MightyMouse

I too resent that they took poker away from me. I enjoy playing the game. I never thought that an online site would cheat me. Since they were raking games with 250k players playing at any one time, I thought it was in their best interest to keep it fair. However, it seemed too easy to be sitting at a table that had 2 players communicating with each other via cellphone, etc without me knowing. Poker players are exactly like traders. They all make money playing poker.

blog of bile » The Economist calls Alan Greenspan a “lifelong libertarian” Certain philosophies make for great reading, but are not practical. The failure of his views were that he was a libertarian when it came to allowing banks to make profits unregulated profits, but he would not let them fail. Chairperson Born's 11/13/98 remarks Look at the date of the comments of Brooksly Born. She was shot down by Alan Greenspan, then SEC chairman, Arthur levitt, and Treasury Secretary, Robert Rubin and Deputy Secretary Larry Summers. Bernanke is making the same mistake. The Fed, believe it or not, was one of the greatest advocates of allowing the banks to continue trading in the unregulated OTC markets, other than the banks themselves. In all his arrogance, he has convinced congress that he is going to monitor the markets for bubbles and manage the bubble before it bursts.

Cheney was no longer head of Haliburton when he was VP. Greenspan was a libertarian and his desire to let the banks regulate themselves and let market forces take care of any inefficiencies are what set the stage for the global melt down. Regulating the otc markets that the banks trade the CDSs would have prevented the whole mess. He now admits that he was completely mistaken. Personally, I think he should go to jail.

I played online before they shut it down in the US. I never played very high stakes online because I just didn't trust it. With the decision to formally make it illegal, I withdrew my money and play only live games. I need to be securities licensed and the potential of a gambling charge, though small, is just not a risk that I feel like introducing.

Actually, if you cut the paper and stack the paper each time 100 times and assume it is 1/10 of a millimeter thick, you'd end up with a stack whose height would reach the projected distance to the edge of the universe, some 10 trillion light years.

UB, US players have not had live play available to them legally for quite some time. Online gambling is and has been against the law and deciding to gamble online is deciding to break the law. It is not being prosecuted at the moment, but if you get a scorned congressman, he will go after the sites, the banks, the players, etc to make a name for himself. MM

That is so silly. It's a mile from proving anything.

Personally, when I was in my teens and early 20's I made a hell of a lot more trading since it did not matter if I lost everything. Now it does.

TTM is a marketing power house in the trading industry. I assure you that they do not have 1000 real people in that room and of those that are in it, most are there for the free trial. In some cases smoke and mirrors is used to create magic, in this case it is used to create fraud, but it is believed by the same people who believe in magic. And you are right. It is risk free, but in my industry its called fraud.

Add drinking, eating like a champ, and a bunch of loose women and you have paradise.

Es is a slug these days. Sometimes it takes hours to move 2 points. It's probably one of the least volatile contracts now.

The S&P 500 has become far too saturated. The more ways you can take a position in an instrument, the less reliable the data of one instrument, like the emini S&P is. There are now countless bull etfs bear etfs double and triple bull and bear etfs, options on these etfs, index mutual funds, etc. Volume means less when it is harder to see all of it.

Like your other post, MMS, smart money is not always the same traders or investors as the term may imply. Smart money is all the same traders if inside information is being used. I think Williams said that smart money is smart because they can get out of a losing position quicker than dumb money and smart money stays in a winning position longer than dumb money. If that is the case I feel like I am a part of smart money. If you are a new trader and want to be smart money, then all you have to do is stay in a winner longer and get out of losers quicker. It is a group that is open to all. Membership is rather simple. Believing that smart money is all those things listed, is the belief that someone has the holy grail and that is comic book material.

I have to admit that I was a skeptic but after your post, I am convinced and want to sign up and trade every day without losses too. I will do anything necessary to learn to trade without losses. I want to be a part of the family too. Please send me a link or allow me to PM you my credit card number, my checking account number, and my social security number so I can sign up and start on the path to financial freedom. Can I make enough money and only work 2-3 hours a day too?

