{"id":8978,"date":"2021-06-11T12:37:39","date_gmt":"2021-06-11T16:37:39","guid":{"rendered":"https:\/\/optimusfutures.com\/tradeblog\/?p=8978"},"modified":"2021-06-11T12:37:39","modified_gmt":"2021-06-11T16:37:39","slug":"how-to-stay-objective-with-your-trading-strategy","status":"publish","type":"post","link":"https:\/\/optimusfutures.com\/blog\/how-to-stay-objective-with-your-trading-strategy\/","title":{"rendered":"How to Stay Objective With Your Trading Strategy in the Era of Meme Stocks"},"content":{"rendered":"<p>This article on Objective Trading Strategy and Meme Stocks is the opinion of Optimus Futures.<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/How-to-Stay-Objective-With-Your-Trading-Strategy-in-the-Era-of-Meme-Stocks-1.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-8987\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/How-to-Stay-Objective-With-Your-Trading-Strategy-in-the-Era-of-Meme-Stocks-1.png\" alt=\"Objective Trading Strategy\" width=\"2240\" height=\"1260\" \/><\/a><\/p>\n<ul>\n<li>Meme stocks appear to be the latest \u201ccraze\u201d in retail trading&#8211;and that\u2019s what makes it so dangerous for those who don\u2019t know what they\u2019re doing.<\/li>\n<li>When trading meme stocks, understanding the true objective behind the trade might help you better manage your risks and set your profit targets.<\/li>\n<li>Trading on gut instinct or FOMO is perhaps the worst thing you can do when trading meme stocks.<\/li>\n<\/ul>\n<div class=\"su-spacer\" style=\"height:10px\"><\/div>Last January, you began hearing online chatter on GameStop (GME) originating from a relatively obscure subReddit feed called \u201c<a href=\"https:\/\/optimusfutures.com\/blog\/wallstreetbets-futures\/%20\" target=\"_blank\" rel=\"noopener\">Wallstreetbets<\/a>.\u201d It had something to do with an attempt to force hedge funds into a short squeeze scenario.<\/p>\n<p>Then you saw it unfold. From the opening price of $39.23 on January 21, GME spiked to as high as $483 five days later. That was an astounding move of 1,131%! You shrug it off as an odd if not rare event, one that you unfortunately missed.<\/p>\n<p>But then it happened several times across several stocks:<\/p>\n<p><strong>AMC Entertainment (AMC) <\/strong>spiked 431% from May 24 to June 2<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/AMC-Entertainment-AMC-spiked-431-from-May-24-to-June-2.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-8983\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/AMC-Entertainment-AMC-spiked-431-from-May-24-to-June-2.png\" alt=\"AMC Entertainment (AMC) spiked 431% from May 24 to June 2\" width=\"409\" height=\"325\" \/><\/a><\/p>\n<p><strong>Blackberry (BB)<\/strong> spiked 114% from May 26 to June 4<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Blackberry-BB-spiked-114-from-May-26-to-June-4.png\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-8982\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Blackberry-BB-spiked-114-from-May-26-to-June-4.png\" alt=\"Blackberry (BB) spiked 114% from May 26 to June 4\" width=\"405\" height=\"322\" \/><\/a><\/p>\n<p><strong>Workhorse (WKHS)<\/strong> jumped 128% from May 26 to June 9<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Workhorse-WKHS-jumped-128-from-May-26-to-June-9.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8981\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Workhorse-WKHS-jumped-128-from-May-26-to-June-9.png\" alt=\"Workhorse (WKHS) jumped 128% from May 26 to June 9\" width=\"405\" height=\"321\" \/><\/a><\/p>\n<p><strong>Clover Health Investments (CLOV)<\/strong> spiked up to 270% before pulling back from June 2 to June 9<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Clover-Health-Investments-CLOV-spiked-up-to-270-before-pulling-back-from-June-2-to-June-9.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8980\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Clover-Health-Investments-CLOV-spiked-up-to-270-before-pulling-back-from-June-2-to-June-9.png\" alt=\"Clover Health Investments (CLOV) spiked up to 270% before pulling back from June 2 to June 9\" width=\"404\" height=\"321\" \/><\/a><\/p>\n<p><strong>Sundial Growers (SNDL)<\/strong> surged as high as 94% from May 26 to June 3 before pulling back on that same day<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Sundial-Growers-SNDL-surged-as-high-as-94-from-May-26-to-June-3-before-pulling-back-on-that-same-day.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8979\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/Sundial-Growers-SNDL-surged-as-high-as-94-from-May-26-to-June-3-before-pulling-back-on-that-same-day.png\" alt=\"Sundial Growers (SNDL) surged as high as 94% from May 26 to June 3 before pulling back on that same day\" width=\"402\" height=\"322\" \/><\/a><\/p>\n<p>FOMO&#8211;or the \u201cFear of Missing Out\u201d&#8211;hits you hard after seeing these returns. You seem to be missing out on all of these opportunities in which people have experienced outsized gains; though others may have experienced devastating losses.<\/p>\n<p>Truly, when everyone seems to be making money around you&#8211;and the chatter can be heard virtually anywhere, from news to blogs to even your local cafe&#8211;it\u2019s hard to keep your head. It\u2019s difficult to resist the temptation to jump in and follow the crowd.