Forrest Gump Day Traders: Stupid Is as Stupid Does

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Chris Markowski takes on the reckless world of day trading, where chasing social media “hot tips” leads to ruin. Using a listener’s story of losing an entire account on short squeezes, Markowski explains why blaming reports or market manipulation misses the point—risk management is everything. Wall Street sharks have been playing this game for decades, and if you jump in thinking you’ll get rich quick, you’re the bait.

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans, author,
investment banker, consumer advocate, analyst and trader, Chris Markowski.

Speaker 2 (00:16):
Day traders, and Forrest Gump. What is it, Mama said?
Stupid is as stupid does.

Speaker 1 (00:21):
Yeah.

Speaker 2 (00:22):
I love that line, I really do. And that's many
day traders and many individuals that are just too clever
by half end up getting themselves into had this sent
over to me. This is the hardest thing I've had
to write. I lost my entire account because of Edwin

(00:44):
Dorsey's reports. He never said go short, but the way
he frames those companies, you'll end up feeling like shorting
is the move. I went in with ten percent my
account on each shade lest three companies I've never heard of.
I wasn't reckless. I know these are low float names

(01:06):
and they can be moved however they want. That's why
I didn't go bigger Again, why did you do it
at all? Why? Oh, oh, we tried to get rich quick?
Yeah yeah, yeah, you try to get rich quick, didn't you. Anyway,
he goes on, this is what happened. Oh one of
them was squeezed six times, and after hours another one

(01:29):
up three times, another one up three times at that
same time. It wasn't alone to wipe me out. My
entire account has gone from just ten percent of me
going short. I'm not stupid. I know these setups can
blow up, but the reality is no one can fight
this kind of manipulation. You are I'm sorry, Bob, but
you are stupid because you let risk lead to ruin. Okay,

(01:54):
you're almost there, You're almost fully there and taking responsibility
okay for your actions. No one can fight this manipulation.
No poop Sherlock. What have we been telling you forever? No,
you can't again. I'm gonna go back in time. Okay,
I'm gonna go back in time. This was actually two

(02:17):
thousand and five. Two thousand and five, there was It
was a major report. It was actually was saying Carl
Kintonia was doing it. He's still on from CNBC, but
he was actually doing this for NBC at the time.
Big massive report on how major investment firms manipulating stocks

(02:40):
and short selling and all of these things that we
know go on. I know they go on big firms
can do whatever God's creation they want. Nobody does a
darn thing about it. And the funny thing is is
that entire report, That entire report, that entire story by
Carl Quintinilla got put on on a Sunday evening evening

(03:02):
news when nobody was watching in August. The big firms
have been doing this forever. Yes, they can manipulate these
low flow companies. Yes, they've been doing it forever. You
know what, you don't have to participate. You're listening to
some guy who's telling you what to do on social media. Yes,

(03:27):
I blame Dorsey's reports are pushing me into those trades. No, no,
they can't push you on social media. Okay. It's not
like you're you're next to a shark tank, okay, and
somebody physically pushes you into the shark tank. Okay.

Speaker 1 (03:44):
No.

Speaker 2 (03:45):
One of the James Bond movies, there wasn't it. Yep? Anyway,
Uh no, no, no, not gonna do that. Oh the
original Thunderball, that's right, but anyway, neither here nor there. Okay,
don't do this. They're gonna rip your head off because
they can. What because you want to? You think you're

(04:07):
gonna get You're gonna be gonna be loaded overnight. You
really think that's how it works. The guy is writing
a report on social media and you're listening to him.
Come on, man again. Forrest Stupid is as stupid does.
Watchdog on Wall Street dot Com