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  • #73,461
  • Mar 10, 2009 8:18am Mar 10, 2009 8:18am
Had to run my kid to morning pre school but wanted to give a trade update on my two posistions I was talking about earlier.

Euro Long 1.2650 closed at 1.2801.
NZD Long .5001 closed at .5032.

Both trades from yesterday were underwater yesterday afternoon and came back nicely for me overnight and this morning. Closed based on combined profit on both trades that reached levels that I have to take.

Going for a run.
+ Charts Happen
  • #73,462
  • Mar 10, 2009 8:19am Mar 10, 2009 8:19am
Quoting gammase1
And I'm so used to equities collapsing
Yeah it's a tough gig with equities.

The running joke in this thread at one stage was that whenever a journalist on cnbc or bloomberg asked to the question to one of their guests " are we at the bottom?"---that meant that equities would go down further. So far this has worked lol
  • #73,463
  • Mar 10, 2009 8:26am Mar 10, 2009 8:26am
Quoting altrader
Yeah it's a tough gig with equities.

The running joke in this thread at one stage was that whenever a journalist on cnbc or bloomberg asked to the question to one of their guests " are we at the bottom?"---that meant that equities would go down further. So far this has worked lol
Man I saw an interview with this "Ace" guy from JPM last night on Bloomberg and it made me kind of sad. Even though I hate the investment bank vampires as much as anyone else, this old chap seemed very reasonable. Possibly because he still remembers the era when banking wasn't all about snake oil and spin. He said something along the lines of "there is no Wall street anymore, just global financial market with increasing national involvement".
  • #73,464
  • Mar 10, 2009 8:28am Mar 10, 2009 8:28am
I drink bulls energizer and support the euro!
so bears are in danger
ROBOT FOREX
  • #73,465
  • Mar 10, 2009 8:34am Mar 10, 2009 8:34am
Quoting nvcK
Man I saw an interview with this "Ace" guy from JPM last night on Bloomberg and it made me kind of sad. Even though I hate the investment bank vampires as much as anyone else, this old chap seemed very reasonable. Possibly because he still remembers the era when banking wasn't all about snake oil and spin. He said something along the lines of "there is no Wall street anymore, just global financial market with increasing national involvement".
Yeah it's a tough situation for a lot of those guys. Actually those banks have lost lots of money on their trading desks--including currency. One guy lost something like 120 million dollars on his own. Man, how bad would you feel if you were that guy?--actually maybe wouldn't feel bad at all--depends on the situation but you know what I mean.
  • #73,466
  • Mar 10, 2009 8:35am Mar 10, 2009 8:35am
Quoting nvcK
Man I saw an interview with this "Ace" guy from JPM last night on Bloomberg and it made me kind of sad. Even though I hate the investment bank vampires as much as anyone else, this old chap seemed very reasonable. Possibly because he still remembers the era when banking wasn't all about snake oil and spin. He said something along the lines of "there is no Wall street anymore, just global financial market with increasing national involvement".
I think you are talking about their interview with Alan "Ace" Greenberg. A very affable guy, no doubt, particularly in media interviews. But he was Chairman of the Executive Committee at Bear Stearns from 2001 to its collapse in 2008. So I wouldn't waste too much of your sympathy on him.
  • #73,467
  • Mar 10, 2009 8:41am Mar 10, 2009 8:41am
Quoting gammase1
I think you are talking about their interview with Alan "Ace" Greenberg. A very affable guy, no doubt, particularly in media interviews. But he was Chairman of the Executive Committee at Bear Stearns from 2001 to its collapse in 2008. So I wouldn't waste too much of your sympathy on him.
and he was wanting to sue AIG the company he founded. Thing is that the US government has put so much tax payer money into AIG already. If he gets money off AIG through the courts then effectivly he is taking money from US tax payers.

I'll leave it up to the courts to decide if that is right or wrong but it's just something else to consider.

I agree though that he seems like a decent bloke in interviews.
  • #73,468
  • Mar 10, 2009 8:44am Mar 10, 2009 8:44am
Quoting altrader
and he was wanting to sue AIG the company he founded. Thing is that the US government has put so much tax payer money into AIG already. If he gets money off AIG through the courts then effectivly he is taking money from US tax payers.

I'll leave it up to the courts to decide if that is right or wrong but it's just something else to consider.

