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Forex Mentors - The Best Investment You Can Make?

  • #601
  • Sep 4, 2009 6:10am Sep 4, 2009 6:10am
Quoting LasVahGoose
Understandable, coming down off that high horse must get annoying at times.
Please don't let me keep you from your champagne and caviar, I know you high society trader types need to drink away that dirty feeling after talking to a commoner.
Ok, come on Goose - let's bury the hatchet!

I live in the UK and might have a few things in common with the people here - I certainly like the country side, but I am in fact not British. I lived and enjoyed staying in many countries including the US.

I am very open minded with regard to other cultures, ideas and opinions.

Perhaps my past and background is more related to what you refer to as a 'commoner' than you might think.

I think tempers got heated up and spun a little out of control for reasons that are understandable, like taking sides is a natural thing to do when the feelings of unjust treatment may arise.

I don't really know you and you don't really know me - the danger of this anonymity is that we forget sometimes that (including myself) real people are on the other side of the conversation - and insulting or hurting or anything of the sort becomes so much easier to do when you don't see a face.

It doesn't really matter what has been said to me (I don't want to take offence in it) - but rather see this in the bigger frame. Personally, I hope and wish that anyone who comes to read this thread and subsequently joins this, that or the other mentor for money or for free, eventually becomes successful in their own right - which I think is the aim.

I am the last one who intends to prevent a newcomer in trading to take the opportunity to find someone who might genuinely look after his/her interest.

All the best to you and all.

regards
daytrading
Enter Signature
  • #602
  • Sep 4, 2009 6:21am Sep 4, 2009 6:21am
What happens in this thread stays in this thread. I'm willing to forget it all. Consider the hatchet buried.

Good Trading to you sir.

Quoting daytrading
Ok, come on Goose - let's bury the hatchet!

I live in the UK and might have a few things in common with the people here - I certainly like the country side, but I am in fact not British. I lived and enjoyed staying in many countries including the US.

I am very open minded with regard to other cultures, ideas and opinions.

Perhaps my past and background is more related to what you refer to as a 'commoner' than you might think.

I think tempers got heated up and spun a little out of control for reasons that are understandable, like taking sides...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #603
  • Sep 4, 2009 6:22am Sep 4, 2009 6:22am
come guys let it all end here and all have a nice weekend
student
  • #604
  • Sep 4, 2009 6:24am Sep 4, 2009 6:24am
Quoting AstonDan
PM'd you the link
Got it, thanks!
  • #605
  • Sep 4, 2009 6:28am Sep 4, 2009 6:28am
Quoting pipmutt
Got it, thanks!
Yeah can somebody hit me up with a PM of that link too please ?
  • #606
  • Sep 4, 2009 6:31am Sep 4, 2009 6:31am
Quoting Jigsaw
Yeah can somebody hit me up with a PM of that link too please ?
Ditto here,

Please, pretty please
  • #607
  • Sep 4, 2009 6:33am Sep 4, 2009 6:33am
Quoting ALThau
Ditto here,

Please, pretty please
Save me pm'ing everyone, link
  • #608
  • Sep 4, 2009 6:34am Sep 4, 2009 6:34am
Quoting AstonDan
Save me pm'ing everyone, link
lol, you beat me to it
  • #609
  • Sep 4, 2009 6:38am Sep 4, 2009 6:38am
Thank you, Dan, Pipmutt
  • #610
  • Sep 4, 2009 7:51am Sep 4, 2009 7:51am
Quoting AstonDan
There's a brilliant thread on Trade2Win from some of the old pit guys and the stories they can tell you will make your eyes water.

Dan,

I read the stories - and remember some from the times when thay actually happened - usually, those stories spread like bush fires through the trading offices.

I might reveal some of the crackers next week - although a different thread might be a good consideration.

regards
daytrading
Enter Signature
  • #611
  • Sep 4, 2009 7:53am Sep 4, 2009 7:53am
Quoting daytrading
Dan,

I read the stories - and remember some from the times when thay actually happened - usually, those stories spread like bush fires through the trading offices.

I might reveal some of the crackers next week - although a different thread might be a good consideration.

regards
daytrading
That would be great, but this place can be like a WI meeting, we'll probably get binned!
  • #612
  • Sep 4, 2009 8:06am Sep 4, 2009 8:06am
Quoting daytrading
Dan,

I read the stories - and remember some from the times when thay actually happened - usually, those stories spread like bush fires through the trading offices.

I might reveal some of the crackers next week - although a different thread might be a good consideration.

regards
daytrading
Looking forward to that DT.

Those stories brightened up a boring NFP day, the runner abuse ones were hilarious.
  • #613
  • Sep 4, 2009 8:10am Sep 4, 2009 8:10am
Ok,

here is a taster:

Brokers came visiting our branch offices on a regular basis - usually a complete piss-up was on the agenda. On one occasion, it took place in the hotel where a bunch of the guys were staying.

One dude got so filled up, that he ended up being tied to a chair - naked, shovved into the lift down to the lobby and sent up and down several times before the concierge dragged him out back to his room....

The faces of arriving guests were something else, hahaha...unfortunately no mobile phones in those days (let alone ones with cameras built in).

