Traders: Millions by the minute. BBC i Player
Discussion
On BBC2 last night and on iPlayer if you missed it. I know there are plenty of 'would be' traders on here, worth a look before you go in feet first! More losers than winners in this show. There was an episode one as well. The housewife who stuck £6K in an account, she did not have clue!
http://www.bbc.co.uk/iplayer/episode/b04jjjc2/trad...
http://www.bbc.co.uk/iplayer/episode/b04jjjc2/trad...
Wonder if the guy with the 911 was a PHer?It made me feel a bit uneasy watching a few of them. Fair play to the 911 bloke who clearly has big balls but. The Jusco guys seem to be on a good streak but seemed a bit flash in the pan. As for the woman and antiques bloke...I feel for them. Both slightly deluded and pretty much epitomize the type of gambler that the platforms are gunning after.
Really enjoyed this program. Interesting to see the variety of people trying to make money from trading, and the different approaches they take.
The surprise to me was how much it was knowing what you doing and understanding the markets, but also how you mentally deal with the pressure of using real money, and how you deal with the losses and wins in equal measure. Not many people can. The guy last night who trades because it makes him happy but due to losing money at the start now only places £2 trades. Not a way to live.
I think the guy with the Porsche started with £40k increased it to £250k then took a massive hit within the first 9 months. Stuck it out been trading for years and now handles funds of £50 million.
The surprise to me was how much it was knowing what you doing and understanding the markets, but also how you mentally deal with the pressure of using real money, and how you deal with the losses and wins in equal measure. Not many people can. The guy last night who trades because it makes him happy but due to losing money at the start now only places £2 trades. Not a way to live.
I think the guy with the Porsche started with £40k increased it to £250k then took a massive hit within the first 9 months. Stuck it out been trading for years and now handles funds of £50 million.
The ex-antiques guy was just deluded if he thinks he is a 'trader'. 7 years in and about a tenner up or something.
As expected, the housewife became a lot less trigger happy when it was her own money she was playing with.
The two wide boys strike me as guys who might well vanish into thin air overnight taking all of your cash with them but if the footballers 'asset manager' wants to authorise them some money after they have been shown around their shoe collection then so be it...
As expected, the housewife became a lot less trigger happy when it was her own money she was playing with.
The two wide boys strike me as guys who might well vanish into thin air overnight taking all of your cash with them but if the footballers 'asset manager' wants to authorise them some money after they have been shown around their shoe collection then so be it...
Those 2 lads, have to admire their ambition but as someone else said don't think they'll last.
The antiques dealer a tenner in 7 years ???? Mad he's never going to be a trader and as for that women from the point she said she watching a demo trade was too stressful she was toast.
911 guy was the only one who knew what he was doing and talked absolute sense.
I was worried the program was going to portray how easy it was to trade and how many people are making millions from it but overall think it was kind of balanced, although at times it did make out like trading was the life, make more money in a day than in most jobs, yeah but you'll also very easily wipe out your whole years/several years work in a single day.
Anyone can learn to trade, few have the personality to handle the emotional side and even less have the discipline to last.
I worried about that too - from the voiceover woman at the start of the programme it seemed as if it would be just portrayed as a quick way to get rich, but I think it showed a good balance. I also recognised some bits from 'make me a million', but I think that might just be that most of these trading schools look the same. I thought I recognised the bald guy in the first episode who was at the training course - although the programme mentioned he had past notoriety, it wasn't from that - he must just look like someone I know.
I get a lot of email about forex trading courses, and accounts and so on, and I do keep thinking about having a dabble, but I honestly don't think I have the mental strength for it, and this programme probably reinforced that.
I get a lot of email about forex trading courses, and accounts and so on, and I do keep thinking about having a dabble, but I honestly don't think I have the mental strength for it, and this programme probably reinforced that.
okgo said:
The 911 guy seemed to do ok, but clearly was very 'on it' as such. He was portrayed a bit like Patrick Bateman wasn't he, which I found quite amusing
Very Bateman. A little bit of vomit came up when I saw the lovely newbuild neighborhood and spotless home. He did have his head screwed on right though, clearly knew what he was doing. As for that footballer and all the guff about knowing the guys and inviting them to his home etc, I thought the whole thing about investing is head over heart? Good pair of programs, enjoyed watching
twinturboz said:
I was worried the program was going to portray how easy it was to trade and how many people are making millions from it but overall think it was kind of balanced, although at times it did make out like trading was the life, make more money in a day than in most jobs, yeah but you'll also very easily wipe out your whole years/several years work in a single day.
Anyone can learn to trade, few have the personality to handle the emotional side and even less have the discipline to last.
This is it for me. From the outside it looks like a quick way to earn money quick, but there is that mental side which I dont think many people realise and the stress from the fact with 1 click you can loose a fortune. Anyone can learn to trade, few have the personality to handle the emotional side and even less have the discipline to last.
You hear alot about the guys earning mega money in the city but I wonder what the percentage is between people that have made it, and the people that have crashed and burned.
The thing that struck me instantly with the woman was starting a practice account with, what was it, £300k?
Whatever figure it was was completely unrealistic and she would have made trades she couldn't have made with real money. It's ridiculous to think that just because you can do it in practice with a huge starting amount means you can then do it with £6k. I have dabled a few hundred quid before mostly as a bit of fun. It was...but it was also completely terrifying and I haven't touched it since.
