How to go bankrupt in two easy steps

ttt

Don't pretend you haven't seen this benny

Benny's short position is now almost $100/ounce out of the money.

I believe most people on here are equities traders and probably not too familiar with how gold futures trade on a commodities exchange. Evidently neither does Benny otherwise he wouldn't be posting epic drivel.

Gold futures contracts on NYMEX consist of 100 ounces of Gold. Positions are typically leveraged anywhere between 10X and 15X (performance margin), trading futures contracts requires considerable less up front capital than the physical market. I won't insult you, you can do the maths on what a $100 price movement in the wrong direction on 100 ounce gold futures contracts with 15/1 leverage can do to a trader. Simple put, the trader.......BLOWS UP.

Which makes Benny's statement concerning "mega stops" the most idiotic, clueless, ignorant and laughable statement ever posted on this forum......EVER:

"trade price- 1715.69 stop 2199. exit- below 1500."

Bottom line, Benny is not just massively ignorant, annoying as hell with how strongly opinionated he is in continuing to post epic drivel and trying to pass it off as "trading skills".........Benny is a FRAUD.

absolute rubbish of course.

What makes you think he is trading 100oz contracts with 15-1 leverage?

You can trade for as low as 10oz contracts on pretty much any broker. Not everyone trades with massive leverage through their "bloomberg terminal" you wally.

70 pips x £6 a point (one 10oz contract) isn't a lot of money is it?

sorry scrap that.

You can trade for as low as £1 a point on igindex (which is what, a 1.5oz contract or something?). Might not be able to afford another night out in Sydney because of his loss but I don't think he'll be filing for bankruptcy.

Whippet well done, for a sensible post (as usual from you)

Mr Ben trading 1.5 oz contracts ?
No way Jose.
But you're right Whippet to point out that Menelaus is always trying to fit the worst case scenario onto Mr B's investment efforts.
It might be more bearable if he only occasionally granted the fact that sometimes Mr B ( for whatever reasons) has made a good call or two.
After all you can't always be wrong, or right ( in Menelaus' case ).

melly- if I had  one contract at down 100$ x 100 oz that wud be 10k. err 10k, that may mean a lot to you but happy to say- not to me.

What gives you the idea i held the gold {losing} but canned the AUD{ winning}?

I realise that a dropkick like you wud.

under that kind of thinking I presume your still short AAPL?

did I cash the rio trade?

do you know what my  $$$$ limit to the trades are? No you dont.

Why dont you consider I canned the gold and held the AUD?

Or-- what is my profit on the AUD? higher or lower than 10k?

did I do a pairs trade?

how would you know?

your just seizing on the one losing position because you need to prove yourself  right.However YOU did not state that you were going long gold. OH yeah thats righ- your long at $ 240?  Holding costs zero- right?

I wont tell you how much I made last week on completed trades but I think comfortably I could buy your french villa a few ttimes over.


melly- your becoming annoyingly stupid in your desperation and ego.Basically- you stink, in all aspects.

just the tampax and bombshelters brigade take you seriously.To the rest of us your a bigger joke than the canadian.

heres another one of my winners melly

By: Mrben
Date Joined: 25 Oct 03 Add contact | Send message
When: 08 Nov 11 03:32 Joined: Date Joined: 25 Oct 03 | Topic/replies: 4,177 | Blogger: Mrben's blog

KKKKKKKKKKKAAAAAAAAAAAAAAAAAAAAA BOOOOOOOOOOOOOOOOOOMMMMMMMMMMMMMMMM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

fkkkn lovely! Rate reply:



laying manipulated- all in

scones 3

Pardon me wipeout, I thought we were talking about trading, not playing fruit machines.

If you are trading "for as low as £1 a point on igindex", you're not trading, you're playing child's games.

Which of course it explains a lot of the rubbish you and Benny keep posting on here.

Wipeout, after considerable more thought, your post is quite revealing to me.

All this time I was under the impression that the risk involved in following the massive stupidity you and Benny were posting on here could make a significant dent in one's personal wealth, not realizing what was really at risk, if the trade went horribly wrong, was only one's.......lunch money.

