So Echo essentially didn't trust you one bit, not even a long-term and highly profitable client. What do they say about capitalism operating without trust... But where can you get any better terms? Surely IB don't give you any leeway either, do they?
with the kind of disclosures RM made here on ET about his lifestyle it is hard to blame Echo for not giving him extra leeway.
First rule, when it comes to money, dont trust anyone. You say you can wire in the cash, you say that you will, but what happens if you don't come through. You are a money maker, an asset, but that still doesn't mean you can be trusted to come through on your word. How many times has someone in your life not followed through? Second rule, rules are rules. The firm is not like some casino you see in the movies where the pit boss can just waive their hand and give you a pass. There is a risk management plan in place for a reason and it applies to everyone. Even if you are a star player, the risk management plan is the foundation and the firm lives by it. There has been lots of volatility in the last 3 years and one bad slip could do some damage. So why so shocked that they didnt give you a pass? If they trusted you and gave you a pass on the rules, then would they be doing the smart thing? Yeah, you brought in the rain for them, but do you blame them for maintaining a responsible risk-managed environment?
<i>But where can you get any better terms?</i> ---->That's what I'm still trying to figure out. <i>So you really put 75% of your net worth in ZSL?</i> ---->That's not what I said. The whole thing with Echo... I probably shouldn't have mentioned any of it. Providing people with complete and honest answers when they ask me questions isn't proving itself as such a great policy. No wonder politicians never do this. I'll make every effort from now on to quit being too honest for my own good...
Wait a second. You said you put "75% of buying power" into the ZSL, but now you are going back on what you said? If silver wasnt tanking like it is today then would you reply back differently? Lemme guess, you got more in your onsite gold and silver vault. I'm being a little hard because someone might be trying to mimic your trades here and I dont want anyone to get ambushed as a result of a publicity stunt on your part. This isnt really a journal, but a chance for you to tell your story. Ok then, why not post a real thread so you can chit-chat about yourself? That way, no one will get ambushed.
You can't possibly fathom how 75% of max buying power isn't the same thing as 75% of my entire net worth, so you therefore assume that I'm now 'going back on what I said'? Interesting... and that would be <i>your</i> (reading comprehension) problem, not mine. Anybody else have any ignorant, baseless assumptions they'd like to pollute this thread with, or are we done for now?
i have one but i have the discipline to be silent. on second thought... could the trade be improved by using long GLD hedge?
Enjoying the thread. Keep the honest answers coming, it's very refreshing. Hopefully you don't get discouraged by the negativity some will post. Question about the trade - you stated the time frame as being 1-3 days. Does this mean you will liquidate at the end of day three regardless of analysis? Or is there possibility to hold longer if your analysis at day three confirms your original thesis?