Trader Kills Wife

[donaldduke]

A former IT consultant (Maurice Pearson, 54) bludgeoned his wife to death after she
discovered that he had lost all their savings on the stockmarket, a court was told yesterday.

“He had not told her about a loan or debts on their credit cards or how much he had lost share dealing. No doubt he was hoping that he would have some big success on the stockmarket. But he didn’t and his wife found out.

“There must have been an argument and it spiralled into something and he killed her. He hit her over the head at least 15 times, possibly many more.”

http://www.timesonline.co.uk/article/0,,2-1244653,00.html

 

[FTSE Beater]

Oh dear. Something tells me the FSA will introduce a US style PDT account system to stop this from happening again.

 

[FetteredChinos]

or perhaps try to pass legislation that all traders be locked in padded-rooms whilst trading.


hmmm, soft

 

[justyn]

Didn't he read the usual disclaimers?

"The price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested."

 

[techtrader]

Was she insured?

 

[donaldduke]

Oh dear. Something tells me the FSA will introduce a US style PDT account system to stop this from happening again.

Its probably a good idea.
Atleast it puts a break on your trading before you go completely into debt.

When a person has lost 10s of thousands quickly they no longer think rationally and need to be protected
from (themselves and) going into debt.

 

[jsd]

just another business going under, common occurance, in pursuit of profit. Terrible loss of life, the trading may of been the final trigger for a heavily unbalanced marriage/union . and he wasnt comfortable of taking trading losses.

jd

 

[trendie]

When a person has lost 10s of thousands quickly they no longer think rationally and need to be protected
from (themselves and) going into debt.

At that point, the guy crossed the line from being a trader to being a gambler.

If the story had been about a guy who lost money on horse-racing,. hoping the next race would
make him bck his losses, the story would have him stereotyped as a gambler.

Tragic story - but the fact he was buying/selling shares doesnt make him a trader.

His mindset and approach was of a gambler.

A sobering story about losing perspective and losing sight of plans.

 

[JumpOff]

What is a 'US style PDT account system' ?

 

[donaldduke]

PDT, is patterned day trader.

If you have the trading pattern of a day trader ie you do lots of day trades, then you have to have atelast 25K dollars in your account at all times.

If you account falls below this your broker must suspend your account until you bring it back up
to over 25K.

This is to protect day traders from losing it all (a very common occurence) and also to stop
undercapitalized traders from day trading.

 

[stevet]

trendie

correct - this guy was not a trader - he was a gambler, pure and simple - but he did not cross the line from being a trader - he never was a trader and instead of taking the year or so to learn to be on the first step of the ladder to being a trader - he just gambled on and on

and it is a social injustice to stop any individual from having the opportunity to make money, just because someone else did not take advantage of the opportunity offered them

 

[sidinuk]

Friday the 13th did turn out to be quite unlucky for her!

 

[tradesmart]

A tragic story indeed – trading manuals that cover the subject emphasize the need for spousal support and openness when a married person embarks on a trading career, particularly in the circumstances described in this case…..

Top US trader Tony Oz who is married, covers the subject in his excellent book ‘How to take money from Wall Street’ – his conclusion is that a trader will fail without spousal and family support.

The guy in this case might have made it in the end if he’d had the nerve to ‘come clean’ about the risks/losses and enlist the support that he desperately needed..........

 

[TWI]

Do you think he listened to advice on T2W?

 

[stevet]

ironically - when i first came onto this forum - and talked about making money from trading - i got beaten up by a bunch of the little tea party that used to use it as they said this site was only from IT people who played at trading as a hobby

when i first mentioned futures on here - i might as well have said i was an emisary of the devil!

you dont need any spousal support to be a trader - so i assume Tony Oz is someone selling some training nonsense - but you do need to learn how to trade - and not gamble away your bucks

though i guess a big speading spouse does help to keep you trading hard and furious

 

[tradesmart]

Is that a big 'spreading' spouse or big 'spending' spouse - you're somewhere inbetween.....

 

[fudgestain]

Excuse my French, but there is always going to be the odd fu*ked-up-to-hell loser, trader or not, who is going to go off his rocker.

It shouldn't happen ever but it can happen.

 

[stevet]

tradesmart

mmmm ..... now there's a thought!

must do some spread...betting next time i go to the Sanderson Hotel bar

fudgestain

NOT fu*ked-up-to-hell loser, trader

fu*ked-up-to-hell loser, GAMBLER

 

[randalfrost]

you dont need any spousal support to be a trader - so i assume Tony Oz is someone selling some training nonsense - but you do need to learn how to trade - and not gamble away your bucks

The income from spouse might be useful during the learning curve. :cheesy:

 

[stevet]

better hope that is one rich spouse - then maybe you would not need to trrade at alll anyway!