Joe Bloggs blows fortune spread betting

donaldduke

Experienced member
Jan 1, 2004
1,664
251
#1
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.



 

HawkTrader

Established member
Feb 14, 2009
620
130
#4
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.
 

trendie

Legendary member
Jan 8, 2004
6,062
966
#5
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/art...eclared-bankrupt.html?ITO=1708&referrer=yahoo

a sobering thought for all of us.

Hope you all had a great Christmas, and are prepping for next Monday.
 

Tenapenny

Experienced member
May 5, 2007
1,005
46
#6
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.
 

Black Swan

Legendary member
Nov 24, 2008
5,613
833
#7
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...
 

Black Swan

Legendary member
Nov 24, 2008
5,613
833
#8
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...
 

masnachu

Well-known member
Sep 1, 2006
339
4
#9
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.
 

Jack Hughes

Established member
Aug 1, 2009
623
25
#10
City Index's losses were supposed to have been attributable to a few big punters being unable pay their debts.
 
Jan 14, 2003
8,447
873
#11
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.


Paul
 

Mr. Charts

Legendary member
Sep 18, 2001
7,357
1,179
#12
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
 

alan5616

Established member
Jan 25, 2006
655
40
#13
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:)
 

crude_lover

Active member
Nov 15, 2007
178
17
#14
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
 
Jan 14, 2003
8,447
873
#15
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 ?


Paul