Shorted the $CAD March for 300 contracts @ .8991 For every penny the $CAD drops, I will make 10 million baht. I

In the last 10 minutes, I am ahead 750,000 baht. I could quit now and have a very nice holiday or build a new classroom in a rural Thai school.

However, I feel the $CAD is going south over the next 2 years (fiscal policy, GDP, employment, housing starts, etc). Until I see the government change their bias, I can't see the $CAD going anywhere.

The hardest part about forex trading is taking emotions out. 2 weeks ago I was ahead 3 million baht in 1 hour. I closed out but had I maintained my position, I would now have an additional 40 million baht in 2 weeks.

So in this test, regardless of emotions, I am going to avoid cashing out and plan to hold for at least 1 year. Of course, I will have to rollover the contracts as they become due so I will be cashing out quarterly.

If I am wrong, I will lose everything and just go back to work like everyone else. I would rather take a chance in life for a millionaire lifestyle instead of playing it safe and already knowing how I am going to die.

If I win, I will have my new Ferrari plated 8888

So 2 weeks ago you made 3 million Baht in an hour, and today you made 750.000 Baht in 10 minutes.

Do you have any gps coordinates of the bridge you're living under ?

You are shorting CADTHB? Good luck with that one.

Beats giving it all to a Thai Family ... .... I guess .....

Could work. How much are you playing with?

ohh boy!

There is another poster who can show you which free bus you can take to Big-C. If the traffic is too bad, you can aleays walk and have a nice conversation about why people buy expensive cars.

No, you cannot buy futures for $CAD-THB. Everything is denominated to $USD.

Why would I lie about this? I have nothing to gain by pretending to short 300 contracts. The reason I brought this topic up is because most traders don't hold positions long term so I'm trying a different strategy. If you don't believe you can make 3 million baht in 1 hour in futures, then you are wrong. Did someone tell you different? Some traders make $10 million $USD in a minute. 100 contracts will give you $1 million USD in a move of 1 cent. When employment or monetary information is realized, I've seen moves of 1.5 cents in 2 minutes. Do the math.

I am short 300 March 2013 $CAD contracts. Each contract is worth $100,000, however its only a delivery promise so you don't actually need the money to trade. Commission was $2000 on Interactive. I've been doing forex trading for a year now and I've done very well as I started shorting when the $CAD was at .98 At .90 in 7 months, its made money for a lot of traders.

Instead of anger and hostility towards my information, why not try and learn so you can make money for yourself. I don't understand why this topic makes people talk about stuff like a bus to BigC. You don't believe people make money trading? One trip to New York City will open your eyes.

At 13:11, the $CAD March 2013 contract is trading at .8979 That is a change of .0012 X 300 contracts for a profit of 1.2 million baht if I closed immediately. For 1 hour of doing nothing.

I am not making this stuff up. You can make incredible money with futures. But the real money is not implying the hourly swings but holding out for the home run. If the dollar goes to where I hope, by next year I will have an additional 150 million baht. Of course, if it goes against me, I walk away with my life savings gone.

Good luck, sir!

Hoping to see Ferrari 8888 cruising around soon.

Edited February 3, 201412 yr by cocopops

No, you cannot buy futures for $CAD-THB. Everything is denominated to $USD.

Why would I lie about this? I have nothing to gain by pretending to short 300 contracts. The reason I brought this topic up is because most traders don't hold positions long term so I'm trying a different strategy. If you don't believe you can make 3 million baht in 1 hour in futures, then you are wrong. Did someone tell you different? Some traders make $10 million $USD in a minute. 100 contracts will give you $1 million USD in a move of 1 cent. When employment or monetary information is realized, I've seen moves of 1.5 cents in 2 minutes. Do the math.

I am short 300 March 2013 $CAD contracts. Each contract is worth $100,000, however its only a delivery promise so you don't actually need the money to trade. Commission was $2000 on Interactive. I've been doing forex trading for a year now and I've done very well as I started shorting when the $CAD was at .98 At .90 in 7 months, its made money for a lot of traders.

