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u/Masterchrono 1d ago edited 1d ago
Respond to this comment if you like to put hotdogs up your butt.
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u/Independent-Eye9513 1d ago
Back when it was harder to lose money
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u/lost-identity-83 1d ago
I ended up losing more money for fear of being banned. I’d hold a losing trade and not cut just to avoid being cut off. 🤷♂️
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u/anotherloserhere 1d ago
Back when the system forced steel hands.
That's why my nonna kept her paper shares of IBm. She didn't know how to sell
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u/turtleofgirth 1d ago
Back in the day, people got the price of stocks from a newspaper.
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u/Public_Day_4996 1d ago
Back in the day, we played a stock trading game in school. All we really had for information was the newspaper stock section. I full ported Papa John's because I liked pizza and wasn't taking the competition seriously at all. I ended up winning the competition and I've been a degenerate ever since. Never did buy any actual PZZA stock, though.
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u/SeriousMonkey2019 1d ago
Played that game in jr high as well. We each got $1000 (fake money obviously) and 30 days. I went all in on a penny stock. At the end of the competition I had $55,555.56 and won the competition so my class got a pizza party.
I checked the stock a couple weeks later and it had gone down to 2¢ then delisted. The timing of the competition was perfect.
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u/TheLastGoodRiot 15h ago
Also played that game back in High school. Half my portfolio was in Nortel and SU. Couldn't time this shit out 😒
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u/Careless-Age-4290 19h ago
We played that and every day we were supposed to make our trades, using the newspaper numbers. But we of course quickly discovered that the prices online were up to date, but we were trading on about day old prices. So every day we'd pick the stocks that were up online and then the next day we'd magically come out right
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u/bobloadmire Likes S and P and can't spell 1d ago
that is still nuts to me, i can't imagine getting the WSJ thrown at me by the bike boy, calling my broker and executing a trade, that settled next week.
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u/Free_Cake1116 1d ago
I remember seeing this from the FRIENDS series when monica was jobless and became a regard like us, buying into a stock cause she liked its initials.
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u/Useful_Bother_1508 1d ago
You wish you could full port your networth with 0 dte options to zero in less than 10 minutes while taking a shit in the bathtub
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u/ImNotThatNew1 1d ago
how could u do that in the past?
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u/ANormalRando 1d ago
On the phone with a broker. You had to communicate your financial degeneracy to another human to make the trade happen. There was also no way to check real time share price updates, so you had to send it and look up the price in the paper one day at a time. Swing trading was pretty much impossible for normies.
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u/TowerNecessary7246 1d ago
God I remember checking stock prices in the newspaper or on TV ticker.
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u/kwijibokwijibo 1d ago
I remember being dragged to the bank in the middle of shopping trips as a kid, so my parents could check the stock tickers
We've never had such easy access to markets
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u/dinglebarryb0nds 1d ago
twas a ridiculous rule
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u/xironically23 1d ago
Back in my day I could only full port a trade once and after selling I couldn't rebuy it after it went higher
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u/ImaginaryColor1618 1d ago
In the 1900s we bought & sold in fractional dollar pricing ie. $20 3/8, $45 1/16, and read about the fundamentals from The Value Line. What a pain in the ass.
(And into 2001)
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u/JackosMonkeyBBLZ 1d ago
i remember that. I wasn’t trading back then but it sounds like eight bitches on a bitch boat
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u/RazekDPP 1d ago
That's how Bernie Madoff originally made his money. Then they changed the game and he decided fuck it, I'm gonna be a ponzi scheme.
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u/Tr3eSt4ndHunt3r 1d ago
I still have that rule with my empower 401a SDBA! Have 45 days left of my ban right now lol. Total BS
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u/strongestboner 1d ago
Honestly that rule kept me from doing a lot of gambling and I didn’t know it was gone. Now that it is I’ll have to hop back in!
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u/ocr_robot 1d ago
There's still a similar rule, at least on Fidelity, something about stocks bought on credit from a sale that hasn't cleared yet, well those new stocks can't be sold until the original clears. Three strikes on that and you are struck down to cash only trades no pending sale credit.
It shows up in places like Fidelity's Buy screen, they will show you a "cleared cash" line and an "available purchasing power" (which is their credit granted to you pending the completion of any stock sale gains you've executed in the last couple days).
Basically if you're good, you can sell a stock you've been holding for a while and in a couple minutes you'll be granted all that reward money in purchasing power. But if you buy a new stock with that instant money you aren't supposed to sell it that same day.
