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  • #301
  • Quote
  • Jan 21, 2008 11:50am Jan 21, 2008 11:50am
Quoting Atltrader
Its called the new world order.. one world government, one world currency. It will be here sooner then later, how soon, no one knows, but if you look all around you the blue prints are in place.. The powers that be are the architects of the Euro, they have plans to implement the amero very very soon! there goes the good old Cad. one more big currency to bite the dust leaving us with less options to trade... I hate to sound like a doom and gloomer, but the world is heading towards globalized one world government and their is nothing we can do to stop it.. so get your money right and live your life..
Europe has a common ground to work from. We have the same origins for starters and we were all unified in the time that Julius Ceaser ran the place over here. But even with this common background it is not easy... government are hiding of the population to build the Europe... just see how they're trying to run away from an election about the "Lisbon Treaty" which they are all so proud of but no one wants to put to a vote because they're afraid of being turned down by the population.

I see a "civil" war (we're not a country, not sure civil is the right term) in Europe faster than a World Government. Left wing and right wing extremists are getting more share of their vote trough out Europe by these governments that are trying to build this "Union" in the back of the people.

The process of the Euro and of European government are not that easy as you make it to be. Sure, we're heading there but it is going to be a struggle... I am waiting to see reactions when some of our illuminated leaders decide to let Turky join the EU because we all know how "European" they are.

It is going to be a mess... don't underestimate the mobs, if you trade in the markets you know how powerful they can be
  • #302
  • Quote
  • Jan 21, 2008 12:03pm Jan 21, 2008 12:03pm
well, i say fight like hell and don't give them an inch!! each country needs to remain soverein. submitting to a new currency takes away from that sovereinty, just like you stated. Every country has pride, and nobody wants to have their policies dictated by foreigners. I believe that the way they will begin the process will take time.. They want adopt this notion that globalization is good and push it on the younger generation.. by the time our kids get older, they will have less passion for their own culture and customs..Again, this can take a few generation, but this will allow them to embrace a new government, new currency, new way of life... it will no longer be about germany, or portugal, or usa, it will be about the unions.
Things can get Real ugly, Real quick!!!
  • #303
  • Quote
  • Jan 21, 2008 12:27pm Jan 21, 2008 12:27pm
Quoting Atltrader
on another note... does'nt it seem like the us dollar and the great british pound are deliberatly trying to be devalued through inflation???? The dollars is going to hell in a hand basket!
Are you watching the same markets I am? The British Pound is at the same levels it was at in Jan. 2007 and in Jan 2006 the Pound was worth $1.7200

As for EUR/USD, it has surely gone up, but it has formed a double top on the daily chart and rebounded down to nearly $1.4400

The conspiracies sound fun but in reality they make little sense.
  • #304
  • Quote
  • Feb 5, 2008 7:24am Feb 5, 2008 7:24am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting Atltrader
The dollars is going to hell in a hand basket!
And you say this like it's a bad thing.

Actually, could a reduced value dollar be good for the US economy? Some analysts say yes. Possibly because much foreign debt is in dollars so why not devalue the currency first, pay back some large debts and then readjust. I'm sure it's not this simplistic though.

The Argentine government did this very thing. As you may know, the pesos was pegged 1 to 1 to the dollar. In one night, the government took the entire countries savings from the banks as a 'loan'. If you had money in an argentine bank during the economic crisis you would have been left with an IOU in your bank account and $500 pesos.

Next, the government re-valued the pesos 4 to 1 dollar thereby reducing it's repayment obligation by 75%.

It's interesting to watch what happens with world economies when you take a step back and take a broad view.

TrevA
  • #305
  • Quote
  • Feb 5, 2008 8:00am Feb 5, 2008 8:00am
TravA,

Are you sure of what you're saying? As far as I know the foreign debt of Argentina was measured in Dollars, not Pesos. FMI and foreign banks loan in dollars.

So the debt of Argentina should have skyrocketed.
  • #306
  • Quote
  • Feb 5, 2008 8:54am Feb 5, 2008 8:54am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting branco
TravA,

Are you sure of what you're saying? As far as I know the foreign debt of Argentina was measured in Dollars, not Pesos. FMI and foreign banks loan in dollars.

So the debt of Argentina should have skyrocketed.
You are correct, the Argentine foreign debt was in Dollars not pesos... but as the peso and dollar were pegged at the time, the government took the money from every persons bank account leaving an IOU, converted the pesos to dollars, defaulted on the FMI and foreign bank loans and then revalued the peso 4 to 1 dollar.

Stunned residents woke the following day to find their bank accounts empty! Pretty slick huh?

