Quote from atticus:
Quote from Ripley:
Maybe a better explanation would help.
I had $250 in my account. Which wasn't enough margin to trade even one contract. Then I took out $900 in Cash Advance from my Credit Card. Which I could use for one month where in which I could pay that back with a $30 fee and a payment of $930.
So, I had $1,150 to start out with. Couple of days of trading that last week, I ended up with $1,400.
This week's starting Account Value: $1,400
M: +$ 400, Account Value: $1,800
T: +$ 500, Account Value: $2,300
W: -$980, Account Value: $1,320
I am just afraid to take losses. $50 is a lot of moneys.
I will try to graphically describe what happened. I cannot believe I lost this much on one trade.
now that you and your clients are part owner, and the odds that this bank will turn to dust are high,i would find out what real estate your bank is sitting on, a hotel,beachfront property ,and trade in my shares as soon as possible,you paid for it,take something in returnQuote from Ripley:
Bank of Cyprus is an intermediary bank that I use for transferring foreign funds coming into the United States. I don't hold significant long term deposits there. And for that reason, I felt Bank of Cyprus was reputable enough to serve as an intermediary financial institution for my foreign investor fund transfer needs.
Anyway, I haven't lost any of my deposits. Only that the deposits would be converted into Bank of Cyprus shares. Me and my investors are proud owners of some well capitalized Bank of Cyprus shares. With some short term liquidity issues, I could live with that.
Quote from Ripley:
Working the phones and staying well into the night, I was just informed that a part of my deposits would be converted to shares in a newly capitalized Bank of Cyprus. At least it wasn't a total loss.
Quote from dealmaker:
Cyprus is going to be in a severe recession and given that Russians plus other foreign investors will pull their money at the first opportunity what do you think your shares in Bank of Cyprus will be worth?
Quote from Ripley:
I believe a well capitalized Bank of Cyprus would be worth many times (in the next couple of years), than what the value multiples the market will place on it at the current economic environment.
I'll take the other side of the trade against the Russians and other foreign investors (especially if they are from the Middle East) any day of the week.
Quote from dealmaker:
Obviously you are delusional in calling money launderers respectable institution i.e. Bank of Cyprus.
ps smart money exited Cyprus in the 1st quarter of 2012, this is as per Sberbank board director Ronald Freeman on Bloomberg Europe 04/04/2013 i.e. you are dumb money...
Quote from Ripley:
I believe a well capitalized Bank of Cyprus would be worth many times (in the next couple of years), than what the value multiples the market will place on it at the current economic environment.
I'll take the other side of the trade against the Russians and other foreign investors (especially if they are from the Middle East) any day of the week.