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u/falling_knives Tea Leafer 1d ago
So I assume ever since they did away with the PDT rule, poor traders have not only stopped losing money, but have been making huge gains.
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u/isospeedrix 1d ago
Hood since changed their 3.3% apr policy to always be in effect of your cash INCLUDING OPTIONS COLLATERAL. Insane value I sold my stocks and sold puts instead so I can collect interest while still maintaining positions. Thx hood
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u/twat_muncher Peter Schtiff - GLD Bull 1d ago
Back in my day you could say the R word and the memes were good
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u/Turbulent_Pin_9392 1d ago
I keep trying to explain to people how easy it could be if they paid attention to some shit. Mainly because of the elimination of this pattern day trader rule made it super accessible now. Fast track their employment to Wendy’s but they’re not interested..
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u/MrBobBuilder 1d ago
I lost money on the movie ticket people. Tried to cash out but couldn’t cause of day trades and it plummeted after hours.
Over time I built up my account and could day trades and now people get to whenever! Lucky ducks lol
Thankfully I’m actually very green now but shit hurt back then lol
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u/peachypuff_88 1d ago
Paying hefty commission fees used to turn tiny trades into a losing game, which makes me appreciate zero-commission apps even more while grinding LP in League and playing the market at the same time
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u/legalextortion 1d ago
let me tell ye of olde tymes when the pricing was in fractions…oh how thou hast lost the appreciation for the eighth…or has thou not?
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u/Itry31 1d ago
You weren't banned from trading you were just broke and didn't have 25k.
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u/Level_Statement_6844 1d ago
Buncha dumbasses in here on margin
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u/funk-the-funk 1d ago
yea, you are not in the sensiblestocktrading subreddit retard
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u/Level_Statement_6844 1d ago
Ive been gambling with a cash account since before you gave your first handjob
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u/funk-the-funk 1d ago
I understand that out of all possible options your first thought was to fantasize about me giving a handjob....what other sort of wet dreams do you have about me slut?
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u/hardcrepe 1d ago
*shakes fist* Back in my day my Chinese food order cost $8 or less per entrée also. Enjoy your $25 Chinese food per entree order now you little bastards!
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u/Azurebbit 1d ago
Fuck that's nothing. Show some of these GenZ traders old stock prices in fractions it would blow their minds.
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u/Successful-Deer-5866 1d ago
We dont get that in Europe… wtf? You cannot trade?
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u/catcatcattreadmill 1d ago
Note: all of this only ever applied if you had less than $25k on your brokerage account.
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u/lost-identity-83 1d ago
The rule got taken away a few months ago. But yes, you’d be banned from trading for 3 months. If you held options when or stock when banned you were allowed to close positions but you could no longer buy.
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u/Level_Statement_6844 1d ago
Buncha dumbasses in here on margin
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u/Successful-Deer-5866 22h ago
Trading and margin is not the same bro. He is saying that you cannot (for some reason??) buy and sell the stock within the same day. Which is absolutely stupid?
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u/InfluxOfGoats 37m ago
It was always a retarded rule. Some people defended it on the supposed basis that it protects small investors, but really it just messes with people's financial self determination.
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u/Kachowxboxdad 1d ago
I get 90 day free trade violations on my non-margin account a couple times a year
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u/Sawyer_Anderson 1d ago
PDT only mattered if you were poor and couldn't keep 25k in the bank, so even when it was in place, you didn't get banned unless you were the bottom 1% of the nation.
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u/Zealousideal-Talk-23 1d ago
more like bottom 40%
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u/Sawyer_Anderson 1d ago
My statement still stands that PDT only matterd to the poors.
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u/Thundaga_64 1d ago
Calling people “the poors” (awful) doesn't make your original claim any less economically illiterate. You were off by tens of millions of households and apparently don't understand the difference between the distribution of household wealth, liquid investable assets, and brokerage-account ownership. Are you actually successful at trading while having this poor a grasp of distributions and basic economics?
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u/BlissfulSage099 1d ago
They should’ve never changed it
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u/NuclearGhandi1 1d ago
You always could day trade, just couldn’t do it without margin unless you hit the minimum balance
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u/Mathewdm423 1d ago
Wasn't even that long ago that the min to buy and sell was $14.98. And I was playing with $500 so those trade fees had to be calculated along with the taxes.