Star Trader Laurie Inman now Bankrupt

Was reading through the London Gazette and noticed that the top London trader Lawrie Inman , after being successful a few years back is now bankrupt .

https://www.thegazette.co.uk/notice/3808985

https://www.tradestocksandforex.com/lawrie-inman-trader-profile/

 

It's evidence that life consists of ups and downs. No one knows how it can be tomorrow or in a year etc. Hope that he will find the strength to return to normal life. After all, people often give up in such situations.

 

Youth is on his side. At least he will find out who his real friends are.

 

It's evidence that he was lucky, and has no idea how to manage risk.
Indeed, there was already evidence of this:

https://www.efinancialcareers.co.uk/news/2015/08/poker-star-hedge-fund-trader-leaves-tudor-capital

Inman rose to fame by making a £700k profit on single trade when he was just 25 in 2006. He made a huge bet on which direction the five-year German government bond market would move while then European Central Bank president Jean-Claude Trichet was making a speech. I

If he'd lost 700k he would never have heard about him.

GAT

 

He's 40

GAT

 

He is still young and likely ambitious enough to make a comeback.

 

The skills to succeed in poker and trading are pretty similar, he told Poker Listings in 2012:
“It’s so similar because I can sit at my desk for two weeks and be doing all the right things,
and just be losing money,” he said.

 

Yes, I think it's not too late to start all over again. Plus, it can be a good lesson. The main thing is to correctly determine the cause-and-effect relationship.

 

there is a old wall street saying:' there are bold traders and there are old traders but there are no old bold traders'

Amen

 

'In one famous trade made while listening to a speech by Jean-Claude Trichet, the European Central Bank president, he made £700,000 profit.

It is worth looking at that trade a little further. Inman said that central banks talk to the markets in code. Certain words indicate whether they are going to increase interest rates. One of these code words is “Vigilance”. If the word isn’t used, there is a reasonable chance that rates won’t be increased. When Inman listened to Trichet, he noticed the absence of the word “Vigilance”, so he immediately “maxed out” of his long position. He took a considerable bet buying the market. The rates didn’t go up, everybody wanted to buy, the market spiked, and Inman netted his £700,000 windfall.'

betting on an event-in this case no increase of rates - is NOT TRADING.

it is speculation