If you look at the trade balance and foreign account deficit for the years leading up to the Argentine economic crisis you will see that Argentina had a penchant for luxury goods from the west and took a casual approach to exports. They had a huge imbalance where imports exceeded exports by a large factor.
  • #307
  • Quote
  • Feb 5, 2008 11:35am Feb 5, 2008 11:35am
Quoting TrevA
You are correct, the Argentine foreign debt was in Dollars not pesos... but as the peso and dollar were pegged at the time, the government took the money from every persons bank account leaving an IOU, converted the pesos to dollars, defaulted on the FMI and foreign bank loans and then revalued the peso 4 to 1 dollar.

Stunned residents woke the following day to find their bank accounts empty! Pretty slick huh?

If you look at the trade balance and foreign account deficit for the years leading up to the Argentine economic crisis you will see that Argentina had a penchant for luxury goods from the west and took a casual approach to exports. They had a huge imbalance where imports exceeded exports by a large factor.
This is totally inaccurate, I think you are living in a fantasy world.It was the people who took their own money from the Banks a la Northern Rock last year. The run on the banks caused the government to impose withrawal limits.
  • #308
  • Quote
  • Feb 5, 2008 1:05pm Feb 5, 2008 1:05pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting Ted1983
This is totally inaccurate, I think you are living in a fantasy world.It was the people who took their own money from the Banks a la Northern Rock last year. The run on the banks caused the government to impose withrawal limits.

Take it easy Ted1983... no need to have a roid rage . We're not writing an encyclopedia.... we are just swapping some interesting historical anecdotes.

About living in a fantasy world.... definitely!

Of course there was a rush on the Argentine banks like Northern Rock. Isn't that obvious?

Yes bank withdrawal limits were invoked ( 500 pesos per month ). The withdrawal limits prevented the funds from being used by the people that owned them. The government in turn used the funds for it's own purpose (civil stability etc) through conversion to dollars and then they devalued the peso.

The government undertook to convert as much of it's pesos reserves to dollars before the devaluation and they did this knowingly and strategically once painted into the economic crisis corner

You may already know this but Argentina like many countries throughout Latin America run a dual currency system. Argentina has the Peso as it's official currency but houses are priced in dollars, not pesos. You can withdraw pesos and dollars from ATM's and bank accounts can be held in dollars and pesos.

This bbc article has some good points but it doesn't have the real story i've regretfully :surprisedshared on this forum:
http://news.bbc.co.uk/2/hi/business/1940533.stm

Finally, the IOU is just to make a point!!! They didn't actually have an IOU but the same outcome was achieved through withdrawal limits and peso devaluation.

TrevA
  • #309
  • Quote
  • Feb 5, 2008 1:28pm Feb 5, 2008 1:28pm
Quoting TrevA
Take it easy Ted1983... no need to have a roid rage . We're not writing an encyclopedia.... we are just swapping some interesting historical anecdotes.

About living in a fantasy world.... definitely!

Of course there was a rush on the Argentine banks like Northern Rock. Isn't that obvious?

Yes bank withdrawal limits were invoked ( 500 pesos per month ). The withdrawal limits prevented the funds from being used by the people that owned them. The government in turn used the funds for it's own purpose (civil stability etc) through conversion to dollars and then they devalued the peso.

The government undertook to convert as much of it's pesos reserves to dollars before the devaluation and they did this knowingly and strategically once painted into the economic crisis corner

You may already know this but Argentina like many countries throughout Latin America run a dual currency system. Argentina has the Peso as it's official currency but houses are priced in dollars, not pesos. You can withdraw pesos and dollars from ATM's and bank accounts can be held in dollars and pesos.

This bbc article has some good points but it doesn't have the real story i've regretfully :surprisedshared on this forum:
http://news.bbc.co.uk/2/hi/business/1940533.stm

Finally, the IOU is just to make a point!!! They didn't actually have an IOU but the same outcome was achieved through withdrawal limits and peso devaluation.

TrevA
Fair play, just a bit of friendly forum flamin'.
To be honest I'm livin in a fantasy world where my account balance .has about 4 or 5 more zeros on the end.
  • #310
  • Quote
  • Feb 5, 2008 2:32pm Feb 5, 2008 2:32pm
Quoting maxcrisisavo
working for a company is not that bad...
i can recommend you one thing from experience that will definetely give you a boost for your own success and also for your company..
it is about the importance of money management that a lot of traders are forgetting lately! or never even heard of or are misinterpreting it!
in my personal experience a proper money management plan that you are able and willing to present to a company will give you the wanted credits!!
http://www.forexpanda.com had some nice ideas about it, and hopefully the texts are still available!
extremely important in my opinion as well the risk management!
so keep on managing and youll be as successful as "that other guy who.."