<\/p>\n<p>But is it a wise thing to do? Better yet, is there a smarter way to take advantage of these risky \u201cmeme stocks\u201d? Perhaps there is. And that\u2019s what we\u2019re going to explore in this article.<\/p>\n<h2>What Are \u201cMeme\u201d Stocks?<\/h2>\n<p>To understand what a meme stock is, you first have to know what a \u201cmeme\u201d is. A <strong>meme<\/strong> is any form of digital content&#8211;an image, video, text, etc.&#8211;that is copied and spread on social media. Meme\u2019s are often humorous but they can also spread messages of a serious nature, as in the case with political or social memes.<\/p>\n<p>A <strong>meme stock<\/strong>, on the other hand, is a stock whose promotion on social media&#8211;often via meme&#8211;has gone \u201cviral,\u201d causing it to experience excessive trading volume.<\/p>\n<p>Although online messaging among traders has existed since the beginnings of trading chat rooms, meme stocks carry a different characteristic: their origination often stems from a particular \u201cfeed\u201d or channel (like Wallstreetbets), they\u2019re supported by a critical mass of traders large enough to move the markets, and they\u2019re often, though not always, accompanied by\u00a0 social, political, or ideological motivations that exceed pure speculation.<\/p>\n<p>The GME short squeeze, for instance, was virtually an attempt to \u201cstick it to the man\u201d&#8211;in this case, the \u201cman\u201d being the amorphous Wall Street \u201celites&#8221; who many of Wallstreetbets\u2019 followers felt were \u201crigging\u201d the stock market. For some, it worked out well. For others, it might have been a disaster.<\/p>\n<h2>Fueled by Fundamentals or FOMO Frenzy?<\/h2>\n<p>If you\u2019ve seen what successful meme stock swarms can do, you can imagine how easy it is to get sucked into the frenzy. In the midst of the temptation to jump in, however, it\u2019s also easy to forget just how volatile and difficult the trade may be.<\/p>\n<p>So, if you\u2019re looking to get in, you\u2019d better have a good idea as to how large a position you should hold based on your risk tolerance, and certainly have a plan for getting out should the trade move against you.<\/p>\n<p>The GME frenzy provides a perfect example. Let\u2019s dissect the trade.<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/The-GME-frenzy.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8985\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/The-GME-frenzy.png\" alt=\"The GME frenzy\" width=\"328\" height=\"263\" \/><\/a><\/p>\n<p>If you had bought here [1], at around $140 a share, then you would have seen your position lose almost half its value in one day, as it ended the day at $76.79. Ouch.<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/The-GME-frenzy-140-a-share-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-8986\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/06\/The-GME-frenzy-140-a-share-1.png\" alt=\"\" width=\"291\" height=\"225\" \/><\/a><\/p>\n<p>But then, if you sold it at $76.79, you would have missed all of the market price action in the box [2] which took GME as high as $483 a share before sinking back down to $51 less than two weeks later.<\/p>\n<p>Right now, GME is trading at around $300. But let\u2019s hold off for a moment and think: why would anyone want to buy GME in the first place?<\/p>\n<p>GME is a mall or stripmall based gaming store that was largely shuttered during the Covid pandemic. Malls were closed during the lockdown. Revenue and earnings suffered for two quarters in a row as a result, and the prospects for reopening were, at the time, unknown, as vaccination rollouts were just starting to get underway.<\/p>\n<p>Arguably, there was <em>nothing fundamentally compelling <\/em>about GME\u2019s prospects.<\/p>\n<p>The Wallstreetbets crowd bought GME because someone in the industry leaked information that a few hedge funds were heavily short GME. The strategy was to force these hedge funds into a short squeeze&#8211;profiting from the ensuing price surge as hedge funds were forced to cover their positions.<\/p>\n<p>The call was a real gamble, as it required a critical mass of traders to manipulate GME\u2019s price upwards. But as you saw, traders swarmed, and it worked.<\/p>\n<p><strong>Most importantly, the GME trade was never about the underlying strength of the company. It was about exploiting the suspected vulnerability in hedge funds\u2019 short positions.<\/strong><\/p>\n<p>Was it a wise trade? It depends on your objectives, risk tolerance, and capital resources.<\/p>\n<h2>An Objective Trading Strategy (or, How Not to Lose Your Head with Meme Stocks)<\/h2>\n<p>For most traders, meme stocks represent the potential to make outsized profits well over a 100% return in a very short amount of time. That\u2019s tempting. Although such an outcome is indeed possible, bear in mind that such a return is well beyond the norm&#8230;and so too are the potential risks.<\/p>\n<p>So, here are a few tips to help you keep your head while engaging in a meme stock trade.<\/p>\n<h3>Tip #1: Understand the nature of the trade<\/h3>\n<p>Is a meme stock truly undervalued, or is it a secondary vehicle to pursue another objective, such as raiding a hedge fund\u2019s short position. If it\u2019s both (as the silver squeeze attempt was), then it may be a favorable trade, given the proper risk management.