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THE DOCTOR wrote:
>
> OI.K> it's Monday morning and here is what the floor says about trader
> Vic.
>
> He filed bankruptcy himself last Wednesday.....lost his own net worth as
> well as the fund's..so he clearly put his money where his mouth was.
NW: Something smells here. I have known many traders (myself included)
who went tap to the tune of hurdreds of thousands of dollars and never
filed for bankruptcy. Bankruptcy is a form of welching on your bets
which is #1 on the Ten Commandments of "thou shalt not" in the trading
community. If you want to continue trading, you don't file bankruptcy.
My guess is that Victor had some money stashed away in a safe place
(like a spouse or a Florida house) where bankruptcy can't reach and is
comtemplating retirement from trading. Maybe his book royalties are
protected via a trust? Anyway, if Victor has filed personal bankruptcy,
then he loses alot of my respect. (as though he cares what I think <G>)
He should find a way to work his way out of debt and pay back every
penny. That is the honorable way to conduct oneself as a trader. I don't
begrudge anyone for losing money or going bust from trading. I do
disdain those who refuse to honor their trading reponsibilities and
obligations. If Victor files bankruptcy, write him off as a mentor.
Apparently his "Education of a Speculator" was a work in progress. He
still has much to learn, as he is now not only financially bankrupt but
he is also ethically bankrupt.
Scornfully,
Norman
>
> Trades were combos...done both at CBOE and CME and apparently EVERYONE
> KNEW it was him and when he attempted to get out with the market in
> CHAOS he paid well over THVL to escape. Sounds very much like he needed
> a better brokerage relationship.
>
> Sounds like his broker needed a better customer relationship....RUMORED
> unsecured debit is larger than my ex-wife's net worth!
>
> Yikes
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