Joe Bloggs blows fortune spread betting

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Old Dec 27, 2009, 10:55pm   #1
 
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Joe Bloggs blows fortune spread betting

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He .. claimed to be making hundreds of millions of pounds gambling on big companies' share prices, often in the hope of capitalising on a takeover or merger.
Joe Bloggs jeans founder Shami Ahmed blows million spread betting and is declared bankrupt.

Someone who had it all, including the Ferraris and the mansion already.

http://www.dailymail.co.uk/news/article-1238737

I suppose some people, even after they make it, have a need to show off to others that they continue to be more and more successful.



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Old Dec 28, 2009, 12:45am   #2
 
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Re: Joe Bloggs blows fortune spread betting

Didn't some football manager do a similar thing (but not quite as bad)?
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Old Dec 28, 2009, 1:15am   #3
 
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Re: Joe Bloggs blows fortune spread betting

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Originally Posted by shadowninja View Post
Didn't some football manager do a similar thing (but not quite as bad)?
mike ashley
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Old Dec 28, 2009, 1:37am   #4
 
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Re: Joe Bloggs blows fortune spread betting

lol,

What was he thinking? How could he let his losses grow so massive when he was only betting for hopeful mergers unless he was trading way too big or never had a stop loss?

You'd think as a "brilliant young entrepreneur" he'd have the knowledge of risk management.
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Old Dec 28, 2009, 10:48am   #5
 
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How to make a small fortune from trading

.... start with a big fortune.

This guy, creator of Joe Bloggs jeans, made an business empire worth about 60Mill, then proceeded to blow it all on trading stocks.

http://www.dailymail.co.uk/news/arti...referrer=yahoo

a sobering thought for all of us.

Hope you all had a great Christmas, and are prepping for next Monday.
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Old Dec 28, 2009, 11:16am   #6
 
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Re: How to make a small fortune from trading

No sympathy here. I'm sure he's an astute businessman but also, probably, an out and out gambler.
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Old Dec 28, 2009, 11:45am   #7
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Re: Joe Bloggs blows fortune spread betting

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Originally Posted by cloud321 View Post
mike ashley
yep the 'billionaire' football club owner Mike Ashley, invested 400mil into Newcastle now worth 120mil, had shares in sports direct worh 500mil now worth 150 mil, bought 150mil of HBOS shares at circa 500p expecting them to reach 750p...rumour has it that he is 'technically' insolvent...
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Old Dec 28, 2009, 11:53am   #8
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Re: Joe Bloggs blows fortune spread betting

fascinating that spread betting manages to get a bad rap in that article yet the loss to trad index appears negligible and the loss on (what could be) normal broker dealings with HSBC could be £8.3mil...
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Old Dec 28, 2009, 12:53pm   #9
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Re: Joe Bloggs blows fortune spread betting

I would have thought the HSBC debts are business loans ?

Yet another example of a successful person in a particular field , straying outside of what they know and getting their arses kicked.

As an example and since pretty much all have read it , remember Livermores advice ? after he tried to speculate in the Florida land boom ? You'll see this sort of thing time and time again.
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Old Dec 28, 2009, 4:40pm   #10
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Re: Joe Bloggs blows fortune spread betting

City Index's losses were supposed to have been attributable to a few big punters being unable pay their debts.
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Old Dec 28, 2009, 5:35pm   #11
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Re: Joe Bloggs blows fortune spread betting

I do find it interesting that there are certain types of people who think that because they have become hugely successful in one venture that the same principles apply to trading. In my view success in trading often requires paradoxical thinking to success in business. It is even more so when those who have become successful in business have achieved this through their own ego.


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Old Dec 28, 2009, 5:44pm   #12
 
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Re: Joe Bloggs blows fortune spread betting

As Paul suggests, ego is one of the trader's own worst enemies; willingness to take excessive risk is another.
I've noticed the similarities between the business people who say you can't succeed in business without going bankrupt twice and those wannabe traders who say you have to lose your trading capital twice before you succeed.
The former group produce a small percentage who do make it in the end; the latter a much smaller percentage.
Control yourself and control your money are two basic pre-requisites for success in both.
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Old Dec 28, 2009, 6:19pm   #13
 
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Re: Joe Bloggs blows fortune spread betting

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Originally Posted by Black Swan View Post
yep the 'billionaire' football club owner Mike Ashley, invested 400mil into Newcastle now worth 120mil, had shares in sports direct worh 500mil now worth 150 mil, bought 150mil of HBOS shares at circa 500p expecting them to reach 750p...rumour has it that he is 'technically' insolvent...
Mike Ashley is a big player on SB markets. I was told by an employee, of one of the major SB firms, that they allow him to bet up to £10k per pt. He may have lost on HBOS but, he has, also, makes a lot of money on forex trading. Apparently, when he takes a position, prior to London open, he will often move the market. Perhaps, his fortune will be restored in parallel with Newcastle Utd's current form in the championship
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Old Dec 28, 2009, 6:25pm   #14
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Re: Joe Bloggs blows fortune spread betting

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Originally Posted by Mr. Charts View Post
As Paul suggests, ego is one of the trader's own worst enemies; willingness to take excessive risk is another.
I've noticed the similarities between the business people who say you can't succeed in business without going bankrupt twice and those wannabe traders who say you have to lose your trading capital twice before you succeed.
The former group produce a small percentage who do make it in the end; the latter a much smaller percentage.
Control yourself and control your money are two basic pre-requisites for success in both.
Richard
couldnt agree more.

Your trades will make you, but your ego will break you
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Old Dec 28, 2009, 8:07pm   #15
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Re: Joe Bloggs blows fortune spread betting

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Apparently, when he takes a position, prior to London open, he will often move the market
On forex that is some ability, I presume that if he does this then they have to offset his position in the true market ?


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