TV show about trading

[KillPhil08]

Million Dollar Traders showing on BBC 2 : DigiGuide Forums

2 Weeks of training and a basic interest of making money then yes.

I certainly wouldn't be calm if my stock was going down down down. Also I wouldn't trade before the news is announced - not in my first 2 weeks - or before the open...

I can remember the freddie + fanny day clearly as MrG (i think) wrote about it on the sunday when it was announced. Why would people buy.

 

[Ferru]

I think two weeks' training would be fine if the traders were given a mechanical or fairly mechanical method to follow.

But the fact the traders clearly didn't have a clue what they were doing suggests that the training was inadequate.

Another criticism I would make of the show is that the traders were put under pressure to make trades, on the grounds that you only make money from trading. However, I would argue that, in the midst of the greatest market turbulance in modern times, there is something to be said for calmly watching events unfold, rather than tossing the dice and making a reckless gamble. The adage 'If in doubt, stay out' comes to mind...

Jeff

They had 2 weeks before they started.

 

[KillPhil08]

Points well made.

 

[garytrade2win]

ridiculous question - as long as you know its ballpark figure thats all that matters

thats why we have computers - and as you saw they all use desk calculators anyway

mind you prob good for a clip on tv

"yes i'm good with stress , how much is . . . , oh my head has gone blank"

 

[Ferru]

I think the programme also did trading a disservice by giving the impression that trading is an extremely stressful occupation.

As Mark Douglas points out, traders are at their best when they are in what he calls a 'carefree' state of mind, ie relaxed but focused, and enjoying themselves.

Jeff

It was a missed opportunity.

Trading has already got a bad name, now people are really going to think its all a gamble.

Another crap reality show with little basis in reality and more interest in making entertainment for the masses.

Plus ca change.

 

[MrGecko]

The Vet: isn't hot / you're ugly - delete as appropriate (though a good BA trade).

Army Soldier: Puts too much pressure on himself - fear of tarnishing his record prevents him from taking any risk... having said that, his pairs trade - while absolutely unprofitable - was otherwise a pretty good trade, if you catch my drift. Talks the talk, but...

Old Man: caught in the headlights (and probably thinks he should be quite good). Ditch him ASAP (though can forgive the fat finger - happens, doesn't it?!).

Student: Lacks confidence.

Boxer: hasn't f*cked it yet, promising.

Enviro guy: Bullied at school. Pussy.

Shop keeper and Mother: Who?

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

On balance, I think it's important to account for the conditions they were trading under; I can remember Iran's missile test, and Citi's results, and Fannie + Freddie, and HBOS rights issue... and this is still all 2008 P.L. (Pre-Lehman)!

While my view may well have been "sit on your hands and don't even dream about it!", these guys are trading OPM, where doing nothing just won't cut it. And they are limited to Equities, where going long on crude or shorting the dollar requires a little more foresight...

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Couldn't give a sh!t about how trading is presented; it's the bloody BBC, they have to cater for their audience.

And of course, trading for a living is inherently unstressful, a walk in the park quite honestly. They must be emotionally retarded.

 

[KillPhil08]

rofl

 

[Ferru]

I think the way trading is presented is a problem if it causes people make the wrong career choice.

With regards to trading being a walk in the park, do I detect a note of sarcasm?

Jeff

Couldn't give a sh!t about how trading is presented; it's the bloody BBC, they have to cater for their audience.

And of course, trading for a living is inherently unstressful, a walk in the park quite honestly. They must be emotionally retarded.

 

[MrGecko]

Another thing I will say is that they seem to have clean forgotten about being on the same team!!

Trader 1: "Lets all short equities"

Desk: "OK!"

don't fancy that much... the sooner they realise they are in it together, and start to designate responsibility, the better for everyone.

 

[Ferru]

LOL!

You could make a great comedy sketch out of that kind of lemming-like behaviour!

It reminds me of this joke:

It was autumn, and the Red Indians asked their new Chief if the winter was going to be cold or mild. Since he was a Red Indian Chief in a modern society, he couldn't tell what the weather was going to be.

Nevertheless, to be on the safe side, he replied to his tribe that the winter was indeed going to be cold and that the members of the village should collect wood to be prepared.

But also being a practical leader, after several days he got an idea. He went to the phone booth, called the National Weather Service and asked 'Is the coming winter going to be cold?'

'It looks like this winter is going to be quite cold indeed,' the weather man responded.

So the Chief went back to his people and told them to collect even more wood. A week later, he called the National Weather Service again. 'Is it going to be a very cold winter?'

'Yes,' thee man at National Weather Service again replied, 'It's definitely going to be a very cold winter.'

