£10k to £400k

[reactor]

i've heard about this trader being sacked in the city a couple of years ago before setting up a fund with only £10k and within a year had turned it into £400k+. does anyone know where i can read this article about this guy as he also won an award for the best performing fund last year in some investors magazine?

 

[Skimbleshanks]

From memory, there was an article in the Daily Mail a couple of months ago about someone similar to the one you describe. Grey matter is diminishing rapidly on a daily basis, but I think he won the award from the organisation which looks after all the little share trading clubs, Pro sommat or other.

 

[Skimbleshanks]

ProShare is the name I was looking for.

This is the story I was thinking of:

http://www.thisismoney.com/20030501/si62397_s.html

 

[reactor]

thanks skimbleshanks!

it almost made me laugh where it says they used spread betting!

i just wanted to see what instruments the guy was using, expecting derivatives were the main instruments. i'm surprised to say the least. he must have balls of steel to take a £150k loss!

 

[china white]

As a former option trade, I can BET all me fortune that he used put warrnts on DJIA or NDX thru some of the biggest market makers on those warrants - GS, Citi, DrKW or Commerz. I was actually market making those warrants for a while at DrKW, I can see what the potential profit can b if u r on the right sizde, but even I am surprised at his gains.

I wudnt be shocked if someone told me that chap had some sort of an inside on say WorldCom and just bot put warrants on that particular stock.

 

[Trader333]

A £150K drop !! it wouldnt take much to wipe out the rest in my view. It will be interesting to see how this performs over the next year.

Paul

 

[Trader333]

I have just read the article and I have no doubt that they have been lucky. Also they seem to have the view that they are right when the market doesnt confirm it (£150K loss because of market bounceback in April). Luck in this game eventually runs out and if you still believe you are right when the market says you are not, you will be wiped out for certain.


Paul