MMS, The rich do not play unless it is an uneven playing field. The wealthiest people lobby congress to create rules so that they have an unfair advantage. Patents, copyrights, etc insure that if they invest they will get paid. We go to war and hurl $1 million dollar bombs at the urging of defense industry lobbyists so that their clients can sell more. They do not take risks in the markets without knowing they are going to win or at least that they cannot lose or influence the outcome. Look at the man they called the "Most Dangerous Banker in the World", Josef Akerman, the Deutsche Bank CEO, targeting 25% because he knew the bank would be bailed out by tax payers because it was too big to fail. The guy who buys risking his money and catches the bottom and relies on market information without trading inside information is lucky this time, and next time. He hopefully quits while he is ahead. I can go on and on, but I won't MM

The wise man who bought at the low this time is not always the same wise man buying at the low and the wise man selling at the high this time is not always the same wise man selling at the high. Yesterday's wise man is frquently today's fool. The noob tends to get it right just as often as the pro, The difference is that the noob can't hold on as long as the pro.

Rande, At what point do you tell someone that they shouldn't trade? So, for example, if someone is in a situation that they need psychotropic drugs to make it through the day, shouldn't they avoid trading? Would you encourage a man with no legs and no arms to become a bull fighter because he saw it on TV and thought it would be a good thing to do? Where do you draw the line? MM

Does anyone have an idea of what internet news feed will air the press conference?

It cannot last forever, no doubt, but it can go on for a lot longer than we think. The economies of so many other countries depend upon our prosperity and ability to borrow, which is the way to fund our prosperity, that it is in their myopic best interest to lend to us so they can sell to us. Austerity would benefit us tremendously in the long run, but that would effect the desire, both here and abroad, of self interested short term profits. Any model you you design to forecast future economics needs to address the question: How will the greed of those with decision making authority impact the outcome? No matter how "off" your answer is when you include greed into the equation, it will be a lot closer to reality than if you fail to include it. My guess, and these are all just guesses, is that we continue sucking up the available capital resources and then at some point in the next 20 years we will somehow restructure our debt to lessen the burden if we are unable to shrink it via inflation as we have in the past. Everyone, globally, will have made money and the losses incurred by other countries will be the burden of the respective growing middle class. MM

Ingot, The dollar remains as the reserve currency. The way to tell that it is still the reserve currency is that when there is news that arises similar in nature, but not necessarily as intense, to the financial crisis, the dollar will go up in value. When it stops reacting positively, then it loses its status as a reserve currency. its decline recently is a result of hedging and speculation. US rates are stable and would be seen rising dramatically if the dollar were being abandoned. The fed in all its arrogant foolishness would not be able to stop the rise in rates. A report called "Global Trends 2025" prepared by the National Intelligence Council forecasts a whole bunch of fun stuff, primarily, the US will lose its omnipotence. Read it if you haven't read it. http://www.dni.gov/nic/PDF_2025/2025_Global_Trends_Final_Report.pdf MM

Never underestimate the power of greed, gluttony, pride, envy,lust, anger and sloth. In the process we have gotten control of most of the global resources by spreading the pax americana. It means that with my straw, I drink your milkshake.

Out done and finished with this trade. It's probably going to drift to the 30's overnight. If not I am still happy I took money. It ended up being 13.75 points on 5 contracts and I started by risking a max of 16 on 2 contracts. It never really went more than like 6 or 8 ticks against me. Truth; Inspite of losses I made 1 trade mistake since I started this. I didn't indicate that it was a mistake, but I did lose 8 pts more than I should have lost on a trade. I woke up and saw that I should have gotten out of a previous long at 1311 and I let it go all the way to the stop at 1303 i think it was. One of the perils of discretionary overnight trading. I don't consider all losses mistakes. I only consider something a mistake when I do not follow what I was supposed to follow and i either stay in longer than I am supoosed to or get out earlier than I am supposed to. In this case, I stayed in longer than I was supposed to and lost more than I should have, but it was still within the parameters of my risk. I always like looking back at the things I thought and seeing how many times I was wrong about what it was doing and what I thought it was going to do and in spite of what I thought and the number of times I was wrong, I made decent money. It shows me that you do not need to know what the hell the market is going to do; instead, you just have to be riding it when it goes where it goes. Getting out of these trades is tough because the longer you hang on, the more chance you have of giving it all back, so picking a decent spot to get out requires some skill but not a whole lot. MM

bailing at 41.50 when hit Or a market order seconds before the close.

Push please just one more time

Moving stop back to 1338