<\/p>\n<h3>Tip #2: Do a quick survey of the fundamentals<\/h3>\n<p>Check the company\u2019s previous quarterly earnings history, find out what consensus expectations are for both revenue and earnings per share, research company guidance (which can be found in the last quarter\u2019s CNBC guidance reporting), and if you can, get a feel for what the company is trying to accomplish in the current quarter by reading the previous quarter\u2019s earnings conference call transcript.<\/p>\n<p>If you can do all of the above&#8211;roughly two hours of work&#8211;then you may have more confidence to proceed with (or withhold from) making the trade.<\/p>\n<h3>Tip #3: Watch your position size<\/h3>\n<p>Meme stock trades don\u2019t happen frequently, so you can risk a little more as compared with a day trade.\u00a0 Whatever the percentage risk you\u2019re willing to take on, say 2% or more, stick to it. Don\u2019t risk more than you can afford to lose. However, considering the potential for an exponential move, you might want to make sure your position size is worth the trade.<\/p>\n<h3>Tip #4: Set your risk limits and trade boundaries<\/h3>\n<p>This one should be relatively easy: set a <a href=\"https:\/\/optimusfutures.com\/blog\/stop-loss-orders-in-futures-trading\/%20\" target=\"_blank\" rel=\"noopener\">stop loss<\/a> at a point where the trade is no longer valid. Bear in mind that if you\u2019re going after hedge funds, they may push back and attempt to plunge the stock, so be ready to absorb that shock should it take place.<\/p>\n<p>Disclaimer: The placement of contingent orders by you or broker, or trading advisor, such as a \u201cstop-loss\u201d or \u201cstop-limit\u201d order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.<\/p>\n<h3>Tip #5: Consider trading options rather than outright positions<\/h3>\n<p>Option prices tend to move exponentially until they\u2019re \u201cin the money,\u201d and this might give you more bang for your buck. Furthermore, when purchasing a call (as most meme stock trades have a \u201clong\u201d bias), you know beforehand how much you may lose in premium.<\/p>\n<p>Another thing to consider is that you can also buy a bull spread to reduce your cost and your risk. Or if you\u2019re unsure as to the directionality of the outcome, you can always straddle the position, though, again, most meme stocks have an upside bias, and straddles can get expensive depending on the volatility.<\/p>\n<p><strong>Disclaimer: Long Optin may expire and you may lose your entire premium plus cost. Short Options have unlimited risk and you may sustain a loss substantially bigger than your initial deposit.\u00a0<\/strong><\/p>\n<h3>Tip #6: Never use your gut when trading meme stocks<\/h3>\n<p>This is perhaps the worst thing you can do: hear a rumor and enter a trade. Always trade based on a setup (usually technical since not all meme stock trades heed fundamentals as we saw with GME). This implies rules and risk limits. If you deviate from this basic principle and <a href=\"https:\/\/optimusfutures.com\/blog\/objective-vs-subjective-trading\" target=\"_blank\" rel=\"noopener\">trade from impulse of gut<\/a>, you\u2019ll eventually pay for it in either real loss or opportunity cost.<\/p>\n<h2>The Bottom Line<\/h2>\n<p>Trading meme stocks may seem like a gamble. The truth is that it can be, or you can transform it from a gamble to a \u201chigh risk\u201d trade by taking a smarter approach. When trading meme stocks, the volatility of the swarm action can be massive enough to shatter any \u201cclean\u201d chart setup you may have on your mind prior to the trade. So, be sure to set your risk limits and profit targets, and try to understand something about the stock before you trade it.<\/p>\n<blockquote><p>By all means, do NOT trade from the gut or be tempted to jump in unprepared out of sheer FOMO. Good luck!<\/p><\/blockquote>\n<p><strong>Disclaimer: There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article on Objective Trading Strategy and Meme Stocks is the opinion of Optimus Futures. Meme stocks appear to be the latest \u201ccraze\u201d in retail trading&#8211;and that\u2019s what makes it so dangerous for those who don\u2019t know what they\u2019re doing. When trading meme stocks, understanding the true objective behind the trade might help you better [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":14934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-8978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-online-futures-trading","category-trading-tips-and-strategies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Stay Objective With Your Trading Strategy in the Era of Meme Stocks<\/title>\n<meta name=\"description\" content=\"Trading meme stocks may seem like a gamble, but you can transform it from a gamble to a \u201chigh risk\u201d trade by taking a smarter approach\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/optimusfutures.com\/blog\/how-to-stay-objective-with-your-trading-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Stay Objective With Your Trading Strategy in the Era of Meme Stocks\" \/>\n<meta property=\"og:description\" content=\"Trading meme stocks may seem like a gamble, but you can transform it from a gamble to a \u201chigh risk\u201d trade by taking a smarter approach\" \/>\n<meta property=\"og:url\" content=\"https:\/\/optimusfutures.com\/blog\/how-to-stay-objective-with-your-trading-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"The Trading Blog - 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