It all makes sense now, you chaps don't even rank as amateur traders, which I thought you were, because even amateur traders put their personal financial well being on the line based on their performance, not just lunch money.  You and the half-wit are simply passing time.......

It all makes sense now.

No, I am just pointing out the complete lack of knowledge and hypocrisy in your posts. You don't even have the slightest clue whatsoever about trading.

Don't forget that you were the person who claimed that it was impossible to make money trading unless you were taking positions for "less than 10 seconds".

As for you calling people rank amateurs, a retail trader making £100k a year (which is considerably more than back office mugs like you make at that "boutique" of yours), would certainly not be trading more than a few contracts. Who is the amateur now?

My lunch at Scalini's costs more money than trading gold "for as low as £1 a point on igindex".

When someone posts they are going long/short gold, especially someone who constantly brags about the millions he is earning trading, I automatically assume that they are playing the gold market the way a professional trader would, which is precisely what I described. What you described is a teenager trading his weekly allowance on igindex for fun.

You see my canine friend, a professional would have to win a few hundred in a row of those "for as low as £1 a point on igindex" gambles just to pay for the monthly fee on the "bloomy" he is using to trade. Which reminds me, how are those free Yahoo charts on the internet working out for you?

..............................................

.............................................

...........please don't answer that, passing your time is one thing, wasting my time is something entirely different.

" My lunch at Scalini's --- ".
And I expect that Menelaus is not paying for it himself.
Anyway back to Whippet's point.
The size of the trade bears no relevance to its credibility or success or failure after having being posted up here in advance.
That is the only pertinent matter.

Btw the really worrying thing about Menelaus' continual posts ( apart from the unnecessary vitriol and personal abuse in them )is that they exhibit this " know-all, master of the universe" quality, which atrribute got us largely into the current mess in the first place.
It seems that these top level investment bankers never learn that they are not always the supreme font of wisdom they seem to think they are.
Logically if all his theories/views that Menelaus states on here are abslute certain conclusions, and are not just one of many potential alternatives, then he would presumably be on his way to becoming one of the most successful trader/investors in modern history.
Are we really expected to believe that is happening without question.
I fear not my potty mouthed friend.
We ( or at least I ) listen to what you say, but only in the context of all the other quite differing expert opinions out there.
You're neither totally right nor totally wrong.
But your real weakness imo is your absolute belief in your views as being the only possible correct ones.
To me, that is a very dangerous personal characteristic to have, if you want to invest or trade successfully in the financial markets.
An open and curious and questioning mind is a basic necessity. That is something Menelaus most certainly does not appear to have to any large degree. He appears to be an over programmed theorist of one colour only.

Melly, getting to eat a few leftovers during your break doesn't count. I must hand it to you, at least you are working your way up from burger flipping at maccie d's.

What a clever come-back, lucky me I should run into such wit and levity on here. Now *that* certainly put me in my place.///sarc.

Unfortunately, nothing has changed, the cat is out of the bag, you.are.passing.time.trading.buttons.

melly melly melly- how do you feel now YOU CLOWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

almost 400 down on the dow  and ahhhhh mmmmmm   AUD down to 101.30.

let me explain you complete dropkick.Try to follow.

AUD trade up 480 pips{ thats bps in your language]  thats $ 4800 per contract

Gold trade down 57$ a  contract.Thats about 5700$

net position minus 900$

rio tinto trade up about $2000 per 1000 shares

net UP 1100$

Thats how TRADING works, not that you would know anything about it.

Now melly- since your such an expert.please advise as to what i should do from here. Should I close all posi's? close the losers and stick with the winners?. close the winners and cross my fingers for the loser?

  Please tell me melly please please please.

But you can't can you.Because if your wrong you will be exposed YET AGAIN for the  fraud you are. So you will just  abuse and avoid, never putting your money  where your mouth is you pathetic little dweeb.

clueless hysterical hyperinflation ego driven nut case-my melly.

Btw - are your AAPL shorts still open?

melly ...where are you???? wheres your dipstick retort?

you must be over at J2's planning a raid on the local  darrell lee?

what  are you upset at golds 40$ fall in the last 2 days???

let me check gold for you. $ 1762 atm.down 47$ a contract

aud 101.34 up 576 pips

rio 68.32 up say 1.80$

pans out at 5750 + 1800 - 4700= 1850 up


mmmmm melly , seems the egg on your face is getting messier

where to now melly- what should a trader do?

at least have the courage to reply you fraudster.

