I would never attest to the reliability of anyone's testimony on an internet site. However, It is worth taking into consideration that it is possible that the trader in question is referring to the trading of canadian "penny" stocks traded on the bulletin board that were being artificially promoted with the support of the internet, direct mail, and boiler room brokerage operations. The enforcement of the margin rules in Canada during the period in question were spotty. Also, there are a lot of stock symbols that come and go on the bulletin board. I have no idea whether his story is truthful. I can tell you that identifying and shorting promoted and inflated penny stocks on the bulletin board was one of the most reliable trades one could uncover in the markets at the time.
exactly. It doesn't matter if a wolf ate some little girl in a kid's story...or if someone made millions in a trader's story. The point is its a story and if everyone is busy trying to find the "problems" of it, they will never appreciate it, whether its bs or not. Fiction sells alot RT
Whether or not this story is true I think there are lessons to be learned. Its sad that people have to slam each other on this board, we are all just trying to make money right?
So, you also want to be told lies and other BS most likely since it'll help keep your money-making dreams alive, heh?! Man, I didn't think people were that desperate to hang on to their false dreams.
i believe his words were: "Whether or not this story is true I think there are lessons to be learned." you know stories have morals and such. Anyways, I hope you end your trading isn't suffering much (honestly)...the last 3 or 4 posts of yours that I have read have been nothing but negative and nonhelpful RT
The story is true, I heard it many times when I was with Morgan Stanley. I could see their account as I was talking to them. The best story that I personally heard was a guy that peaked at 40 million and was down to 3 million, I could see his trade history, OMG. You would think someone would pull money out of risk, just pull out 20 million for GODS SAKE! But I have stories, that would be fun to put in a book.
I remember his statement,........ the 40 million guy: "I thought it was going to 100 million" "it wasn't the money, it was the goal" Don't you wish you were drinking buddies in a bar and slap the guy up side his head, and bring him down to earth! Let's see 20 million in a bond fund, for the sake of conversation would produce a nice conservative, Rich Lifestyle, with a nice house in Daytona Beach, and a boat parked out back on the intercoastal.