Paul Cantrell
Shorting stock is a risky and ill-advised move, only for experts, almost certainly a bad idea except for experts, yes, yes, I know.
still
With Tesla up a bit today, I wish I had a brokerage account already so I could short it for, say, one week out from now, just with a few symbolic bucks.
Donnie Hyxos
@inthehands not recommending, just informing, there is an $TSLA “inverse etf” $TSLZ that is around $6 a share right now that goes up when $TSLA goes down. I couldn’t tell you the mechanics of how it works exactly, other than that it is designed to be used within a single day of trading (they are not meant to be held more than a day). So if you happen to feel like jumping on the rollercoaster on a day where it looks good it’s a pretty cheap ticket.
Paul Cantrell
@macbraughton
Fascinating! I wouldn’t want it — I’m unwilling to bet on individual days — but fascinating nonetheless.
Paul Cantrell
OK, screw it, I want to do this. I want to put a little money in TSLQ and TSLZ. Clearly nonsense as a financial plan; this is just for symbolic reasons. I’m willing pay a few bucks to raise this middle finger.
Recommendations: What's a less-terrible place to open an account where I can trade individual stocks? It needs to be low overhead and low nonsense; there will only ever be at •most• a few hundred dollars involved.
Paul Cantrell
@Rycaut
I do have a Fidelity account through one old employer’s 401(k), and probably that’s the easiest. But I hate their web interface so much….
Shannon Clark
@inthehands if you have a bank account somewhere that also owns a brokerage most have low cost/self managed trading options (for example if you bank with Bank of America you can open an account at Merrill Lynch pretty easily. May not be the most ideologically pure but may be easy if you already have the accounts.
(fewer credit unions or b corp banks have brokerages)
I'm reasonably happy with Charles Schwab but not sure their minimums but generally decent (relatively for their industry)
Paul Cantrell
@jab01701mid
My dim and highly dubious understanding is that people betting against like this do actually help drive down the price, so I say go for it!
John Breen
@inthehands I don't really understand these "stocks", but I'd be willing to spend $200 to try it out, willing to lose it all. And I have an account...
John Breen
@inthehands I imagine the fund is "managed" by some traders doing the actual short trades, and this fund gains any profits, suffers any losses, but you are limited to losing your investment, as opposed to the actual short-traders, who have much more downside exposure, and I assume more upside potential as a reward. I'll do it on a very small scale.
My account tools show the history of the fund, so I could look, but why...
John Breen
@inthehands OK, here's my little $200 TSL playland. Maybe I publish a snapshot weekly. TeslaTuesday ?
Paul Cantrell
@jab01701mid
Heh, sounds like a grand old time.
What broker are you using? Like them?
Paul Cantrell
@ShadSterling
This is super useful, thank you!
ShadSterling
@inthehands @Rycaut huh, I tried out I think 6 different brokerages, and decided Fidelity was the best. There’s a few things Schwab does better, and it was a different one that allowed buying mutual funds by shares, but it was way better than most of the web interfaces
ShadSterling
@inthehands @Rycaut right, I made my comparison public - https://mastodon.social/@ShadSterling/110763753963099232
Didn’t actually compare on how much I like the web interface
Parker Morse
@inthehands I'm in. I have some "unrealized gain" from buying stock in my brother's employer 15 years ago and just... sitting on it. I sold a little and rolled it into TSLQ. I didn't do anything to earn that money and I'm happy to put it to work like this.
John Breen
@inthehands OK, my first #TeslaTuesday
My little portfolio has appreciated 20%, including about 10% today, though it's been quite volatile over the first week.
I'm not advising that anyone invest money they can't afford to lose in this way !
Paul Cantrell
@jab01701mid
Finally managed to jump through all the hoops and get a danged brokerage account open, and my similar portfolio (basically yours plus a dash of TSLS) is up ten bucks the first day. Good times.
But of course making money isn’t really the point; I’m not planning to sell unless / until the company is in the gutter. I kissed that money goodbye in my mind the moment I bought.
John Breen
@inthehands I'm also following a basket of the top EU and top US defense contractors, which is fascinating...
Paul Cantrell
@jab01701mid
Eesh, grim
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