Bulls and Bears (Part 1 of 3)

whatever accessing rounded completo like ironed out before too late on the day you know change the fire boost absolutely found at two thousand marks 9555 any luck we're doing something like ten and a half trillion dollars worth of business a year in nominal terms which means on average two hundred billion dollars a day trades on the sfe this is where all the orders come down through all the way from all around the world come down to this in a futures exchange and they use an open outcry so you'll bid all your offering and then people will trade you know they'll buy and sell you are speculating on whether each race for like hourly daily minute basis it's gonna go up all day you're bullish if you think the price is going to go up and you bearish if you think the price is gonna go down and that extends up to things being good versus things being bad here we go well the buzzer trading is it's instant gratification can make a lot of money very quickly let's try the Dawson we put our money on the table and said it's just like one big casino out there the futures markets a place where risk is transferred from someone who don't doesn't want the risk to someone who's prepared to accept the risk that's about it yeah by two hundred nine 300 buy everything you can [ __ ] get your hands on I don't try to predict where the markets gonna go it's it's it's it's like it's like a it's like a comet going going through in the sky you can't see the comet but you can see the tail we can see the price action but we can't actually ever really grasp the market you can't really ever really grasp the market all you can do is try to jump on board the comet and ride it for a while all we can see is the tail that's the price action it's historical prices people you can analyze charts up the ying-yang you're looking at the tail of the comet you got to learn to get aboard to comment and ride the comet that's the idea of trading it's the idea of getting onboard the market and in doing what the market tells you to do it's a very hard thing to do I would say only two or three times a year I really feel like I'm aboard the comet but when I'm aboard the comet it's a best feeling in the world well his name's John he's American and he's a big trader for very big trailer so he came into the pit he's like with a very strong American accent somebody said it's not your war John he goes it is now they called him Rambo I remember well the first time I walked onto the futures for the Chicago Board of Trade I was in college and I was taking a course in investments I knew from the second I walked on that floor electricity went through me my skin tingle and I said this is my best city I mean I just knew it straightaway futures trading isn't for the weak-hearted and certainly not for everybody when people come to me and and that know me then and they know what I do and they say well John I've got an extra ten thousand dollars can you know you can you do something with it for me I don't know there's absolutely nothing I can do with it for you you know I trade my own money only that's all I mean I haven't you know I have enough problems doing that you know morally no god forbid I took your ten thousand dollars and lost it in a couple hours I mean if you kill me I think you know the reason the poor markets very anxious that they're worried about the fact that Japan weakness will lead to China being forced eventually to devalue the one and then people are saying if that were to happen that could destabilize the rest of Asia and also maybe put some pressure on Latin America as well so we're sort of a house of cards that people are starting worrying about coming apart again thanks for rot in Denmark here we go it's another day breakers in many respects the like taxi drivers unless I did the dishes last night a part of them we're here to take someone from A to B and from and from B back to I turn the lights on for the day model Alton you can't be two opinions Detroiters who are opening the risk and and they're the people who who really wanted to make the cold decision whether to buy or sell we're here to provide information to support them in the decision making process after they all did more than you the great thing about broking is whether they make money or lose money you're gonna get paid for the transaction the only way you can not make money broking is not do any business so you got to get inside the customers head and you gotta you know provide them with a service that they that they need become part of their daily life that they have to talk to you every day or they can't do what they want to do I mean everybody raised the pipe is but if I can find a couple of articles capture a feeling then I'll send it out in the package it is trying to know a friendless and local currency markets more volatile at any time since the but Nala Republic days the effects of the crisis in Asia will almost certainly damp or dampen net exports idle live alright ki dokie this will wake him up ten plus seven that's the lower Isles and you can snorkel out there there's a beach out there lighthouse it's a national park so you know not a lot of love not allowed to fish around it I know that hello hi John the Thorne rally from about one o'clock I've sent you to take shots should be occupation but um yeah bills please it all varies substantially I'm fairly can fairly convinced I'll trade up to 50 and maybe 60 all right so me 250 set bills at 14 Oh Co marches at 95 but there we go I'm back to work John the Moulton resides primarily in Far North Queensland and I would think that he spends now only about 5% of his trading days on the trading floor and I'm sure that when you're spoken him he's he's a been able to elaborate how he can how he can trade just as successfully off the trading floor as he can trade on the trading floor my [ __ ] computer doesn't want to stay on nobody [ __ ] well oh no wonder this is this is great my phone lines are [ __ ] Telstra and it's in its wisdom came out the other day and put in temporary phone line they have no idea that this could cost me hundreds of thousands of dollars it's being [ __ ] up the way it is anyway what are you gonna do it's an omen it's an omen to sit on my hands this morning and not tread maybe ha hi Morgan who's this new phone line in there to Bevin there voila we're line beautiful alternative thinking works there you know what the real sad part is this telephone is only go it's only gonna want to work out there doesn't work right here if I move five feet that way the [ __ ] thing works and I need to call directly to the floor you put me through the axle dispersed thing oh they any spread orders in the pit I should know about right now is it still bid there I listen could you call me up with this stuff before he goes out of the pit I mean you're telling me stuff it's already happened it doesn't do me a whole lot of good I would love to sold out at 30 points I was buying the bills and selling the three years last night and