Trader, using error account, trade using company money aka other people money, where his account is too big to fail then company continue to fund his account.
At first, no body found out, as he is the chief trader and also the settler which normally handle by two person. With this, he could cover all the traded which amount with huge losses with ease.
One fine day, positions get affected with one big bad news, where they have no way back but to continue to support the market.
His positions get bigger and bigger, with the exposure, the looses get so big that, Barring can no longer provide the funding to support the margin.
And soon, Barrings have found out the fraud trade, and the amount of lose have make the bank run out of liquidity. And soon the bank has declared insolvent, and NICK has been caught.
1. Trade with your own means.
2. Admit mistake, when it is a mistake.
3. Be calm and be strong
When you are doing something, be sure that you are very good at it before you turn away.
Floored: Into The Pit – Epic Trader Movie!
The last line of the whole clip – 80’s and 90’s Floor Trader were Kings,Back office and the computer boys, we laugh at them. Now they got their revenge.
Computers has killed their jobs, and floor traders could no longer fight with the computer of the speeds and worldwide capacity of tradings. Floor trader is not fast enough to react on the global demand and supply. And hence electronic trading has been taking the breath away from the floor.
People who have been 30 years on the floor, have lost their instinct and their mojo in the market. However, Trading never change, There is still up and down in the market. There are still people making big money, losing big money. The only thing change is the way of people trading. Electronic trading takes over. And Right now people no longer put in simple buy sell trades, there is advance order type, stop loss, iceberg, contingent. And orders are no longer put in individually, there are codes and system constantly putting and changing order, they name in algo tradings. And with the quantz, adding in more complicated conditions, to place trade in the market.
Imagine yourself is so good at one thing, and one fine day, someone tell you that, we no longer need you. What will you do next? or should put it as what can you do next.
Market are cruel, when they dont need you, you better find a way to go with it, or you find a way out. Stuck in the same places is never a situation you would like to be in.
What you expect in life that doesn’t meet up with what other expect
What would you do?
What you expect me to do?
What don’t you do it yourself?
Why you just keep you hand in your ketiak?
And after things happened, then you kept on use your index finger to pin point me!
Do you know something call budget and limitation?
And also something call self preference!
If you don’t like it, just leave it!
You have the freedom to say that you don’t like!
BUT PLEASE DON’T COMPLAIN ON ME! THANK YOU!!!!
Its not how good you are,
Its how good you want to be.
It’s not how good you are,
It’s how good you want to be.