I'm off to count my profits

You want a retort? Here's a retort: YOU.ARE.FORUM.POLLUTION

1. Your SELL,SELL, SELL all metals trade would have bankrupted anyone that followed punting anything more significant than their lunch money

2.  Your "I have long position in Gold going under $1,000 by 3rd Qtr. 2011" would have bankrupted anyone following *even* if they were only punting their lunch money.

3. The AUD trade has gone the right way for you not because "today it was announced ore prices fell" but because of others events that you don't even mention in any of your posts. I posted before, being massively ignorant does prevent one from being massively lucky.


Tell you what, why don't you post telling us all how money gets created to prove you learned your lesson, and if you get it right, I'll upgrade you three notches to "thick -".


(And before you accuse me again of losing sleep answering the rubbish you keep putting up, I'm posting this from your part of the world. I was traveling all day yesterday, that's why I didn't post. There are certain sacrifices the seven figure bonus crowd, you know, the crowd you envy and loathe so much, has to make on occasion. Traveling on occasion and not spending time with my wife and daughters is one of them)

so melly- you didnt answer what to do with the trades.Just a torrent of abuse is all your capable of.

pretender.

melly clearly doesn't understand the concept of swing or position trading. Why else would he think Ben bankrupted himself? Sure, if Ben had taken up a contract size similar to a day trader, then he would indeed be bankrupt by now. (just looking at his gold trade, but with the 3 trades combined he would still be ok). With swing/position trading, you deliberately have wider stops, and adjust your contract size accordingly. Your loss if your stop is hit should be similar with both types of trading provided you are adjusting your contract size properly. 

No wonder that melly is confused though; he thinks to be successful you have to trade through your "bloomy" and only take positions for less than 10 seconds.

Ever heard of that famous swing trader called George Soros melly? I can just imagine that old dude huddled over his PC trying to scalp a few pips on the currencies, all because he heard some inbred loser tell him that was the only way to do it.

If you two half-wits joined your I.Q.s, you just might be able to get up to triple digits.




(Just for the record, Stanley Druckenmiller is the brain behind the Soros success, George is just the PR front man. But you wouldn't know that if your knowledge of finance only comes from reading the web and your morning daily)

I don't give a sh1t whether it was stanley druckenmiller or his cleaner behind soros' success, the fact remains that whoever is making his trades, they are not in any way shape or form day trades, and certainly not "less than 10 seconds" like you claim.

Just admit you are wrong.

you must be over at J2's planning a raid on the local  darrell lee?



Poundland actually.

" -- There are certain sacrifices the seven figiyre bonus crowd,-------, has to make ---- ".
Must be tough at the top ?
Didn't think there were such large bonuses these days, certainly not in the moribund M & A sector.
And if there were, then you would really have to be the " top dog rainmaker " to be getting one.
All sounds a bit dreamy to me Menelaus.
You seem ( or certainly sound) like an ivory tower back up pure theoretician. No big bonuses for your lot ever I'm afraid to say.
Just a few good lunches every now and then to keep you happy.

Wipeout, you hadn't a clue who Stanley Druckenmiller was before I posted that, did you? I guess they didn't cover that part in the "Rich & Famous" episode you watched and started bandying Soros' name about like he was your first cousin.

This is getting quite embarassing Menelaus.
I really can only understand your apparent bizarre behaviour as being some sort of manifestation of " small man syndrome ".
There is no other apparent explanation, not to me anyway.

think you've hit the nail on the head there fine.

I've had melly nailed down for some time now:

He works, most likely, as a back office pen pusher (risk management and the like) in some second rate investment bank, or "boutique" as he likes to call it (so he sounds more important). Whilst clearly an intelligent guy, he unfortunately got stuck in the back office, unable to progress to front office (a difficult task in itself, made even harder by having the personality of a gnat and constantly rubbing people up the wrong way). Every day he gets more bitter about being overlooked, because he seems to think he is better than everyone else. He thus turns to this forum, where he can finally be in charge, and where he can convince himself that he is actually worth something in life. It really is rather sad imo.