Whatever figure it was was completely unrealistic and she would have made trades she couldn't have made with real money. It's ridiculous to think that just because you can do it in practice with a huge starting amount means you can then do it with £6k. I have dabled a few hundred quid before mostly as a bit of fun. It was...but it was also completely terrifying and I haven't touched it since.
Challo said:
Really enjoyed this program. Interesting to see the variety of people trying to make money from trading, and the different approaches they take.
The surprise to me was how much it was knowing what you doing and understanding the markets, but also how you mentally deal with the pressure of using real money, and how you deal with the losses and wins in equal measure. Not many people can. The guy last night who trades because it makes him happy but due to losing money at the start now only places £2 trades. Not a way to live.
I think the guy with the Porsche started with £40k increased it to £250k then took a massive hit within the first 9 months. Stuck it out been trading for years and now handles funds of £50 million.
I like porsche guy in a way. I admire his worth ethic, especially re doing ironmans and training hard. I liked his ethos of if he makes a grand in a day he just packs up and stops playing. Nice. Seems like not too shabby a way to live.The surprise to me was how much it was knowing what you doing and understanding the markets, but also how you mentally deal with the pressure of using real money, and how you deal with the losses and wins in equal measure. Not many people can. The guy last night who trades because it makes him happy but due to losing money at the start now only places £2 trades. Not a way to live.
I think the guy with the Porsche started with £40k increased it to £250k then took a massive hit within the first 9 months. Stuck it out been trading for years and now handles funds of £50 million.
Though the rest of his life looked a little, I dunno, plastic? plastic new build with a bottom floor that looked like a show home. not my cup of tea.
Had to smile at the Jusco lads, seem to be performing but I am not entirely sure they came across as really understanding what they were doing. Perhaps they do, they are making some money after all, but I dunno. Wide berth.
The others were obviously part of the majority who'll lose money trying to gamble the stock markets. This is the most likely outcome and its what stops me from having a go. I'd be there turning pounds into pence in short order.
However the show has made me do a little research afterwards and I have just read through investopedia's explanations of technical analysis (as opposed to fundamental) and that aspect really interests me. I like statistics. I'd like to find out more about the many statistical methods, but I figure I'll stop short of actually playing the game.
The one thing I can't seem to deal with with this kind of thing sometimes is the value it really adds. I mean sitting in your house trading pieces of virtual paper with some faceless machine and hey presto money comes out the other end?. It just doesn't seem very useful and has that veneer of "get rich quick scheme" to it. Judging by the number of people attending these home trader conferences I think it almost has the feel of those self help seminars where gullibles exchange a lot of money for slick mumbo jumbo.
I do realise the reason for having Forex and commodities markets and why company stocks and shares exist. But there is something about the whole thing that doesn't sit well... perhaps the intangibility of it all.
Hm.
The Birmingham boys - didn't he say he was a millionaire at the start of the programme? I burst out laughing when I discovered he was living with his mum and dad. I notice Metatrader - can't help thinking "demo account". (BTW the £100k is just what the footballer is willing to risk with these two boys.)
911 guy - get the feeling he's living off his wife. He talks the talk. But that's easy enough when you read enough books and browse enough forums. Sure I spotted MT, too, so could be a demo account. Also, Crossfit.
Rene (antiques dealer) - shame it cost him £6k to realise he still hasn't got it. He might not be honest with himself but at least he's being honest with us! (Curiously, he feels antique dealing is meaningless but his trading "career" gives him purpose in his life - compared to a previous poster's comment above.)
Investor club - they might make something just from the market slowly creeping up over time. Shame about the big loss recently - I guess they are just buying before selling so they need to keep going if they are to reflect market performance rather than quit now.
Housewife in farm - who knows what her future will bring. Right now she's going in too big. Maybe she'll get her emotions in check if she scales back considerably.
All the cars (911, C63 AMG) could be hired for the week - just like a certain trader trainer who hired Ferraris for a marketing/photoshoot. Who knows.
</seenitallbefore>
I could be wrong.
The Birmingham boys - didn't he say he was a millionaire at the start of the programme? I burst out laughing when I discovered he was living with his mum and dad. I notice Metatrader - can't help thinking "demo account". (BTW the £100k is just what the footballer is willing to risk with these two boys.)
911 guy - get the feeling he's living off his wife. He talks the talk. But that's easy enough when you read enough books and browse enough forums. Sure I spotted MT, too, so could be a demo account. Also, Crossfit.
Rene (antiques dealer) - shame it cost him £6k to realise he still hasn't got it. He might not be honest with himself but at least he's being honest with us! (Curiously, he feels antique dealing is meaningless but his trading "career" gives him purpose in his life - compared to a previous poster's comment above.)
Investor club - they might make something just from the market slowly creeping up over time. Shame about the big loss recently - I guess they are just buying before selling so they need to keep going if they are to reflect market performance rather than quit now.
Housewife in farm - who knows what her future will bring. Right now she's going in too big. Maybe she'll get her emotions in check if she scales back considerably.
All the cars (911, C63 AMG) could be hired for the week - just like a certain trader trainer who hired Ferraris for a marketing/photoshoot. Who knows.
</seenitallbefore>
I could be wrong.
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