Instead of anger and hostility towards my information, why not try and learn so you can make money for yourself. I don't understand why this topic makes people talk about stuff like a bus to BigC. You don't believe people make money trading? One trip to New York City will open your eyes.

beware, I had a friend who made £30 million with his father selling a chain of shops in 2005. He had worked hard for 15 years but got bored and started doing what you are doing. In 2009 he lost everything and ended up bankrupt and in a mental hospital for 3 months.you can make big money but also lose big money. Good luck I hope it all works well for you and you get that Ferrari.

You are shorting CADTHB? Good luck with that one.

he is shorting CAD vs. USD and from what i see he hasn't made a single penny today.

Some traders make $10 million $USD in a minute. 100 contracts will give you $1 million USD in a move of 1 cent. When employment or monetary information is realized, I've seen moves of 1.5 cents in 2 minutes. Do the math.

And if it moves the other way, what is your maximum exposure/loss?

I agree with his thought that "if I lose I just have to go back to work anyway". I like that thinking..... there is a plus side, but the minus side is just the status quo, so why not go for it? I think there is something to that thinking.

At 13:11, the $CAD March 2013 contract is trading at .8979 That is a change of .0012 X 300 contracts for a profit of 1.2 million baht if I closed immediately. For 1 hour of doing nothing.

I am not making this stuff up. You can make incredible money with futures. But the real money is not implying the hourly swings but holding out for the home run. If the dollar goes to where I hope, by next year I will have an additional 150 million baht. Of course, if it goes against me, I walk away with my life savings gone.

Interested to know why you are plunging it all into high risk and aren't spreading it around. I'm just starting out on CFD (although I'm not actually doing myself) I've invested an amount that I wouldn't want to lose but if I did lose it, I've still got plenty left. The rewards are very high but so are the risks. That's why I have the majority of my investments spread around.

Your right the hardest part of trading is staying with a winning position, the reason you only banked 3 million is because you were too highly leveraged, therefore making you panic and make wrong choices, lower your leverage if you want to stay in the game long term.

I believe long term, the USD will gain against CAD over the next year or so. But when your leverage yourself like you have you will get killed in any minor upswing against you, are you mad?

But there is one thing missing In what your doing and that Is common sense, are you a completely mad? Sorry to be so harsh but when your broke, maybe not from this trade but the next one you will wish you followed the common sense path. Paul Tudour Jone says the public are always thinking of the upside, the pie in the sky, i can tell that from your post, you have brainwashed yourself, i know because in my 18 year trading carer i made many many mistakes just like your doing. You got to focus more on the down side risk.

I think you need to go back to learning and massively reduce your position to say 10 contracts. Even that would be a little too much with the limited money that you have

Why are you being so greedy, a 5 cent move would bank you with 10 contracts $50,000, maybe take a month or so, why the urgency? Greed leads to ruin, been there done that, you would know the truth of what i say if you have experience and knowledge behind you. Read every book written by great investors/speculators and your breaking a huge cardinal rule.

example, shorted at 93.00 on Jan 7th and sold out on Jan 23 for a 2.5 cent profit per contract, 10 contracts $25,000 profit without risking your future, why aren't you doing this? Why the greed?

Many great investors have been right with their long term trades but the problem lies in the short term swings and the fact that if your too highly leveraged any small move will wipe you out.

Trading Is a zero sum game and your trading habits will only lead to the pro's bringing your account zero, as i said some people get lucky with risk, but give it a few trades with that style and i would be happy to wager you will be totally broke in six months.

Any short term swings or Yellen type rally will wipe you, as i said im with you on shorting the CAD but the difference between me and you is the fact that i know in any long term price cycle there will be swings the other way, so therefore i structure my leverage to a low level so as not to wipe me out on any minor swings against me.The market has moved from 106.00 to 89.00 in the last 3 odd years and check on your chart how many minor swings there were against the main trend.

Wake up man, and start learning about Humprey B Neill, Jesse Livermore, John Templton, Paul Tudour Jones, Gorge Soros, Carl Ichan, Charles Munger,Peter Lynch, what your doing goes against everything they say and good old common sense

stop being a mug and start thinking about what your doing, are you really going to be the only guy in history that can go against such a fundamental trading law, i very much doubt it. Your ego is getting in the way from you being a good trader. Any minor swings and your a dead man, why not lower your leverage and sleep easy at night, life is so much more fun.

