Who cares why anybody blows out or makes it big in the trading arena? This isn't a team sport. IF he did blow out F em...he should be ashamed of himself. IF he didn't then good for him and his longevity as a "market wizard".
Baldwin Blows Out?
- Thread starter nitro
- Start date
Well I have not seen the news from Bloomberg. But I will comment. Tommy Baldwin has been pairing down his trading for quite a while now. He got rid of his office in the Cbot and started renting an office from Gelber. He was spending more and more time at his place in Northern Michigan. That new rag ---Trader magazine did an interview with him and I believe he stated this on the record.
Now I have not heard that he "blew out". But I know for a fact that he has taken BIG HITS in the past. So no big deal. Just because Baldy sells a seat ---and it is reported on Bloomberg. Well that means nothing.
IMO, Baldy has made and lost more money than probably anyone in the trading business (in the last 30 years). Especially, considering the fact that he is a private trader. If he were willing to sit down and spill the beans with a good author and pull out trading records. Well, he would have best seller. The actual events in the Crash of '87 (concerning him) would make a best seller alone.
FWIW, I used to trade at an office in the CBOT. I remember many days when Bloomberg reported news about Baldy. They tend to have a thing for him. They are NOT always correct in their insinuations. For instance, when he first came back to the pit. He went to the 10 year pit (and not the bond). People said he was struggling and that the brokers had to feed him etc..etc.. and Bloomberg issued reports insinuating this or that. Well his fist month back (or maybe his second? I cannot remember) he banked like 400k.
Don't always believe everything you read. One word of advice, from someone who has traded around so called "famous" traders. DON'T DO INTERVIEWS UNTIL THE DAY BEFORE YOU RETIRE. They are the kiss of death.
Publicity and leverage are like poison ---swallow them and you die.
Now I have not heard that he "blew out". But I know for a fact that he has taken BIG HITS in the past. So no big deal. Just because Baldy sells a seat ---and it is reported on Bloomberg. Well that means nothing.
IMO, Baldy has made and lost more money than probably anyone in the trading business (in the last 30 years). Especially, considering the fact that he is a private trader. If he were willing to sit down and spill the beans with a good author and pull out trading records. Well, he would have best seller. The actual events in the Crash of '87 (concerning him) would make a best seller alone.
FWIW, I used to trade at an office in the CBOT. I remember many days when Bloomberg reported news about Baldy. They tend to have a thing for him. They are NOT always correct in their insinuations. For instance, when he first came back to the pit. He went to the 10 year pit (and not the bond). People said he was struggling and that the brokers had to feed him etc..etc.. and Bloomberg issued reports insinuating this or that. Well his fist month back (or maybe his second? I cannot remember) he banked like 400k.
Don't always believe everything you read. One word of advice, from someone who has traded around so called "famous" traders. DON'T DO INTERVIEWS UNTIL THE DAY BEFORE YOU RETIRE. They are the kiss of death.
Publicity and leverage are like poison ---swallow them and you die.
I suspect that BAL is pretty much tapped. His home on the North Shore is listed at a price below what he owes in tax liens and on a second mortgage. As those who know, know, most of his erosion came in 2001 when a publicly listed tech firm went BK. BAL had about 35mil go up in smoke. What most here don't know is that much of his $$$ came from RE investments like the historic Marquette building. His winnings in the pit were considerable, but not much more than many other locals who chose anonymity.
In fact former locals RBM (who's brother JY was BAL's college roommate, and retired up 17+) and JFH who went on to found Marquette Partners, are worth close to a hundo. BAL was a master of self promotion. Much of the publicity was a tool for him to raise trading and realty money from institutional investors. Don't get me wrong. I found him to be VERY skilled, but like all of us flawed.
TGM, I dig your posts, but in NO WAY has BAL been THE top swinger around town. Jeez RD took 2k to 200mil in about a dozen years, and even someone like Rick Barnes went from a debit to a succession of 20mil years. My guess is BAL's top years were in the several million category. WAY below Kenyon for example.
In fact former locals RBM (who's brother JY was BAL's college roommate, and retired up 17+) and JFH who went on to found Marquette Partners, are worth close to a hundo. BAL was a master of self promotion. Much of the publicity was a tool for him to raise trading and realty money from institutional investors. Don't get me wrong. I found him to be VERY skilled, but like all of us flawed.
