My Brother Blew >$1 Million

midlifeguy · May 13, 2007

He needs to attend several gambler;s anonymous meetings a week. If he lost over that much over a 20 year bull market, then he is a pathological gambler and subconsciously wants to lose.

arealpissedgoy · May 13, 2007

Quote from robinxing:

arealpissedgoy

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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what is your proof ,he is a Chinese

I warn you it is racist remark

Racist? I was posting a well known FACTOID!

The Chinese are the only known race that will sell everything they have to go gamble in Macau.

This is rather old data. But it makes my point handily.

<a href="http://imageshack.us"><img src="http://img514.imageshack.us/img514/3913/chinsegamblingky4.gif" border="0" alt="Image Hosted by ImageShack.us" /></a>

Don't even get me started on their general level of honesty. I have done business with Chinese people and Chinese companies, I know how they work.

Now I do all my business with Mexican companies. In the long run it's cheaper because they don't steal my product ideas and sell them for 1/10 my whole sale price like the Chinese do.

ammo · May 13, 2007

if you draw a line on the supports of your chart we're going to 12000 so look at both sides,and for chinaman lover,when you take a big paint brush and just wipe out a whole race of people that is bigotry

FerdinandAlx · May 13, 2007

Quote from patoo:

If you haven't blown out an account yet, you are

a) very lucky,

b) too conservative to get anywhere,

c) or a newbie.

Let's say you were a physician and a patient comes up to you with skin lesions. Would you consider his scratching a symptom or do you see it as the cure? Now let's say there is a trader that lost all his equity. Would you consider his blow up a symptom or do you see it as the cure?

Quote from Joab:

So what's the answer ?

Why do this business at all?

The secret is to take your chips off the table and bank them somewhere else will you are having the good run.

Heed my words... [/B]

I have a question for you too. If you believe there's money to be made in trading why would you take your chips off the table? If you think off the table is a better place for your money then on the table, then why did you take it to the table in the first place?

whowah · May 13, 2007

Quote from brazilianwonder:

I have read Market Wizards a couple of times and some of those guys were in huge trouble before they made it back.

Perhaps someone could write a book about guys who just blew it and never came back...Market blowups...The New Market Blowups...and so forth...

It would be a depressing read but an eye opening as well to many people. Is there such book?

There is a book written in 1966 about a guy who did this. It is called WIPED OUT.

http://www.amazon.com/gp/offer-list...5007320?ie=UTF8&s=books&qid=1179078709&sr=8-1

amazon link.

Read this book a long tima ago.

robinxing · May 13, 2007

arealpissedgoy

your words is just like kid's

in your life,were you cheated only by some Chinese?

and I do not think too much about the data you provided

what is the relationship between the data and the thread?

Spooz Top · May 13, 2007

Quote from runningman:

So true. If I had an oz. of movie writing talent, I would rewrite Rounders against the context of the market. I believe it could done pretty much without changing any of the dialogue, short of changing "poker" for "market"

On the other side of the gentleman who lost $1MM, is someone smiling about how their system worked to perfection.

funny you mention that......from the first time i`d watched that movie,i saw & heard it regarding trading...not poker & i was a player in both at that point in time the movie was released & beleive it`s a great movie for any trader that`s starting out being that there are very similar if not identical correlations between the two crafts.

ET99 · May 19, 2007

I have spoken to the guy. He still thinks he know what he's doing. He still believes he can make it all back.

thriftybob · May 20, 2007

I've lost a million more times than I'd wish for that's for sure. I've made them back eventually, all except two times.

There question is do you know when to sell and walk away vs hang in there or double down?

I've done real well making the choices that avoided doubling or holding the ones that went under. Of course, erring on the side of caution has cost me some missed gains, too.

jj90 · May 20, 2007

Quote from arealpissedgoy:

The Chinese are the only known race that will sell everything they have to go gamble in Macau.

Don't even get me started on their general level of honesty. I have done business with Chinese people and Chinese companies, I know how they work.

Now I do all my business with Mexican companies. In the long run it's cheaper because they don't steal my product ideas and sell them for 1/10 my whole sale price like the Chinese do.

Sounds like someone is unhappy cause others outsmarted him. Only thing I'll agree with this is that Chinese have a gambling problem, the opium thing is so 1800s. How little you actually know.