Setups 2 - the popcorn thread

[trader_dante]

The both look excellent to me. Did you not read MMT2? lol.

That's because you are looking at the pins and not the chart.

 

[maq]

I used to work with Tom when he was at Futex .

ok what if futex?

also i think tom is a credit to this form

 

[tafita]

Really?! Surely it matters to all those people that read the thread and risked real money testing out the methodology? What hope is there for them if the guy who taught them the methods can't even be profitable using them? I'm not saying he can't, I'm just saying that whether he makes money using these methods or not should matter to people following them! Personally I couldn't care less because I've never read the thread and I don't even know what a pin bar is, although I'm guessing its a bar that looks like a pin. Don't mistake this for a dig at Dante, on the contrary, I have the utmost respect for him - taking so much of his time to try and help people but yeah, I'd be extremely concerned if I'd have spent so much time following his methods only to find they don't work.

Integrity is the issue here. People sweep it under the carpet in place of worship. There is nothing wrong in questioning whether someone who uses a method has blown their account or who has parted company with a firm for whatever reason. Would you want Nick Leeson teaching you how to day trade the Nikkei?

 

[GammaJammer]

Maybe not, but I bet he could still tell you something of interest about the workings of a market in which he had traded in good size. Just don't let him tell you how to manage risk.....

 

[N Rothschild]

Integrity is the issue here. People sweep it under the carpet in place of worship. There is nothing wrong in questioning whether someone who uses a method has blown their account or who has parted company with a firm for whatever reason. Would you want Nick Leeson teaching you how to day trade the Nikkei?

i would! he is a legend...id love to blow 800million of someone elses money lol

 

[GammaJammer]

I worked with a guy in the old days who had just come back from a stint on Simex in the mid 90s, where he was a Nikkei options trader. He said that all the locals were cheering when it flashed across the screens that Leeson had been arrested, and that his reputation down there was basically typical expat nob.

 

[squall321]

how comes on trade2 win
you ask a trading q, or post a chart, and you get 3 or 4 replies
but it you start some drama you get 13 pages ?

 

[trader_dante]

Maybe not, but I bet he could still tell you something of interest about the workings of a market in which he had traded in good size. Just don't let him tell you how to manage risk.....

He's a nice guy. I interviewed him when I worked as a journalist. He trades FX with IG now aswell as all the other stuff he does - managing a football club, speaking at dinners etc.

 

[counter_violent]

how comes on trade2 win
you ask a trading q, or post a chart, and you get 3 or 4 replies
but it you start some drama you get 13 pages ?

People just love bad news and gossip about others...makes them feel better about themselves and their own failings and if there is no bad news...then just start a rumour...works every time !

 

[GammaJammer]

So I heard this story about C-V, the vienna boys choir and an industrial sized tub of swarfega.....

 

[Mr. Charts]

how comes on trade2 win
you ask a trading q, or post a chart, and you get 3 or 4 replies
but it you start some drama you get 13 pages ?

Simple.
3 replies to a trading question
30 replies times 13 pages = 390
Ratio of people who might offer a view to chat posts 1:130
Of the 3 replies, all 3 are probably from people who can talk the talk but cannot walk the walk or who just don't have a clue but want to sound good.
You've just got to learn from reading their posts who knows what they are talking about....shouldn't take you more than several hundred hours over a few years :cheesy::cheesy::cheesy:

 

[tafita]

how comes on trade2 win
you ask a trading q, or post a chart, and you get 3 or 4 replies
but it you start some drama you get 13 pages ?

This thread was quite rightly moved to the foyer by a mod, this might give you a clue.

 

[Calinor]

Actually I imagine Leeson could teach quite a lot about risk management. Experience is a harsh but good teacher

 

[Mr. Charts]

What makes you think he has learnt anything?
Gamblers and the go for broke brigade keep on with their addiction 90%+ of the time.
It's in the nature of addiction itself.

 

[elitejets]

Good Grief Trader_Dante,
Are you sure you are not Paris Hilton in disguise? No such thing as bad publicity, eh.
Let us know when the sex tape is coming out ...
Hehehe

 

[GammaJammer]

"one night in Tom" just doesn't have the same ring to it though.....

 

[pelzar]

The person who set up ODL on the liffe floor interviewed Leeson and turned him down before he went to Bearings, lucky stroke!

 

[GammaJammer]

Lucky is right. Interviews as a selection technique have pretty much zero predictive validity. In those days, as a young, obviously fairly smart (despite all that happened later) motivated back office kid he was always gonna get a shot somewhere. The markets were exploding and for maybe 10 years between say 1985 and 1995 there simply weren't enough bums on seats at times. The right day, the right smile, the right 30 min interview and you were in. Trust me on this one.....

 

[rawrschach]

tbh it was as much Barings' fault he blew up as his, possibly more so. If he had been given the right training/experience he wouldn't have done what he did.

 

[GammaJammer]

bollox (with all due respect). Ambulance chasing, 'not my fault blame the system' horsesh*t. He chose to do all that crap. Anyone can have an out trade. I had one in my first couple of months that cost about the same as his first one did (allegedly £50k ish). Difference was, I didn't turn that into a billion quid punt. I just talked calmly to my bosses about how it happened, and what we were going to do to make sure we mitigated whatever risk had caused it in the first place.

In fact, it was only half my fault what happened, but I made sure I took the lead in sorting it all out. And, to be fair, the reward in that case was not to shoot the messenger - my boss at the time was great about it.

Similar circumstances too - I had been dropped in at the deep end a bit, managing the desk for a bit within my first 6 months of being there, while the desk head went on a biz trip. It's just how you deal with it.....