My Brother Blew >$1 Million

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ET99

I just want to share this email I received from a friend:

I just discovered my brother is in trouble -- he has blew over $1 million in trading.

Apparently this started 20 years ago. He was on the phone with his broker during office hours all the time; he was warned, then fired from his job.

Without a job, he turned to full time trading, and promptly blew his first account. He lost his house, and almost ended his marriage.

On and off he traded. He made some money, gave some back.

He started trading fulltime again a few years ago, after being furlonged. He had never been successful. He loss money, re-funded his account, and loss again, until he ran out of cash.

He cashed the insurance policies, dipped into his wife's retirement savings account, and gave them all to the market.

He then started borrowing money, from friends, relatives, acquaintances, neighbours... he had thousands of reasons and excuses -- the tax department was after him; the house was leaking; father in the hospital; he was starting a business; found a piece of land he could flip; one of his friend was in trouble... etc.

Needless to say, his credit card is over the limit. He got a spousal card from his wife, and rolled it to the limit too.

We just found out, during one of the visits he made to an uncle, he found a pre-authorized credit card application in the mail box. He stole the application and applied for the card. Now it was discovered he maxed out the card to over $100k !!!

All in all he owes friends and relative and credit cards to the tune of over 1 million dollars.

Everybody is heart broken.

This trading thing is a disease.
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Ya ok, trading is a disease! It's disease that makes you bet your life for nothing! Luckily for me, I took a flu shot that makes me immune to such stupidity! :D
 
Quote from ET99:

I just want to share this email I received from a friend:

Apparently this started 20 years ago. He was on the phone with his broker during office hours all the time; he was warned, then fired from his job.
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he didn't get a good tip, tell him to wait for double bottom as marked then just buy and hold.
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He went after the guy who stole his wallet. Know the beast, know patience.

Boo Hoo....that post describes gambling. Learn the lessons of risk management or become the lesson.
 
''This trading thing is a disease''

The author of the email blames his brother's failure as a disease. Shifts responsibility off the "trader".

His gambling problem is not a disease. It is a weakness bordering on stupidity. He was averaging a loss of more than $50K per year for 20 years. He should have stopped trading after losing $50k within the first year, like this ain't working out.

What was the purpose of the author's email? Was he expecting people to bail him out, feel sorry for him? Expecting leniency for credit card fraud?

"All in all he owes friends and relative and credit cards to the tune of over 1 million dollars. Everybody is heart broken."

You think they would have known better too.

We don't need people blaming traders and trading as a disease that must be cured with more regulation and restrictions.
 
Quote from IanMacQuaide:

That's not trading. That's called gambling, and he's an addict.
Interesting that the writer's first language wasn't English.
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I'm pretty certain the author is Chinese.

Hardcore gambling is a Chinese disease, along with a love for Opium.

There are also other clear signs the author is possible Chinese. His total lack of honesty in dealing with others.

Now multiply this fellow by a Billion and you know why the Chinese stock market is headed straight down when a sell off begins.
 
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