I will be exiting my short today and going long if we cross and hold above 18. I would usually step away from the short position and wait it out for 30 days. But I'm going to give it a shot. If it becomes profitable you will know with in 2 weeks. If not I will continue my short position.
Nice to trade. Can change your mind at any second.
Kind of interesting. I moved into SVXY today only because I was thinking of the pump before earnings. I hope to unload before Alcoa speaks on Tuesday.
Either way, I am nervous trading it. I would rather wait for UVXY to pop and then buy puts on it.
Yes like I said you will always lose money. And I am going against everything I beleive. I clarified things with respect to the 300% increases this product has experienced however. I beleive this could be a stab at one of those moments.
Factors I took into consideration. 20% slow grind upward suggesting something coming, Spain and Italy yields beginnning the same round of disturbances as Greece did last year, jobs report - after todays Canadian numbers, showing huge gains implying no more QE3. Yesterday the market told you plain and simple that EVERYTHING is bouyed by quantitative easing. Gold down, dollar down, stocks down, bonds down. I beleive this could be the temper tantrum we have been waiting for coupled with Europes socialist take your time attitude.
So I changed my mind. I'll let you know if I change it again if you care but It would be after options expiry I am guessing. Who knows though. Set the limit and let it ride.
The only thing I am "disturbed" about is your dishonesty. Just look at your previous posts where you said anyone going long VXX would lose money. Here's an example:
You said: "You will always lose long on the product."
So by your own admission, you are going to lose money.
Maybe. I have undoubtedly lost hundreds of thousands getting here. Geese my Apple short was my biggest loser this year but is offset by other plays of course. As is the nature of the game. Do not believe in anything is the best advice I can give you. Belief is the only thing that will cause you to lose money. Best of luck though...
Greed I find takes a while to build before it gets profitable and I would be blind to not recognize the 20% increase in this product. I quickly took the position that this could be the flash point for that build. Great thing is, is that by nature of the product itself, it will manifest itself quickly or not at all at which point I would become short for a while again if it does not return profits.
I do not get into all my details but I began scaling in long today before I posted. I went all in after hours though. Too bad that disturbs you. I am just one insignificant opinion like everyone else but cumulatively I think it may help others make up their minds...
At the end of the day you must weigh all information on your own. Caveat Emptor.
So you've made a ton of posts recently saying this is going down to zero, and now you go long, even though VXX never went above 18 this afternoon? You said you'd only go long if it went above 18.
"This will be a swing for me and against everything I beleive."
You sound like you have no clue what you're doing, and therefore will lose money.
Yep never mess with those guys. They want 45k for that mess! No wrong doing, no money lost and nothing illegal but simply do not mess with them and offer trading to others while unregistered. I assure you my "investors" are still quite happy ;)
I gave them the keys to my house and bank accounts but because I was told by a Lawyer at Martini and whatever it was called that it was alright to solicit others on the Internet, I did so.
Evidently he was completely wrong!! Anyway I just use my own money. Much easier.
In an advertisement to potential investors on “gobignetwork,” dated 2008, Weber claims that he has “traded NASDAQ and NYSE equities for 5 years, now. I began in an Internet cafe in downtown Toronto and now have a pretty large trading desk I pride myself on.”
However, in the “Faking It” article in the Globe and Mail, Weber states that he learned about trading from talking to another inmate and watching television while incarcerated in the Bath Institution. He was at that time serving a five year sentence for counterfeiting and parole violations. In the same article, Weber specifically recounts his first experiences with trading, indicating how he did it over the phone from jail.
Misrepresentations to Financial Institutions
Weber has opened or attempted to open numerous online trading accounts using false names and the names of people other than himself.
Weber has attempted to open at least 32 separate online trading accounts at TDAmeritrade Inc. The applications used different email addresses and contact information and mailing addresses as diverse as the Ukraine, the Bahamas, Michigan, Hong Kong and the Barbados.
All of the account applications originated from Weber’s internet (IP) address.
On August 3, 2008, alone, Weber attempted to open nine separate accounts, each in the name of James Kelly Cook, with an address in Chicago, Illinois, but using Weber’s telephone number.
