daytrader loses it all.

Quote from kiwi_trader:

If hes a conservative day trader or even very short swing trader then this could easily be true. I aim to never have a day without a profit and seem to be able to do 7-10 in a row - then I make enough mistakes in sequence to reduce the euphoria. :)
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Hey Kiwi .

Maybe we could get Devil guy to say more about his style, etc.
 
Quote from SarahG:

What did he mean by that phrase? I don't get it.
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He was playing contra in Singapore market. By regulation,he gotta made payment of the stocks he bought within 5 days. Or he needs to sell them off and settle the difference.

He did not have the capital to hold any stock he bought or even settle the price difference. Pure gambling.
 
The market is the meanest loanshark in the world to those who are uneducated about its workings (but still willing to jump in head first thinking they know it all) - it will lend you some money and even make you think that more is on the way and it would all be yours, then in one fell swoop it takes it all away with an interest so high, it'd make subprime lenders blush.
 
No sympathy at all for anybody who plays in the market - kill or be killed. I'm glad he lost his and his parents' money - it means somebody else (typicalyl people such as myself) made a decent profit on his silly foolishness and lack of preparation/risk management.
 
Quote from JSL_Capital:

The market is the meanest loanshark in the world to those who are uneducated about its workings (but still willing to jump in head first thinking they know it all) - it will lend you some money and even make you think that more is on the way and it would all be yours, then in one fell swoop it takes it all away with an interest so high, it'd make subprime lenders blush.
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That's some honest advice. Thanks. :D
 
if devil trader is telling truth ,he could have made $10 each month,didn't say how much. another old rule"There are no laws for the brave or the dumb."How do you spell dumb?
 
Quote from ammo:

if devil trader is telling truth ,he could have made $10 each month,didn't say how much. another old rule"There are no laws for the brave or the dumb."How do you spell dumb?
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Yep !!
 
As nkhoi already said : "gambling is in chinese blood". You wouldn't believe the shit I know about that. And plus, Singaporean people are borderline overconfident/retarded. Naiveness and cockiness at it's peak, as the story clearly shows.
 
Interesting that Chan doesn't reveal what happened after he got the $300K, how much was he up using that money. Probably never was.

The story reminds me of the ego crazed idiots prior to the 2000 tech crash bragging what great traders they were. My standard reply, "Housewives are kicking your ass." IOW, the results were caused by the market trend, not trading prowess.
 
Quote from max401:

Interesting that Chan doesn't reveal what happened after he got the $300K, how much was he up using that money. Probably never was.

The story reminds me of the ego crazed idiots prior to the 2000 tech crash bragging what great traders they were. My standard reply, "Housewives are kicking your ass." IOW, the results were caused by the market trend, not trading prowess.
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With a bull trend you can hardly distinguish housewives and great traders. I even hear 50ish years old housewives telling their friend over the phone they need to be prepare to hold the stocks for 10 yrs? WTF is that?

You see something like this all over the place in the last 18 months. What about these two weeks? Anyone had a friend calling up and asked when to buy and what to buy cause the market seems low? 10% reaction that wipe out the gain of the last 3 months, and all they think the good times never end? (Some friend called today so I had entertained her for 15 min)

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Felt sad for Senior Mr. Chan, but the son? Maxing out girlfriend's creditcards so he can get back in the market? Come-on, we are all in the game (except some paper traders), we know the responsiblity, we know the risk, we take them as a man (or woman for female traders).

Moral of the story? Don't date university senior who bet his family farm on contra trade!?
 
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