Because they don't need to. I know a few old grain traders and they are the same way.
True Legendary Trading Stories
- Thread starter thetraderprofit
- Start date
Because they don't need to. I know a few old grain traders and they are the same way.
Are there stories about option selling ? I think there are people out there making a killing selling options to play the direction.
I know a lot of really horrible stories of people writing lots of naked calls and getting killed.
I'm sure ICPT today put some guys out of business.
Wow that's breath-taking audacity!
Yes it would be "cool" if the upperclassmen in your school did your homework for you. It would also be a fairytale and not a particularly good one. I look for strategy ideas but not strategy details; there's a difference. "Trade with the trend" is a strategy idea. Details on how best to do that have to be figured out by you. Hopefully those details will never be published. Edges that get published have a disturbing habit of dying off rather quickly after publication.
-stories from a fellow trader that I thought were very interesting.
"My worst gap experiences were with forex and crude oil -- but also grains. During the bombing of Iraq in 1992 (I think it was '92) I went home long Crude. No 24-hour markets back then. U.S. began bombing and the unofficial market in London was up $3 per barrel. The market opened $9 lower -- buy the rumor sell the fact. Ouch. I had a big position on. Took about a $180,000 opening hit.
I have also been hit hard with central bank interventions in forex. The Bank of Japan is especially good at timing intervention for Sunday evenings."
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"A very good friend of mine was the head of global prop trading for Goldman Sachs on 9/11. As an experience pilot he immediately recognized when the first plane hit that it was terrorism, not an accident. He went into action yelling out orders to the entire prop room. Goldman placed billions in bets in a period of 15 minutes. When the second plane hit the world shut down -- but Goldman had already placed its trades.
It was Goldman's most profitable trade in history to that date when the markets reopened. But think, someone else was on the other side of those trades -- ouch"
"My worst gap experiences were with forex and crude oil -- but also grains. During the bombing of Iraq in 1992 (I think it was '92) I went home long Crude. No 24-hour markets back then. U.S. began bombing and the unofficial market in London was up $3 per barrel. The market opened $9 lower -- buy the rumor sell the fact. Ouch. I had a big position on. Took about a $180,000 opening hit.
I have also been hit hard with central bank interventions in forex. The Bank of Japan is especially good at timing intervention for Sunday evenings."
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"A very good friend of mine was the head of global prop trading for Goldman Sachs on 9/11. As an experience pilot he immediately recognized when the first plane hit that it was terrorism, not an accident. He went into action yelling out orders to the entire prop room. Goldman placed billions in bets in a period of 15 minutes. When the second plane hit the world shut down -- but Goldman had already placed its trades.
It was Goldman's most profitable trade in history to that date when the markets reopened. But think, someone else was on the other side of those trades -- ouch"
Lewis was in Zurich, Switzerland that Monday.
One of my best friend used to trade stocks in Chinese market during 2007-2008. He started from 10K and ended up 100K in one year. He told me that one of the main strategies he used was to trade the market sentiment, keeping close eyes on the losers and betting against them. Then he is pursuing a postgraduate education in physics with the money he earned in stock market.
He is also a huge game fan and he trades in the auction houses. I used to help him start up in the World of Warcraft and one week later he came back with 10 times of my initial investment. He is dedicated and he can spend countless hours studying whether the Chinese stock market or the virtual market in games. But he has no strong motivation in making money. What a shame!
He is also a huge game fan and he trades in the auction houses. I used to help him start up in the World of Warcraft and one week later he came back with 10 times of my initial investment. He is dedicated and he can spend countless hours studying whether the Chinese stock market or the virtual market in games. But he has no strong motivation in making money. What a shame!
Rakesh Jhunjhunwala is an Indian investor and trader with net worth of USD 1.2 billion...he made 73% returns on his networth last year on average of half a million USD an hour....he is fondly called Warren Buffet of India...
http://www.moneycontrol.com/news/ma...-rs-35-lakh-every-hour-last-year_1153370.html
http://en.wikipedia.org/wiki/Rakesh_Jhunjhunwala
http://www.moneycontrol.com/news/ma...-rs-35-lakh-every-hour-last-year_1153370.html
http://en.wikipedia.org/wiki/Rakesh_Jhunjhunwala