The Chief again went back to his people and ordered them to collect every scrap of wood they could find. Two weeks later, he called the National Weather Service again. 'Are you absolutely sure that the winter is going to be very cold?'

'Absolutely,' The Man replied. 'It's going to be one of the coldest winters ever.'

'How can you be so sure?' the Chief asked.

The weatherman replied, 'The Red Indians are collecting wood like crazy.'

Another thing I will say is that they seem to have clean forgotten about being on the same team!!

Trader 1: "Lets all short equities"

Desk: "OK!"

don't fancy that much... the sooner they realise they are in it together, and start to designate responsibility, the better for everyone.

 

[fifty2aces]

Hopefully the BBC's next documentary will feature 8 normal people with an interest in helping people given 2 weeks of surgical training and unleashed in an operating theatre, to finally answer the question of whether anyone can be taught brain surgery.

 

[skelly22]

Hi Shane

It's on BBC Iplayer - BBC iPlayer - Home

Jeff

Thanks Jeff, got it. Enjoyed the show but was surprised it was all trading just what pops up on the news!!

 

[Bloodhound]

Thanks Jeff, got it. Enjoyed the show but was surprised it was all trading just what pops up on the news!!

Possibly they have been told / taught to trade this way as the BBC might have been worried that the great British public might not understand a bunch of people drawing lines all over their monitors and basing trading decisions around them.....

That said, the great British public may also not have understood the logic of buying shares in companies when the screens had all gone red and the telly was saying that every company in the northern hemisphere was going to the wall...???

 

[MrGecko]

I think two weeks' training would be fine if the traders were given a mechanical or fairly mechanical method to follow.

But the fact the traders clearly didn't have a clue what they were doing suggests that the training was inadequate.

Another criticism I would make of the show is that the traders were put under pressure to make trades, on the grounds that you only make money from trading. However, I would argue that, in the midst of the greatest market turbulance in modern times, there is something to be said for calmly watching events unfold, rather than tossing the dice and making a reckless gamble. The adage 'If in doubt, stay out' comes to mind...

Jeff

That is the thing though - if you are managing OPM, you HAVE to be doing something! Take a look at the prospectus of a bog standard mutual fund - it will say things like "never more than 12% held in cash" and "at least 15% exposed to parallel shifts in the yield curve" (or whatever)... you have to at least keep to these if you want to retain your management fees. What do you think benchmarking returns is for? For comparing relative performance when everyone would really rather be at home...

(well, not quite, but you get the gist)...

.. Also I don't buy into the "sucks because there was no TA" arguments either - believe it or not, being up to date with economic and business develpoment, then positioning yourself accordingly, is considered good practice in some quarters - not a graph in sight.

 

[mauzj]

Possibly they have been told / taught to trade this way as the BBC might have been worried that the great British public might not understand a bunch of people drawing lines all over their monitors

Maybe not. But when I was an IT worker I used to draw my trendlines using a ruler and felt tip on my LCD monitor. It removed the need for me to save my documents, but was a bit of a pain when I wanted to use the monitor for other stuff such as powerpoint reports.

However, all the passers by commentated on my pretty lines. And about one in five understood that they were ftse technical levels.

 

[counter_violent]

Maybe not. But when I was an IT worker I used to draw my trendlines using a ruler and felt tip on my LCD monitor. It removed the need for me to save my documents, but was a bit of a pain when I wanted to use the monitor for other stuff such as powerpoint reports.

However, all the passers by commentated on my pretty lines. And about one in five understood that they were ftse technical levels.

Was this weekend after price stopped moving

 

[Atilla]

When people make programs like this for mass consumption editor has a story to tell.

Who is this show aimed at?

Not professionals but all the non-traders and mass public imo. Almost came across as it was designed to draw people into the market. Like saying "I can do that!" In fact the program is precisely drawn from a mix of characters of all ages and professions precisely to entice every Tom Dick and Harry to try investing their redundancy monies in the markets. Lambs to slaughter...

Felt like an advertising campaign for all the hedge fund and derivitive markets to me.

Is it to stroke the hyperinflated trader ego? Perhaps. But who is going to consider the real emotions of those people.

More likely to look at them and say whimps or losers, if I were in their seats I could deliver umpteen trades in one day. Who hasn't over traded in these bloggs?

I'm unemployed / retired. Here is my redundancy/pension pay off - count me in. When do I get to play???? :cheesy:

 

[kato the dog]

did anybody watch this? thoughts?

 

[dick_dastardly]

Erm?

I get it to approximately 1023.999998


dd

 

[Skill Leverage]

I got 39 x 98 in my interview today, slightly easier to do.