Go flat the market and get yourself in order before you wipe yourself out, stop thinking about hindsight and how much you could of made, the road to ruin.

I do admire your balls though, or you are just plain and simple crazy or a totally greedy pig that's made money in another industry and think you can just step into a game that even the pro's find difficult and make a load of money, your thinking is going to ruin you.

One thing I know for sure 100% you will die in the future one of life's realities .

Are you aware of how much that license plate will cost?

You are shorting CADTHB? Good luck with that one.

I doubt he's doing that. CAD/USD more likely.

I agree with his thought that "if I lose I just have to go back to work anyway". I like that thinking..... there is a plus side, but the minus side is just the status quo, so why not go for it? I think there is something to that thinking.

That is totally wrong way to think, there are many other things that can go wrong in life and that type of thinking leads to ruin.

Also the fact of the matter is with Futures he can loose much more than what's in his account, read the small print, so this is about as far from arbitrage as possible

You are shorting CADTHB? Good luck with that one.

he is shorting CAD vs. USD and from what i see he hasn't made a single penny today.

CADUSD.jpg

now down 1,4 million Baht

Sadly...that plate is taken.

I am confused...it does not take much...300 contracts x 100k each....whatever that equals...but you say you do not need the cash upfront, surely you have to guarantee it somehow...especially with that amount of dosh.

You are shorting CADTHB? Good luck with that one.

he is shorting CAD vs. USD and from what i see he hasn't made a single penny today.

CADUSD.jpg

now down 1,4 million Baht

CAD.jpg

Poor OP, taking a vicious beating. The problem with shorting is you can lose much more than your original investment.

I'm along for the ride with you.

I'm also with Interactive and I shorted 300 CAD Mar'14 GLOBEX @ 0.9001 with my paper trading account. So far, in the first 10 minutes I'm down 35K. Strangely, my commission was $741, not the $2000 you stated.

I had to put up $447,375 of initial margin, with no daytime maintenance margin requirements you could be wiped out in an instant, especially with that kind of leverage.

Whereustay, I strongly recommend you read 'The Disciplined Trader' by Mark Douglas. In a nutshell, he says the type of risk-seeking behaviour you have will lead you to continiously blow up accounts even if you are successful occasionally. Trading those sizes can be an addiction and you probably need to change your whole frame of mind to be successful long-term. Even if you win this time, do you really think you will be able to give it up?

Now, I'm down 50K. Enjoy the ride!

$Cad futures are traded on the CME, every tick is 10 dollar so 300 cars *10=3,000 a tick. margin is1800 a car, 1800*300= 540,000 that is what he has to post at the clearing firm to trade this postion. it can work but i would trade smaller and build up cash first. i saw a dentist once turn 10k into 10 million u.s. then lose it all. it is possible just have the discipline to stop

I'm going to be a multi - millionaire or die in futures

...and I'm not likely to be a multi-millionaire but will definitely die in future!

I trade sports, not financials, but I would never put my bank on the favourite in the 3.0 pm at Ascot in the hope I get rich or go broke. Makes no sense. If you can make great money scalping, like you intimate, why risk going broke? Psychologically flawed. Put it right and live to fight on! Good luck , whatever you do.

Betting everything for the chance of living a 'multi-millionaire's lifestyle' isn't worth it. Since you must be already well off, you know that it isn't a thrill-ride the whole time. You'd get used to it. Just bet what you can afford to lose i.e., not your whole life savings, as you say.

Where do you set the account up lol!!

Unless you had more in your account than the $447K initial margin, IB has already started auto-liquidating your position.

IB gives me a maintenance margin of 357K for that trade, and right now you're down 120K which is more than the margin buffer you had.

How many contracts do you have left?

I'm down 90K and am feeling your pain.

The question is- is it going to bounce off the pivot @0.9026 and reverse, or is it going to keep going up...

Edited February 3, 201412 yr by Ludacris

You don't believe people make money trading? One trip to New York City will open your eyes.

Sure, the streets are paved with gold.

PS maybe the guy we should be talking to today is the one who went long.

Edited February 3, 201412 yr by SheungWan