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no it wasn't, that was sunday night/monday morning after market had a 3 consecutive big down days. we all know that after 3 down days it had to bounce. He was long and so was I but we didn't know a French broker was unwinding their rogue broker's positions during that night. John likes to teach by showing his live trading.
Can you help answer these questions from other members on NexusFi?
There was a gap down with Sunday open of like 3 - 500 points down in Dow if I remember correctly, looked like the sky was falling in futures ( and I think markets were closed monday, don't remember exactly, was ugly for a bit, think it came back after that though )
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
$30.000 seems much for him and he didn't look as if he reckoned that possible loss or even think about it.
What should this guy teach us ? How to fail with a single trade ?
There are a lot of those amateurs out there with a compulsive craving for recognition.
I'm just an outsider so not sure about the inner workings but it's my understanding that the big boys use futures to hedge , so they go in flat or visa versa if they are in a position in futures counter the trade, I see a lot of "newbies" get comfortable with their trading abilities and build up a small account so now they can hold overnight and do, but anything can happen on weekend and often does when least expected ....JMO
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Yes, but as I understand this guy wants to teach others but he can't control the risk as it seeems. But this is a essential skill in trading - the only thing we can really control. Therefore he should not teach anybody. And that overnight trades are unpredictable is just another stupid excuse. If those positions endanger his account then he can't trade them. It's quite simple.
OMG, Monday 01/21/2008 ???
I've been working for this broker, which is a retail and investment bank in fact, for 15 years, and have also lost a lot because of this rogue trader (6 figures number, nearly 7).
That wasn't his first mistake. His FIRST mistake was being in a trade over the weekend, when I know he must have known that markets gap. Knowing that, he knew how many lots he was trading, and he can multiply, so pick a number to multiply by your lot size, and that's his potential risk.
