THIS IS NOT FINANCIAL ADVICE
Impending Doom
I have a bad feeling about the stock market. . . Things are afoot in the world causing havoc. When COVID hit, I was lucky to have some cash to throw into the market. I bought low in a bunch of stocks I thought would prosper. Some stocks have, some haven’t, but overall I’m in the positive. That’s not gonna last. There’s fuckery about and I think the world economy is due for utter collapse. There’s a ton of indicators, and lots of people are talking about the pieces, but the whole picture looks disastrous.
Goodbye Robinhood
After what happened with GME, I knew I had to get off Robinhood. But only recently did it hit me how important that is. I don’t want my money anywhere near them when the waves hit. So I’m moving everything to Webull. I’ve put in orders to sell every stock in the green on Robinhood as soon as possible. I’ve setup alerts in Webull watching for low prices on those stocks when things go down.
It will take time for all of this to finish, my asks are a bit higher than the current market rate and it’s the weekend. The other problem is the stocks I invested in that have not gone up. I’m going to hold those in Robinhood until I can sell them for a profit. In the overall scheme of things my portfolio has had a net positive gain. My wins surpass my losses, so I hope I can keep it up.
Other Reasons
It’s not just about Robinhood and what they did when it comes to GME. Other trading houses also did something similar. Robinhood isn’t unique in the world, and switching to Webull isn’t the perfect answer. Webull also does PFOF (Payment for order flow), which means there’s a chance you won’t get the best trade possible. Another investment house I’ve been looking into is Fidelity. They don’t use PFOF, and they didn’t shut down trading on GME stock back in January. I might take some of my winnings and move to Fidelity as well as keep what I have in Webull, but that depends on if/when/how my trades settle.
What’s Next?
Once all my stocks are sold on Robinhood, the money is going to my savings to sit. I will wait patiently for the market to crash again. I already have an idea of how these stocks will perform under pressure, so putting money in again when they’re low will give me a good head start. Many of the stocks I hold were picked based on a secret formula for creating passive income. I still believe in these stocks, they’ve had a very good run and have been strong through the pandemic.
Or maybe I’ll just YOLO everything into GME. All the research I’ve done indicates the stock is still a strong buy and poised for future gains. Will it MOASS and rocket to the moon like everyone says? No clue, sure hope it does, but I’m not betting on it. I am expecting some sort of rise, but how sure am I? Sure enough to bet everything? How sure are you?
Your Thoughts?
I am by no means an expert, and this is not financial advice. I’m happy to hear what you think about all this. Want to discuss what I see, or how I feel about the economic future? Just drop a comment and let’s talk! I have many opinions, and all sorts of feelings about a broad range of topics that I will gladly spend hours discussing with anyone interested. For future updates on my investing, keep an eye here.
Update
In the end, I only sold position. . . and then transferred the entirety of the account from Robinhood to Fidelity. The transfer process was really easy, although it took time to complete. My holdings moved first, then after a while the cash balance transferred separately.