You know Wipeout, when I first started reading your posts on here I thought you were just an inexperienced trader with a very limited understanding of economics but one that could at least learn and improve over time. Then you posted this at precisely the wrong time, and I clued in just how how massively wrong I was about you.


Whippet    Joined: 01 Oct 07
Replies: 5030 01 Jul 11 18:10 

FTSE 7000, Dow 14000, Gold $1250, AAPL $450 from here.



You are nothing more just another member of the herd, incapable of critical thinking and overwhelmed by the complexity of current events . You get lead around by the nose and pushed around by momos, HFT algos and Goldman's traders who swallow your money faster than they gulp down their Normandy oysters over lunch. Fortunately for you, I have also come to understand that you are trading peanuts, just passing time. So in that sense, with the exception of embarrassing yourself on here posting rubbish all the  time.........no harm done.

whippet @ 22.28 and froggy @21.58  are two of the most accurate and on the money posts ever to grace this forum.

your problem melly, another one of them,- is you just love to re post and re-post others thoughts and predictions. Two issues - when they get it right you NEVER, NEVER EVER  re post them.When they get it wrong you re post ad nauseaum.Thats boorish behaviour melly.
  Secondly - YOU NEVER POST YOUR OWN PREDICTIONS, instead standing on the sidelines, lacking the courage  and know how to do so.

Next, you are a total jerk, in the last few weeks you name dropped- travel to zurich, travel to australia, your iphone4{you ****r} and some high level syposium you attended. I doubt that any are true.

   You are a most insecure little man, an exasperating loser of monumental proportions.The sort of guy who balls out the waiter for forgetting your glass of water.Constantly trying to make your self look good by denigrating others.

   You have been afforded so many opportunites on this forum to prove otherwise- but BLOT.You never have.Not once.

   You prefer to rave on and on about hyperinflation, safe in the knowledge that you cannot be proved definitivly wrong because of the infintesimal chance it may happen.Bit like Jesus re visiting earth.Its more comfortable to believe it than face reality.

  Your reality is melly , that you are a pathetic loser and you always will be.


  However I do want you to keep  posting, its so enjoyable to read and laugh at you drivel.

   All my love
          Benny

Benny, you should avoid melting down in public in the future, it makes you look like a complete lunatic.

When I post predictions, I use the word "PREDICTION" right in the post. I don't hide behind save face rubbish like "likely", "if", "may be", "will be taking a position", "possibly", "it should", etc. etc. Even at that you still manage to consistently embarrass yourself.



This was posted in response to a post by JW at a time when every mug posting on here was expecting imminent easing by the FED:

Menelaus    Joined: 03 Feb 05
Replies: 972 31 Jul 11 00:47 
I just spotted this little gem in your post:

"it was the perfect chance to revise down gdp from old quarters to pave the way for some qe3"

Prediction 1: THERE WILL BE NO QE3 IN 2011 at least not overtly, or officially announced by the FED. Those expecting overtones of a QE3 announcement at next months Jackson Hole meeting will be disappointed.

Prediction 2: The BoE will go through another round of QE BEFORE the FED does.

I must admit though, although the word "prediction" is missing, this *does* sound alarmingly close to a prediction however:

Mrben    Joined: 25 Oct 03
Replies: 2828 25 Jan 11 03:09
Im with you there johhnie re gold.Im thinking the same as whippet, first stop around 1250, the lower and lower
I have a long range bet based on gold going under 1000 in the last 3 mths of 2011 and the first 3 mths of 2012.


The "Im thinking like whippet" was the money line and the clue that this would turn into the bigger disaster of the year.

Thanks for the laughs Benny I probably wouldn't bother logging on here if it wasn't for you entertaining me.

Sorry for missing this but "your part of the world" DOES NOT MEAN Australia. Only you simple mind came to that conclusion.

Would would anyone want to visit a penal colony anyways?

gold off, AUD off, rio  next.

I think we know who is already bankrupt.

If in doubt please read the latest BOE minutes.

Thank you