when they get momentum when they follow our chart patterns, they're incredible so and then that being said, listen i'd like that they isolated a strategy again my favorite strategy, but there's lessons To learn there and uh, and i just love the i love the sharing of information and - and i just wish they didn't believe so much. You know there's a lot of a lot of kool-aid drinking over there on reddit but hey. I can help send them my way, i'll explain to them that we can trade.

These things have amazing opportunities grow, our accounts accomplish our goals and we don't have to believe in a failing movie, theater company or a you know, game rental company. So all right. So all right, everyone have an amazing day check out the steady trade team. These are concepts we talk about every single day.

You can click that link below uh. I do two webinars every single day live, i'm in chat at seven a.m. We talk about these concepts. We break things down.

I i will defeat that bag holderism. If you're struggling, i will teach you how to tame that dragon so check out the steady trade team.