Really? Holy crap is that stupid.
http://www.bloomberg.com/video/66619650-corzine-interview-feb-10-on-mf-global.html
From 4:00 discusses prop trading at MF.
FRONTLINE: MF Global's Six Billion Dollar Bet
- Thread starter OnClose
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Really? Holy crap is that stupid.
http://www.bloomberg.com/video/66619650-corzine-interview-feb-10-on-mf-global.html
From 4:00 discusses prop trading at MF.
Corzine lost more than just money. His legacy was tarnished beyond repair. Maybe not as bad as Madoff but as bad as it gets.
Before he came to MF Global, his rep was pretty impeccable, legendary even.
Before he came to MF Global, his rep was pretty impeccable, legendary even.
Quote from ChkitOut:
LOL, when people have the ability to earn enourmous money if the bet right with OPM and if they lose they STILL walk away with a lot of money do you think they are going to bother doing things the right way? Meaning control risk so no huge reward?
Heck no, they gamble because thats what the system incentivises them to do. If my bet wins, i win, if my bet loses, i win.
'
He says in the link I posted above that he chose MF Global precisely because it wasn't too big to fail ie he could gamble all he wanted without any regulators because futures accounts are not insured. Even brokerage accounts are insured I think through SIPC.
What differentiates a trader and a gambler is simple, a gambler lets emotion rule the day and totally throws out risk management out the window.
A real trader/investor is unemotional, Risk management is #1 all the time, and a trader will cut a loss right a way and call it a day instead of what a gambler would do which would keep doubling down trying to martingale out of losses into a win.
You have to learn how to lose before you can win.
A real trader/investor is unemotional, Risk management is #1 all the time, and a trader will cut a loss right a way and call it a day instead of what a gambler would do which would keep doubling down trying to martingale out of losses into a win.
You have to learn how to lose before you can win.
From the "American experience" Crash of 1929
Few Americans in 1929 lived like Jesse Livermore, but there was a rising expectation that everyone could have a piece of this prosperity.
Jesse Livermore, whose fortune was estimated at over $100 million, never did anything in his life but play the market.
Livermore was a speculator, pure and simple. He didnât study the health of a company. He didnât care whether it made a profit or paid a dividend. For him, the stock market was an abstract game of numbers.
Few Americans in 1929 lived like Jesse Livermore, but there was a rising expectation that everyone could have a piece of this prosperity.
Jesse Livermore, whose fortune was estimated at over $100 million, never did anything in his life but play the market.
Livermore was a speculator, pure and simple. He didnât study the health of a company. He didnât care whether it made a profit or paid a dividend. For him, the stock market was an abstract game of numbers.