True Legendary Trading Stories

Originally posted by vhehn
"you can't short an IPO for 90 days....I think"

wrong
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good input; thats why I love this site....so what is it 30 days??? Or is "wrong" the correct answer??
 
About a half-dozen years ago, Fast Eddie took his monthly check [around $200+ if I recall] to the craps table, Binion's Horseshoe downtown Las Vegas. He ran it up to around $800k in a several day marathon....and lost it all back. He just wouldn't quit. Eddie was around 80 at the time, and I believe Benny Binion was still alive.

Eddie was an old gambler who ran some private "illegal" games in Florida way back whenever. He lived high and drove fast from what I heard. A small guy, but a semi-professional boxer, he was harmless looking until you wronged him. He claimed to have shot someone he was angry with in the butt. A character.

Mark
:cool:
 
i dont think there is any regulation against shorting an IPO.. just most brokers dont do it because the shares are hard to locate for a while. i think prop firms (member firms) can short regardless. maybe someone will confirm/deny?
 
good input; thats why I love this site....so what is it 30 days??? Or is "wrong" the correct answer??

you can short ipos from day one with right broker
 
I was at a firm that was not an nasd member who did not tell traders not to short IPO so they did. I heard all sorts of stories and I saw some guys make some really good money. Then people were on the internet bragging about shorting IPO's and it got shut down.
 
You can short IPO's on the open day. It all depends on who your broker and clearing firm are and what they let you do. Believe me, you make it worth their time and it is done.
 
Originally posted by nitro

He told me that he had made $2M in 30 seconds, had gone on to lose the $2M in the next 30 seconds, then lost another $4M in the next two minutes. He was almost in tears and said he did not know how he was going to confront his wife.
nitro
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It's good to hear this stuff from time to time, how greed can cause one to risk too much. No good.
Live and learn. There's always tomorrow.
 
Originally posted by Mark Hansen
About a half-dozen years ago, Fast Eddie took his monthly check [around $200+ if I recall] to the craps table, Binion's Horseshoe downtown Las Vegas. He ran it up to around $800k in a several day marathon....and lost it all back. He just wouldn't quit. Eddie was around 80 at the time, and I believe Benny Binion was still alive.

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I remember that incident. The cool part of the story was when he walked out of the Horseshoe with no money, his comment to a reporter was "I've lost $200 lots of times!".

Now I am not sure about this, but I think it was really not that much of a "marathon". I was under the impression it happened in one sitting. I could be wrong about that. I know they let him bet 50K at a crack in that game. Imagine 50K in the field on each roll! This from a guy that couldn't pay the taxes on his co-op apartment (he was a few hundred in arrears). Eddie was a true "flea" (vegas expression meaning "degenerate" among other things).

Benny was not alive then. It was 1992 or 93.

But both Fast Eddie and Benny Binion were masters of risk management:)

:)rs7
 
Originally posted by rs7
Now I am not sure about this, but I think it was really not that much of a "marathon". I was under the impression it happened in one sitting. I could be wrong about that. I know they let him bet 50K at a crack in that game. Imagine 50K in the field on each roll! This from a guy that couldn't pay the taxes on his co-op apartment (he was a few hundred in arrears). Eddie was a true "flea" (vegas expression meaning "degenerate" among other things).
Benny was not alive then. It was 1992 or 93.

But both Fast Eddie and Benny Binion were masters of risk management:)

:)rs7
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I thought it had taken several days, but I wasn't in town, and could easily be wrong. Eddie was a friend of a gambling partner of mine. My friend was angry at Eddie for not putting something aside for him, when he was ahead. He had loaned Eddie thousands over the years, since he was always broke.

Mark
:cool:
 
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