Man...this spam is so obvious

Looks like you need your google ads to pay for your blown accounts!

...but hey...thats non of my business right!

take care & good luck
  • #311
  • Quote
  • Feb 14, 2008 2:55pm Feb 14, 2008 2:55pm
Hi Trader8888. Wonderful thread, thanks for your time and contributions.

I had a question regarding the equities markets vis-à-vis the fx market, if you are still around. In the stock markets, at least the large ones, computers play a huge role in moving price. This is especially true on a down day when program trading can take over with dramatic results. Goldman Sachs' algorithmic models have a name for themselves but there are many others.

If I am reading your prior posts correctly, it seems you are saying real live human beings play the major role in moving currency pairs at the institutional level, this despite the larger daily $ volume. Is this correct? And, if so, why do you suppose program trading hasnt barged its way into this market?
  • #312
  • Quote
  • Apr 14, 2008 2:03am Apr 14, 2008 2:03am
Quoting xxfunguyxx
Does anyone how to be a junior trader for a company? I mean I know theres a lot of positions for senior traders who earn alot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no expereince...a stockbroker?
I saw on Jackos thread that some of the guys in his group have been head-hunted. Post 2715 in Jackos thread
Jacko said in his blog that the head honcho of one the big brokerage companies that he deals with took him out for big night out and got Jacko to act as a conduit between the broker and three of the traders in his group.
  • #313
  • Quote
  • Apr 14, 2008 5:18am Apr 14, 2008 5:18am
Quoting wattawatta
I saw on Jackos thread that some of the guys in his group have been head-hunted. Post 2715 in Jackos thread
Jacko said in his blog that the head honcho of one the big brokerage companies that he deals with took him out for big night out and got Jacko to act as a conduit between the broker and three of the traders in his group.
Jacko has a
  • #314
  • Quote
  • Apr 14, 2008 6:37am Apr 14, 2008 6:37am
Quoting wattawatta
Jacko has a
Has a what?
  • #315
  • Quote
  • Apr 15, 2008 4:45am Apr 15, 2008 4:45am
Quoting wattawatta
I saw on Jackos thread that some of the guys in his group have been head-hunted. Post 2715 in Jackos thread
Jacko said in his blog that the head honcho of one the big brokerage companies that he deals with took him out for big night out and got Jacko to act as a conduit between the broker and three of the traders in his group.
Jacko has been asked to keep a look out for disciplined traders in his group and then put them in contact with this head honcho guy to see if they are interested in prop trading.
  • #316
  • Quote
  • Apr 23, 2008 2:07am Apr 23, 2008 2:07am
Quoting wattawatta
Jacko has been asked to keep a look out for disciplined traders in his group and then put them in contact with this head honcho guy to see if they are interested in prop trading.

The dude rung him agan last nite. he is interested in talking to one or two more.
  • #317
  • Quote
  • Apr 23, 2008 2:19am Apr 23, 2008 2:19am
Friend, how are you doing? I read all the mails in your thread and I felt I should give you some tips. I happen to be working for a bank in Nigeria. I do not see any reason why a prospective trader that knows what it takes to make money should go and trade for any company.Yes, once in a while we feel insecure and want to get a good paying job that will give us a consistent income. But there is an evil there, your best will be limited to your targets in the bank or whichever company you are working for.Can they even pay you well? Can they give you the free hand you need? See, the idea is to get some good strategy for yourself, good laptop, good internet connection asnd soar like the eagle on th currency market.Ifr you dont mind, I can help you with a simple plan you already know of and you'll be on your way to joining the billionaires club.Cheers
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  • #318
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  • May 6, 2008 2:41am May 6, 2008 2:41am
Does anyone know what happened when Jacko went to the Macau casinos with another brokerage company head honcho last week?. Did they want more traders from his group ? Or was it only a social thing ?
  • #319
  • Quote
  • May 8, 2008 11:25am May 8, 2008 11:25am
Quoting wattawatta
Does anyone know what happened when Jacko went to the Macau casinos with another brokerage company head honcho last week?. Did they want more traders from his group ? Or was it only a social thing ?
Hi Wattawatta,

It was a combination of both. We spent quite a while in the Casinos and I had an especially successful night (it is a rarity for me at a Casino...I often think that it would be better if I just went to the door and threw a whole lot of cash into the Casino and save myself all that time at the tables...LOL).

It seems that my group is starting to be of interest to some brokerage houses that I deal with.


.
  • #320
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  • Oct 4, 2008 9:34pm Oct 4, 2008 9:34pm
Interesting thread, I'll keep my eye on this. Thanks to all
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