Yeah, reminds me of the good old days... when people actually traded futures in the pit. I'm not complaining though. I guess MF Global hasn't ponied up the money to buy those guys new jackets yet. Now they'll probably have to wait a bit longer after last Wednesday's events have come to light.
SEASON 2, thursday TV WALLSTREET WARRIORS
- Thread starter jtnet
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Yeah, reminds me of the good old days... when people actually traded futures in the pit. I'm not complaining though. I guess MF Global hasn't ponied up the money to buy those guys new jackets yet. Now they'll probably have to wait a bit longer after last Wednesday's events have come to light.
Maybe the guy wearing the Refco jacket is superstitious and wants to keep his jacket he made millions the past several years?
Same like Larry the option pit guy who wears that orange shirt, as it would have any influence on what the report will be. Remember when he said that if the numbers from the report are bad he will burn that shirt?
What i dont understand is why Larry has such a great open position before the report comes out. Isnt that pure gambling? It would be the same if i went long or short a shitload of ES contracts just before the NFP numbers being released.
Same like Larry the option pit guy who wears that orange shirt, as it would have any influence on what the report will be. Remember when he said that if the numbers from the report are bad he will burn that shirt?
What i dont understand is why Larry has such a great open position before the report comes out. Isnt that pure gambling? It would be the same if i went long or short a shitload of ES contracts just before the NFP numbers being released.
Well, he probably feels like he has an edge on the market and has a better feel for where it will go. Obviously, this report was a surprise and he lost money but he's probably been trading ahead of these reports for awhile successfully. Here is an article from 2007 Trader Monthly by the very same Larry where he talks about his best trade ever, which occurred right before the USDA report.
http://www.traderdaily.com/magazine/article/3836.html
I think their position was a longer term fundamental position that they would "work the trade" depending on the number. I thought i remember him saying something like. I know some guys that trade Ags that do the same thing - build a large base position before some major fundamental news (usually build the position around where they think the underlying can't go), then if their wrong they'll work that position to get out and flip the other direction.
Did "The Rookie" (that recent grad girl) even trade live? Maybe I missed an episode, but they never showed her trade real money?
I don't think so. I think she left during/right after the training was over. She is now trading retail forex so maybe she will show up here and post. I'm sure she is reading here anyways.
I thought he mentioned in the show that it opened and went limit down so he was stuck. I think that is why he just sat there on the edge of the pit and did nothing as the price tanked. Given his size I am sure he tries to take a few of these bets regularly and looks to hit a few.
Latitty never traded live on the show as I believe the last time we saw her before leaving for Paris was the end of her training. She does not have the personaility from the little we see to trade because she is to wispy and unsure of herself, at least that is how she comes across. Did not seem to have any confidence despite the nice rack.
ya don't raise capital staring into a screen. what do you think the business of running a fund is"?
The show's premise has nothing to do with raising capital.
Watching rich white people gathering to watch men on horses with sticks chase a ball is not more relevant than watching more action in the trading pits. Or watching Brett jump in his Ferrari or Bentley and catch a helicoptor. Brett "works" for a private equity fund, he might as well be in Gaithersburg, MD.
Showing the pit traders and floor brokers operating and following them is substance. Following a tool around as he watches polo and catches a plane in a helicopter is MTV Cribs bullshit. Have you seen anything of substance on the show related to raising capital.. i doubt it. There was 3 minutes of the hedge fund floor traders talking about growing their fund and then that was it. I think the show is in love with Brett and the Cold Calling Sisters merely for comedic purposes.
I feel bad that multi-million dollar CEOS fall for those cold calls from 24 year old kids who know nothing about the markets accept what Texas Larry is asking them to push and what they learned from their Series 7.
Half the show is interesting and for that I have to sit through Tool Time.
The show has good potential if it really showed Wall Street itself through the floor brokers, put traders, exchanges and funds that trade.
yeah, network with the right people.
i like the show, it's entertainment and a glimpse into lives, not supposed to be educational.
surf
Quote from marketsurfer:
yeah, network with the right people.
i like the show, it's entertainment and a glimpse into lives, not supposed to be educational.
surf
Yeah it is good entertainment which is why I whole-heartedly admit that I watch it despite my complaints and look forward to the next episode.
I just hate when they give you good snippets of the Juice Man and then I got to sit through Brett wathcing polo lol.