In telephone conversations with representatives of TD Ameritrade Inc., Weber confirmed that it was he who attempted to open multiple accounts in the name of James Cook.
CONDUCT CONTRARY TO THE PUBLIC INTEREST
The Respondents are engaging in unregistered trading activity contrary to s. 25(1)(a) of the Act.
The Respondents are engaging in unregistered investment advisory activity contrary to s. 25(1)(b) of the Act.
The Respondents have misrepresented the expertise and professional background of the principal member of their business in a manner intended to deceive investors into entrusting them with large amounts of money.
The Respondents have intentionally communicated false information to financial institutions for the purpose of obtaining trading accounts in names other than that of Goldbridge or either of the individual Respondents.
The Respondents are using their misrepresentations to gain the trust of investors and obtain access to large amounts of money from people who aspire to learn day trading.
The Respondents’ conduct is contrary to the public interest and harmful to the integrity of the Ontario capital markets.
Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit.
I. THE RESPONDENTS
Goldbridge Financial Inc. (“Goldbridge”) is a company incorporated pursuant to the laws of Ontario, with its head office in Toronto. Goldbridge is not registered to trade in securities or act as an advisor under s. 25(1) of the Securities Act, R.S.O. 1990, c. S.5 (the “Act”).
Wesley Wayne Weber (“Weber”) is a resident of Richmond Hill, Ontario, and the President, Corporate Secretary and a Director of Goldbridge. Weber is not registered to trade in securities or act as an advisor under s. 25(1) of the Act.
3. Shawn Lesperance (“Lesperance”) is a resident of LaSalle, Ontario. He is the Treasurer
and a Director of Goldbridge. Lesperance is not registered to trade in securities or act as an
advisor under s. 25(1) of the Act.
4. Weber, through his company, Goldbridge, and with the assistance of Lesperance, has
been trading in the Ontario markets without having registered under s. 25(1)(a) of the Act.
5. Weber has made false statements in online advertisements to investors, misrepresented
himself as experienced in matters of finance and falsified his professional biography and the
nature of his business in promotional materials.
6. Weber has used false names and assumed the identities of real persons to open online
trading accounts at financial institutions.
7. Weber purports to offer free day trading lessons to aspiring investors and in doing so
requires that they deposit $300,000 into “the corporate trading account” which he will then trade
on behalf of the depositing party.
8. Through advertisements on the internet website “gobignetwork” and the Toronto branch
of the website known as “craigslist,” Weber and Goldbridge offer unregistered trading services
in “NASDAQ and NYSE Equities.” The advertisements indicate that Weber and Goldbridge are
“now accepting capital” and claim that if investors provide their money, Weber can “put it to
work for you safely” generating returns of 15% or 18%, annually, depending on the amount
Weber confirmed in an April 27, 2007, Globe and Mail interview article, entitled “Faking It”, that at that time he was trading “about $1.4 million in my account, mainly from investors.” He stated in a 2008 “gobignetwork” posting that “I finally incorporated last year and have started taking on others capital.”
Acting as an Unregistered Investment Advisor
One of Weber’s “craigslist” postings offers “free day trading lessons”. The advertised condition of receiving the lessons is that the student must deposit $300,000 in “the corporate trading account.” Weber indicates that “a rate can be negotiated” for students with less than $300,000 to deposit, but that nobody with less than $150,000 will be accepted as “Below this level of capitalization it is simply not enough to sustain a standard of living. Which it is assumed you are trying to accomplish through these lessons.”
One advertisement indicates that as part of the “free” lessons, Weber will “trade in real time right beside you and will provide insight and information” into a particular market area.
Another advertisement does not require the $300,000 deposit into the “the corporate trading account”, but requires the prospective day trading student to hold $300,000 in his or her own account. As a term of the “lessons” Weber states in this posting, “You trust me to trade and not lose your money. I trust you to pay me.” He promises to be able to make $5000 per week or “almost 90% per year . . . without losing a single dollar.”
Misrepresentations to Potential Investors
Weber and Goldbridge attempt to attract investors by painting a false picture of Weber as a hardworking entrepreneur with years of self-taught experience in the financial markets and a “large trading desk,” while omitting Weber’s lengthy record of serious criminal conduct.