Who really gives a flying f**k . I mean the bottom line is this guy traded/bet/gambled, traded directionally and was wrong. I am wrong just about every day. If someone wants to take a large position and knows the risk, who is anyone else to say how someone should trade. Enough already. Don hope you are doing well.
Rumor: Bright Trader blows up and loses millions
- Thread starter Daal
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Come on Don. For years, you ridiculed us stating that position trading is for idiots. You even told us of how your strategies are "sure things" and then told us how we were so foolish for being position traders. You told us about your boot camps, your advanced trading classes, the ladies, the booze...Then you told us how your traders are not allowed to touch high risk stocks like homebuilders, simply too risky...
Then one day one of your traders blows up daytrading some little known penny pharma stock using a wild amount of leverage.
What happened to responsibility? What happened to the pairs trading? What happened? This doesnt sound like the bright trading that I know. Risk management?
Now you want this thread to simply go away as its an embarassment to your firm. You casually explain it away stating "oh well".
Dont be like Jim Cramer, full disclosure and an apology would be appreciated.
Then one day one of your traders blows up daytrading some little known penny pharma stock using a wild amount of leverage.
What happened to responsibility? What happened to the pairs trading? What happened? This doesnt sound like the bright trading that I know. Risk management?
Now you want this thread to simply go away as its an embarassment to your firm. You casually explain it away stating "oh well".
Dont be like Jim Cramer, full disclosure and an apology would be appreciated.
LOL, well, with hundreds of traders, and one guy, who happens to be a friend of my brother's...just not a big deal. With hundreds who are more typical traders under direct risk control, we have had very few traders get hurt at all.
If you think about it, this event actually backs up what I've been saying all these years. One event in 16 years, with directional positions, blows up...... is just not a big deal, and will certainly serve as an example for the other traders.
All the best,
Don
If you think about it, this event actually backs up what I've been saying all these years. One event in 16 years, with directional positions, blows up...... is just not a big deal, and will certainly serve as an example for the other traders.
All the best,
Don
Quote from Port1385:
Come on Don. For years, you ridiculed us stating that position trading is for idiots. You even told us of how your strategies are "sure things" and then told us how we were so foolish for being position traders. You told us about your boot camps, your advanced trading classes, the ladies, the booze...Then you told us how your traders are not allowed to touch high risk stocks like homebuilders, simply too risky...
Then one day one of your traders blows up daytrading some little known penny pharma stock using a wild amount of leverage.
What happened to responsibility? What happened to the pairs trading? What happened? This doesnt sound like the bright trading that I know. Risk management?
Now you want this thread to simply go away as its an embarassment to your firm. You casually explain it away stating "oh well".
Dont be like Jim Cramer, full disclosure and an apology would be appreciated.
Port 1385,
Are you the guy that started building a position in Fannie Mae at 20?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=130701
And called an end to the bear market in June:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=131861&perpage=6&pagenumber=1
How is your long AIG at 15 position doing:
http://www.elitetrader.com/vb/showthread.php?s=&postid=2041092#post2041092
And, if you're going to post a photo, why not the "Don King" version, LOL. l
Don
Don
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