TGM, I dig your posts, but in NO WAY has BAL been THE top swinger around town. Jeez RD took 2k to 200mil in about a dozen years, and even someone like Rick Barnes went from a debit to a succession of 20mil years. My guess is BAL's top years were in the several million category. WAY below Kenyon for example.
I spoke to soon. From what I just heard. You are correct bro. I have not been in Chicago for a while now (a few years since I actually got rid of my place). I was actually under the impression that Baldy got more out of that tech deal than actually did.
When I mentioned his swings and I stated IMO he has had some of the greatest swings ever. I was referring to what really happened in the crash '87. It is a great story. I have heard many stories all good ----but not quite like that. Too bad he did not tell the whole story in Market Wizards.
There have been many debit to credit stories at the CBOT (and the CME). But I have yet to hear of one were security was trying to pull someone off the floor and the trader refusing to walk off does the unthinkable---doubles up!!!
You are right. There are some big swingers there and great comebacks have happened and will happen again. Kenyon is a totally differant type of trader. Much more of a scalper. But probably the best one there. Does he still go down to the floor?
Well ozzy we want to know how you did it. What was it that you were looking for in the market that was no longer there? Were you trying to keep doing the same thing that made you the money in the first place? If so, what was it?Quote from ozzy:
Good to hear I'm not the only one blowing out.
After a losing a million + in the last year I think i'm on the verge of elimination/throwing in the towel.
To all the winners out there, make good use of my money
ozzy
Chip Kenyon has not been on the floor in a long time. Last I heard was doing a lot of skiing and coaching his kids athletic teams. Can't forget both the Brumfields (Harris and Hardy) they were huge in the 10yr pit. Hardy is now the biggest 10yr local on the screen and his pit trader is the biggest guy in the pit (where he has taken on 10,000 plus). As for Baldwin, I highly doubt that he has blown out from trading, the 30yr does not do near the volume (on the screen) it used to do in the pit during the heyday. Baldwin did well on most of his real estate stuff like the Rookery right down the street from the CBOT and still has an enormous place in the yooper.
Steelhead, John Hughes is huge in the Ten-year options, former CRT guy, still throws around some size in all of the options pits, enough that he has his own desk guy on the floor.
Steelhead, John Hughes is huge in the Ten-year options, former CRT guy, still throws around some size in all of the options pits, enough that he has his own desk guy on the floor.
I would have to say the main reason is psychology and current mental state. Risk management was also among the top reasons for my downfall.
I knew I was a goner a while back but I continued to trade (out of stubborness). I think I'll be pushing the "Life Restart" button very soon.
Personally this has been the hardest thing I have experienced. I've always had success in school/sports without putting in much effort, I recieved a good dose of reality in this business. It has been a very painfull experience.
While trading I was never satisfied. Had I quit trading in early 2004 I would have been set for life, I could have moved to europe and lived happily by the beach enjoying life.
Instead I'm mentally crippled and most likely will continue to be for some time. In conclusion, to anyone who has made a lot of money, understand that it can be taken away very easily. There's no reason to go through what I have, if you plan properly.
Good Luck to Everyone.
ozzy
P.S sorry for these posts. I think I've been going through a mourning phase for the last few months and these thoughts/emotions surface here and there.
I knew I was a goner a while back but I continued to trade (out of stubborness). I think I'll be pushing the "Life Restart" button very soon.
Personally this has been the hardest thing I have experienced. I've always had success in school/sports without putting in much effort, I recieved a good dose of reality in this business. It has been a very painfull experience.
While trading I was never satisfied. Had I quit trading in early 2004 I would have been set for life, I could have moved to europe and lived happily by the beach enjoying life.
Instead I'm mentally crippled and most likely will continue to be for some time. In conclusion, to anyone who has made a lot of money, understand that it can be taken away very easily. There's no reason to go through what I have, if you plan properly.
Good Luck to Everyone.
ozzy
P.S sorry for these posts. I think I've been going through a mourning phase for the last few months and these thoughts/emotions surface here and there.