Discussion in 'Wall St. News' started by startraitor, Jun 25, 2013.
What a great turn around story
Guy had ridiculous advantages that 99.9% of people can't dream of.
His family staked him with 50k in 1981. That's like your family handing you a quarter million today and saying, "good luck"!
Who gets that?
Then there's this-
"Just weeks after joining the trading pits, he lost the $50,000 and another $100,000."
Who the F loses 150k in the first weeks of trading? Sounds like a degenerate gambler who went balls to the wall knowing his "trading mentor" was going to bail him out if he blew out.
I started trading with a guy who came from a wealthy family. His family gave him 25k to open an account.
He refused to go on demo mode for a few days/weeks like everyone else starting out. He didn't even know how to use the keyboard for different order entries. He blew out in less than a week shorting the semi conductors (LSCC in particular) on a day when either KLAC or XLNX boosted guidance. He just wouldn't listen to anyone.
Typical of a kid who had been given everything his whole life.
Anyway, imo I don't think there's much to give credit for in that story. Just another kid who had his family hand him a pile of cash (50k in 1981 was an obscene amount of money!!) and the right connections to bail him out.
Come on. Take 10 guys who lose 3 times their parents stake in their first weeks and tell me how many will manage to pay debt in 3 years trading and bar tending at night...1 or 2. The others would have changed career or worse fleed...
Most of this discussion is an old decrepit brew around a patio wacking about how their knees hurt but not about how ingenious the others of our age are.
I'm more insulted by the attitudes that this is how all of the millenial generation will be, when I have so many bad things to say about the people above who remove good advisors so that the advisors who spent thousands to get the business can simply be fired so that those clients become theirs.
There aren't any other bad things about the business of finance mostly other than that. I despise the people that did that to me, and I lost my marriage from it and in certain cases my freedom for explaining what I could do with the technologies I'd developed.
Stick heart up, and I tell you the rich have only been around longer than me, but aren't wealthier when you measure earnings capacity. Play on in this trade that changed a life, is more like the time bomb waiting for either the brokerage firm you're associated with to shut you down, or for one reason or the other a regulator informed by industry insiders to try to bankrupt small operations through litigation attrition brought on by illegal disreporting to the SEC or FINRA which then leads to more inefficiency that doesn't matter to those regulators because those operations are just that, small.
Anyway, the older folks in this business do not get that the people in my position do not put up with whatever scheme you want to call the above, and this is the state of the industry which is not too different from the other leach sales roles I've seen advertised for 2 year stints and lame careers as car saleman for a financial firm basically.
My $14k went to $250k... and somebody stole it.
We can discuss all else, but that's the gist and none of my work in the industry could ever have been beneficial with a loss like that, especially in the first year working on my own.
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