Unforgettable memories of my time as an apprentice in the markets.

regards
daytrading
Enter Signature
  • #614
  • Sep 4, 2009 8:16am Sep 4, 2009 8:16am
Quoting daytrading
Ok,

here is a taster:

Brokers came visiting our branch offices on a regular basis - usually a complete piss-up was on the agenda....
Enough alcohol to slew a person: £85

Rope: £4

Tying a drunk broker to a chair naked in a swanky hotel and sending him down to the lobby in a lift: Priceless
  • #615
  • Sep 4, 2009 8:28am Sep 4, 2009 8:28am
Quoting AstonDan
Enough alcohol to slew a person: £85

Rope: £4

Tying a drunk broker to a chair naked in a swanky hotel and sending him down to the lobby in a lift: Priceless
Yes...the demonic substance called alcohol is usually involved in turning otherwise perfectly rational beings into sad druelling victims of overelaborate pranks in this industry.

regards
daytrading
Enter Signature
  • #616
  • Sep 4, 2009 10:13am Sep 4, 2009 10:13am
Quoting daytrading

One dude got so filled up, that he ended up being tied to a chair - naked, shovved into the lift down to the lobby and sent up and down several times before the concierge dragged him out back to his room....
lol, that's wicked!

Do you have any big error stories, like the UBS trader who meant to try and sell 16 shares at 600k yen each and instead sold 610,000 shares at 6 yen each, lol, or the Mizuho girl who placed a Buy instead of a Sell! I don't know if either of those are true by the way!

What was your biggest trading mistake?
  • #617
  • Sep 4, 2009 10:37am Sep 4, 2009 10:37am
Quoting pipmutt
lol, that's wicked!

Do you have any big error stories, like the UBS trader who meant to try and sell 16 shares at 600k yen each and instead sold 610,000 shares at 6 yen each, lol, or the Mizuho girl who placed a Buy instead of a Sell! I don't know if either of those are true by the way!

What was your biggest trading mistake?
There are a couple of occasions during my broking years when such masterpieces happened. I took a flyer once, i.e. I told the client we could deliver the price on an instrument when I didn't have it confirmed by the other side - which sometimes worked - you do this in order to get the business before the competition has a chance.

Well, he took me on the offer and the price had run off - hence I could not close the trade immediately but told the guy: done!

As you can imagine, the price never came back and the client asked for a name (name give-up is imperative in derivatives trading when a deal is done, unlike futures or FX). He knew then, I had spoofed the order and held me to it. Needless to say, I had to cover at a much worse price and front the difference by way of company cheque. Sometimes, you have to use a 'put-through' because of Bank of England regulations - but I got away with just paying the bill - about £160K.

I also mispriced an instrument which then cost a bit of money.

As a trader, I lost one or two big chunks (as mentioned in an earlier post) but also made minor technical errors due to the switch from voice broking to electronic platforms. My brokers used to tell me in the evening if I had orders open, asked what I wanted to do with them - buy&sell stops, limits etc.

So I forgot once to cancel a sell stop on $/Y in one of the then new online platforms. On this occasion, I made a few grand because the thing got triggered the next day and I had a positive floating P&L on the screen - which I swiftly banked.

I traded with a lot more risk in those days - stocks that were in trouble; twice did I manage to get out of stuff before it got suspended the next day from the exchange (Adelphia Communications and WorldCom are the ones I remember).

regards
daytrading
Enter Signature
  • #618
  • Sep 4, 2009 12:11pm Sep 4, 2009 12:11pm
Quoting daytrading
There are a couple of occasions during my broking years when such masterpieces happened. I took a flyer once, i.e. I told the client we could deliver the price on an instrument when I didn't have it confirmed by the other side - which sometimes worked - you do this in order to get the business before the competition has a chance.
haha, ooops! Mind you it could have worked out in your favor!

The forgotten pending order I've done that myself, and I've always wanted to have a shot at buying stocks of companies in trouble, the downside is finite.

When you went electronic was that a major advantage over voice or were there better 'deals' to be made before? A big transition I imagine.
  • #619
  • Sep 4, 2009 12:29pm Sep 4, 2009 12:29pm
Quoting pipmutt
haha, ooops! Mind you it could have worked out in your favor!

The forgotten pending order I've done that myself, and I've always wanted to have a shot at buying stocks of companies in trouble, the downside is finite.

When you went electronic was that a major advantage over voice or were there better 'deals' to be made before? A big transition I imagine.
I still use voice broking every now and then - there are pro's and con's.

When I used it exclusively, sometimes the person on the other end could be a little too eager to get you doing trades - since they used to get paid commission on your trades. That is obviously gone. On the other hand, if they were experiences guys, the much better conveyed the immediate market sentiment (if I wanted to do a quick scalp for example).

Electronics are overall more precise if you can live without having someone on the other end of the phone line to blame if execution was bad or you didn't get your fill. I remember when I was on the broking side, that traders often had tantrums - for all sorts of reasons, hahaha...just like I used to when I switched sides permanently.

regards
daytrading
Enter Signature
  • #620
  • Sep 4, 2009 2:19pm Sep 4, 2009 2:19pm
Daytrading, I have a question - you said in one of your posts (in other thread) that you know several of sucessfull traders. How many of them are mechanical traders vs discretional? Maybe some of them use mixed techniques but how many of them are 100% mechanical like you are? And what part of your income is result of your 100% mechanical approach and and how much is discretion - in percentage?

Thanks
Yeti
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