FOMO, YOLO and Diamond Handing Stocks

I want to focus on the topic of making poor financial plans, because making emotional decisions while gambling on the Stock Market is a bad idea.
If you follow MEME Stocks like GameStop, AMC or even Tesla, you can buy at whatever is the current price and then Diamond Hand it for the next few months if you want. But last month, I made almost $6,000, and this month I’ve made $4,000. And no, I don’t do Option Trading. I actually buy and sell stocks that I will own for a period of time.
While I do keep around a stack of stocks to Diamond Hand with the Apes just in case, I’m an active Swing Trader buying and selling at key points during the week while following some basic principles. I figure I’ll be pissing off a bunch of young Apes and skilled traders. But I still gotta pay the rent, and Biden isn’t going to keep handing out free money forever. Since this makes money, I simply Rinse and Repeat.
NOTE: The information provided by John Ross is intended for entertainment use only. Please consult with a registered professional before acting on any information herein. This is a loose guide, based on my own opinions, nothing more.
0:00 FOMO, YOLO and Diamond Handing Stocks
1:03 How I Used to Make Money from Stocks
2:44 Challenging the Diamond Hander’s Beliefs
5:05 Rocket Ships! Pew, Pew Pew!
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[@dearkayode]

Great content.

[@FinanceonaBudget]

Thank you!

[@WorkingDadTrader]

Sensible advice. I know people holding meme stocks even though they are 40% down!🙈

[@FinanceonaBudget]

I'm currently down AMC about 25%, but I've also made more than $10,000 from it. So am I down, or am I up? It's all perspective. I've also know it could be a summer or all year long thing, if anything at all. But as I point out, it doesn't matter if the stock is at $30 or $60, if you buy on Friday lows and sell on Monday high's, you can make 5-10% without even much trying.

[@layorwouzon5660]

what about the tax implications of selling daily?

[@FinanceonaBudget]

I have a video about it when I discussed Inheriting an Estate. As I understand it, as of today, it's Capital Gains based on your salary. Let's say you make $40,000 per year, then your capital gains would be based on your income of $40,000 plus whatever your added gains are, kinda of like a part time job. Roughly, it's about 35%. However, if Biden has his way, it would go up closer to 50%. Just remember there is a difference between stocks for long term, and day trading in the short term, and any money you make is more than you had yesterday. You just need to plan and save accordingly.