et is sooooooo funny!! i love you all!! morons and geniuses alike. $250 v $2.5 mil bwwwhaaaaaahhaaahaaaahahaha hope youre all coining it in today dudes (whether you made $2.50 or $25k, keep truckin') take care
I know a private investor, who was long at the top of the big internet bubble in some Dutch software company.. At the beginning he was long 1000 shares of $100 each.. $100.000,- The stock went back to 10$, but the guy kept on buying, till he had 200k shares :eek: The stock went bankrupt and that guy as well.. as he loaned the money from everyone and every institution you can think of.. Some thing he learned is to add a stop-loss to his trades...
That's just ridiculous mnx. The reason you can't blow up at swift is not because you're trading their money but because they have initiated juvenile stop losses to make sure you "traders" (if that's what you call yourselves) can't lose too much. Say's a lot about the people who work for Swift when the management of the "firm" doesn't trust them with basic decision making that is essential in the world of trading. Also say's alot about what swift thinks of the "skills" of these people they bring in and how much they trust them with their money. Swiftrade is the nursery and you traders are the babies.
Look at this. The incredible sammy from swift makes an appearance. I like how your signature is just "s". Like you're so well known in the industry that all you have to sign is "s" and people will know who it is. Listen guy, don't ever make comments on people who actually trade as you don't know the meaning of the word. It will be very interesting to see what happens to you once the credit game comes to an end. I think you'll find out very quickly that you have no skills after all and what you've been doing for the last two years has been a complete waste of time. admittedly a profitable waste of time but a waste of time nonetheless. I would pay a million bucks to see what your first couple of months at new firm would be like (as we all know swift won't be around for long). Here's how I think it would go; New boss: I though you could make a lot of money? Why haven't you been able to replicate you success? Sammy: I have something to tell you..... New Boss: What is it? This doesn't sound good...... Sammy: I was rebate "trading" at swift and now that it's gone I have no idea what I'm doing, and I'm scared. Trading for real is much harder than I thought and I'm not sure I can handle it. New Boss: That's okay Sammy........everything will be okay. Sammy: Really?? New Boss: Yes because you're fired! Now get the hell off my floor you lying sack of shit. Sammy: Fired?? Why? New Boss: Because you had me and all of the floor convinced that you were a "trader". You know......someone who has the ability to take money out of the marketplace on a consistent basis. You obviously lack that skill now that your credits have disappeared. In addition I have no respect for credit traders. As far as I'm concerned they're a joke. Sammy: But I thought.... New Boss: Shut up and get the hell out of my face. Sammy (visibly weeping): Can I retrieve my belongings? security has appeared at the door New Boss: Eddie here is going to escort you out of the building. We'll send you your belongs. Sammy: SIRI!!!!!!!!!!!!!!!!!!!!!!! I'll bet that's exactly what happens to you. Have fun over the next few months and save as much money as you can because you won't be making much of it after the credits are gone.
I really like this post.. this is the best post I've ever read on elite .. One thing I know about sammy, he's a legend within' Swift Everybody is always talking about Sammy.. That's one thing I hate most about Swift, when you make money they put a whole bunch of lemmings on your trading list to immitate
I think you have to differentiate between blow-ups. For example, one poster mentioned the discontinuation of the 30yr in 2000. I was short the 30yr at the time. The reason why was the Treasury had announced that they would be buying back old issues, and the cheapest part of the curve was the 15-25yr sector. So, myself and everyone else were long 15-25's vs. short 10's and 30's (a curve fly). That was the right trade to have, but no one (outside some guys at Coldman Bachs possibly) expected the 30yr announcement. I didn't blow up, but I gave back a lot of my profit on the trade. I didn't double down, I merely unwound the trade at the first opportunity. The trade represented about 5% of my risk capital. This sort of stuff happens and will happen to everyone who trades. Another poster mentioned A.G.'s age. Let me say that his death wil have no real impact on the markets (other than a momentary spike perhaps). Why? Everyone knows his age and is expecting him to kick the bucket soon. Also, A.G. affects the markets when he says something. What is he going to say when he is dead! (I'm only half-joking here). There isn't a bond trader on the planet who won't initiate a position becuse of A.G.'s age. The thing is that they all have factored in the possible short-term volatility into their risk profiles, so they won't get tapped. The other kind of blow-up is the guy who uses 50% of his capital to short a crappy, illiquid stock that's in his grille by $1.50 each day. If you want to reverse, fine...but you do it with a view that there is a reason for a turnaround, and that you may be in at the wrong time. That's merely hubris.
absolutely false...MUCH tougher psychologically to have made millions and then lost it, then never made it in the first place that's why people jump out windows on market crashes
Jan 3, 2001. As many will recall, CNBC was in commercials when the surpise announcement was made. CNBC did not break from commercials and, by the time they were over and programming resumed, everything was through the roof. Still, it took Joe Retail minutes more to get their orders in. There were profits to be made for traders that could get their orders in. I have never voluntarily watched CNBC since that day. Bloomberg TV is much better. I saw some guy lose $5M of firm money over several months. He also lost 6 figs/day frequently.
Right, throwing size market orders at all the bank stocks the second the news hit Reuters was highly profitable, despite having to pay up a few bucks. That's how I recovered a big part of my loss.