oscar the trader

Discussion in 'Wall St. News' started by SethArb, Feb 2, 2007.

  1. http://www.youtube.com/watch?v=91eXcgai6Fo

    www.nypost.com ( from last month )

    -January 16, 2007 -- Nearly 24 years after he began trading silver in the rough and tumble pits of the New York Mercantile Exchange, electronic trading had made Mike Carboni's job obsolete.-

    -Now, the 42-year-old Carboni is providing commodities trading advice in daily videos that appear on YouTube, marrying his old-school training with new economy technology - and saving himself from financial ruin.

    The move comes a year after Carboni failed to make enough money from trading to pay for his seat on the exchange, began missing mortgage payments and racking up thousands of dollars in credit-card debt. -

    -His daily videos, which he started making two weeks ago, are about 10 minutes long and feature Carboni donning his old trading jacket while commenting on the futures markets and giving out trading recommendations. -

    -Carboni claims trading recommendations have netted profits of more than 30 percent since he began filming himself.-

    -Due in part to the recommendations, Carboni's show, "Short-term Trading Live with Oscar," has become a hit on YouTube. As of yesterday, his channel had 157 subscribers and had been viewed over 7,000 times. -

    -"I feel a little bit like the Jim Cramer of the commodities markets," he said. "I'm getting calls from people in Australia and Singpore who have never traded commodities.-"

    -While commodities trading is booming, floor traders are being replaced by electronic trading systems. Several trading firms on the Nymex have cut their floor staff and The New York Stock Exchange recently closed one of its trading rooms because it wasn't being used.-

    -"It is a lot tougher these days to make a living on the floor and most of the traders down here know their day is coming," said one Nymex trader. "The sad thing is that all these guys know how to do is trade." -

    -Carboni is such an example. With little cash left in the bank, he decided to use what he knew best to start a new business. -

    -It's already beginning to yield results: Last week, Carboni was asked by a Bulgarian investor who had seen his YouTube videos to start trading commodities. He sent Carboni a check for $50,000 and told him to start placing trades for him. -

    -"That's when I realized these YouTube videos could really be a viable business," Carboni said. -
  2. Don't the subscribers know they are taking advice from a broke trader?
  3. I sent him 100k.
  4. Guys actually entertaining if nothing else.

    A lot less vile and heinous than Kramer.
  5. nkhoi

    nkhoi Moderator

    youtube = new economy = expect tubers to add to job growth just like ebayers
  6. The guy is pretty cool. And at least for now he's not charging anyone. One thing he does that most don't or won't do is he posts his calls with stops and profit targets and emails for exits. You can see real time how he doing. His stops are too wide for my style of trading but he has made some amazing calls. From what I have seen his style is for those with a decent account size and not afraid to have a large draw down. The losers like the winners can be pretty big.
    Like the guy above me said he is entertaining and also comes across as a good guy.