I agree though that he seems like a decent bloke in interviews.
I think you mean Maurice "Hank" Greenberg, who is suing AIG.
  • #73,469
  • Mar 10, 2009 8:47am Mar 10, 2009 8:47am
Quoting gammase1
I think you mean Maurice "Hank" Greenberg, who is suing AIG.
ahh yes. sorry.
  • #73,470
  • Mar 10, 2009 8:49am Mar 10, 2009 8:49am
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
  • #73,471
  • Mar 10, 2009 8:50am Mar 10, 2009 8:50am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise

  • #73,472
  • Mar 10, 2009 8:51am Mar 10, 2009 8:51am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
that's the effect of my bulls energizer
if seriously don't use tight stop losses
ROBOT FOREX
  • #73,473
  • Mar 10, 2009 8:53am Mar 10, 2009 8:53am
Quoting Forbes55
that's the effect of my bulls energizer
if seriously don't use tight stop losses
I agree my S/L's are like 200 - 300 pips
+ Charts Happen
  • #73,474
  • Mar 10, 2009 8:57am Mar 10, 2009 8:57am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
And why are you even in the trade?

Without a strong conviction that convinces you to put actuall money on it, then screw it close it.
+ Charts Happen
  • #73,475
  • Mar 10, 2009 8:58am Mar 10, 2009 8:58am
As someone who was hired on to Bear Stearns prior to their collapse I have a certain admiration for Ace Greenberg. The man is a ledgend and embodied the culture at Bear. He should have never given the reigns to Jimmy Caynes.

He ran BSC as CEO for along time during the 70s? through late 90s. Started from nothing within the company, I believe as a mail clerk. Never had an unprofitable quarter in his tenure until Jimmy Caynes blew it up. Great trader. I feel really sorry for him, the man poured so much energy into the company. You would have never found Greenberg on a golfcourse or playing bridge while is company was in trouble. You should check out the book he wrote called Memos from the Chairman. http://www.amazon.com/Memos-Chairman.../dp/0761103465
  • #73,476
  • Mar 10, 2009 9:00am Mar 10, 2009 9:00am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
Well since you practice proper MM and don't trade with a stop loss you have nothing to worry about at the moment right?

Oh wait...
  • #73,477
  • Mar 10, 2009 9:01am Mar 10, 2009 9:01am
Quoting benjamin1
fellow traders can you please i advise me on what is happening on eur/usd because i took a short at 1.2789 but now i am 27pips loss and it is almost getting close to my stoploss do i close the trade or allow it heat my stoploss.i really need advise
The huge jump in E/U was caused by what Bernanke had to say earlier.

As a trader, one of the rules you'll need to learn is to, Limit Your Losses. If your account equity can't take a 30 pips loss, you are betting to high (or the farm). What's best for you to do is to visit www.babypips.com and go over some of the readings. Get a good grasp of how the market moves and find a trading system that takes advantage of Money Management and trading direction. NO SCALPING.

But ... I must ask, why did you take a Short position? Looks to me,, 1.2789 was just hit again, which in turns, gives you the opportunity to Close that trade at break even. So do it now!
  • #73,478
  • Mar 10, 2009 9:06am Mar 10, 2009 9:06am
Quoting weswes
As someone who was hired on to Bear Stearns prior to their collapse I have a certain admiration for Ace Greenberg. The man is a ledgend and embodied the culture at Bear. He should have never given the reigns to Jimmy Caynes.

He ran BSC as CEO for along time during the 70s? through late 90s. Started from nothing within the company, I believe as a mail clerk. Never had an unprofitable quarter in his tenure until Jimmy Caynes blew it up. Great trader. I feel really sorry for him, the man poured so much energy into the company. You would have never...
I admire him too. But he, like countless others, was asleep at the wheel. He held an executive position at BS prior to their collapse, so he failed in that role.

Which firm do you work for now? No wories if you don't want to say on a public forum, I understand. I had friends working for BS in London, on their derivatives sales desk. The firm I worked for always viewed BS as an over-aggressive competitor, a cheeky upstart, but still held a grudging respect for them. Oh, how times have changed....
  • #73,479
  • Mar 10, 2009 9:09am Mar 10, 2009 9:09am
Quoting Passholder
I agree my S/L's are like 200 - 300 pips
same here, otherwise havin small stops u'll just get caught up in all the crap. The big boss know where the stops r & will push it there, then take it all the way back!!
  • #73,480
  • Mar 10, 2009 9:12am Mar 10, 2009 9:12am
Quoting Jhig
The huge jump in E/U was caused by what Bernanke had to say earlier.

[size=2][font=Tahoma]As a trader, one of the rules you'll need to learn is to, Limit Your Losses. If your account equity can't take a 30 pips loss, you are betting to high (or the farm). What's best for you to do is to visit www.babypips.com and go over some of the readings. Get a good grasp of how the market moves and find a trading system that takes advantage of Money Management and trading direction....

Agreed on all points.



For those keeping score, I actually closed 3 trades at a loss within the last hour.

Reasons:

1. made a bad entry
2. made the wrong sized position

Having realized the errors I quickly closed the trades and minimized the losses.

Overall I'm still up for the day despite these mistakes, and I didn't even play any of the positive runs we've had today. I've only been playing shorts.
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