WallStreetBets are not all young people at all. The Reddit forum’s demographics, which currently have more than six million people, are very broad and include jobless boomers, serious millennials, and super online kids. However, the close friendship in the community is something many young traders say they are attracted to.
Forum has its own language. They call their winnings “coins” and have the custom of celebrating a large profit by eating and drinking on chicken tenders. WallStreetBets investors praise those who have the so-called diamond hands, meaning they either hold their own shares or keep investing even when the stock price falls.
Possessing a diamond hand is considered a form of bravery, even when it sometimes seems absurd and investors honor that determination with diamond emojis and hands in comments. their. On the contrary, having a “paper hand” is seen as a sign of weakness or cowardice, and indicates a willingness to fold or sell a stock after a price drop. All these crowd languages spread across the web to YouTube, TikTok, Snapchat and more, becoming memes in memes.
Louis Weimer, 20, a university student in Pittsburgh, signed up for Robinhood as early as 18, like many friends his age. He likes that it does not charge large fees and allows him to trade small amounts of stocks, key for a college student on a small budget. He put in $ 200 that he accumulated from working at a grocery store and buying shares of companies he recognized, like Apple and Microsoft.
WallStreetBets has been in his sights from the start. He took a look at the community on Reddit and checked it constantly to track transactions. Mr. Weimer said that he and his friends often discuss stocks. “Both of my roommates at school, they both have investment accounts and we talk about our deals all the time,” he said.
Like many traders of the same age, Mr. Weimer was never taught anything formally about the stock market. His information is gathered from internet and internet chats. He learns by watching YouTube videos on how to diversify a portfolio or when to buy stocks.
Mr. Bannink, a Wisconsin high school senior, said he had friends he traded during high school with their parents’ accounts, posted wins and losses on Snapchat and Instagram, and wanted to practice. moving.