this is nobody that would have been a good opportunity to liquidate okay no just as soon as it as soon as anything hits that pit you call me straightaway with it please thank you mate you know by the time he calls me and tells me what's going on the trade has already occurred and gone and there's not much I can do about it so you know if the floor is still got you know before I still got heaps of advantages my profitability would be a lot higher if I was still on the floor so there you go they're about 450 people on the training thing 300 of them work for the brokers the Banksy institutions and then there's about 150 or locals trading their own money those locals trading their own money make or lose the way they trade by it the make money if it goes up they sell it they make money if it goes down as far as a pit trader goes you have to be quick aggressive loud I sort of establish what's going on in the pit and you know when traders get orders trying to panic them all into into making trades that they don't really want to make or that they have to make in order to fill the order you can lose a lot of money very quickly because it is a very risky business if you're a trader that's trading large volume making money then all of a sudden it dries up and you're still trading large you'll find yourself in trouble by the way this is why I traded yesterday is one seed in the written form there you go I've traded dumb I think I figured out was 18,000 Lots yesterday which for me is sitting up here in Port Douglas he's got it is certainly a record about 13% of the market which um is probably larger than it should be I'm not comfortable trading that logical um size with the market with an overall volume of the market it's usually about a good sign it can be a sign that I might be over trading off the second we go actually 8810 you're strung over that's six and a half yeah we open evil aliens were raining really your date doesn't new your day never really has a start your day really doesn't have an end I look at it more along the lines of when is the market shut and when is the market not shut and pretty much nowadays the market is open for you you know 8:30 on Monday morning till 6 o'clock Saturday morning my perception is is is that the nature of the market is is constantly evolving um these so do you as a trader um constantly have to evolve with the market and the best way to do that is to just literally I just have to just really stare at it very hard just really stare at it really hard you know I just stare at it and then it'll come to me when I was trading my own account I dreamt about the market and trading and I had my first winning trade in a dream two months after I stopped trading my own account there were always losers you know you'd buy something any girl against you immediately and your panic attack what do i do do I get out do I add to it those are the kind of dreams I was having and now with 24-hour trading I wouldn't I I don't know I've got customers who call the sicom desk which is the overnight market every hour right through the night I've sort of learned patterns that happen in the t-bonds that seem to repeat themselves and that's what we're doing is just looking at patterns that happen in the past that seem to have got it right more than wrong and setting them in the computer so if that pattern does occur again to let us know hi Larry its van speaking here how are you at my stronger signal tomorrow looks like I guess what we call oops if we open lower them today so mm-hmm my style of trading is all based on one trader that's Larry Williams and he is my opinion the best trader in the world and he's proved that many a time when what should work doesn't work you got great valuable information incredibly information so I like what's happening down here I see some bullish stuff I'm looking gee I like this triangular formation whatever I want to get long to bars above I got to be a buyer there notice what you have though our old friend the outside bar higher high higher low lower close we want to be a buyer the next bar he turned ten thousand and a 1.1 million dollars and no one's ever gotten close to it he was the best trader in the world I wanted to trade like he does and so he's approaches yeah he goes for five mile run every day he doesn't smoke he doesn't drink very much he has like a Zen approach the markets he doesn't watch him all day I'll have a bet I never bet on something I bet it doesn't rain here while we're still sitting here having lunch we're gonna be here $45 shake done what's your name Bob Julie Julie I'm John John Valentine while you are here that's that's good bet alright I'm happy with that oh it's starting to rain already uh-huh some stuff you know what if I'd sent five hundred dollars what would she have done come see your on make a thousand I feel like good you're coming home with me won't you trade for me this afternoon hello well how the deck bills you're getting can you do any positive other threes and tons it gets so compulsive obsessive that you keep going in there and doing it if you're consistently making money you sort of in a way you probably create these problems for yourself by you know you're winning you're winning you're winning and you want you know you want to have that bigger trader or win bigger no and that's when you usually start losing you usually lunchtime who remarked until by his tone of voice hello oh oh we are booked on a flight that afternoon and always had a really bad day you know sort of said we're going to violate five o'clock pack Pat the kids aren't I've had a day where um it's been a some economic data come out has come out I think it was an employment figure and the data is bearish so the market went to lunch at 12:30 and the bonds were weak I think they're off ten anyhow I got back from lunch and I looked up and I think the NIC I had taken them to two or three percent dive two o'clock comes I'm 200 short the market opens up three or four points higher and of course I'm trying to protect my position I'm a BT start by so I sell another fifty and it goes against me straight away through four points I'm short two hundred fifty now and there are no sellers it rallies three or four points I saw another hundred and I'm not even taking to account the flight to quality not even thinking just thinking that these are too expensive I'm 350 short now and it's really starting to look a bit serious it rallies another five points and I saw another hundred fifty some 500 short and this day that's looking at about half a million dollars and I'm just screaming out sellers sellers give you know give me a seller you know I want to tell us I can get out seller sellers no one knows what's going on with me of course cuz it's just mayhem in the pit I could taste blood in my mouth and I was just my heart was beating you know I was looking at about seven hundred thousand dollars I was looking I was thinking about my wife my life is just flashing in front of me seeing you out the house and I'm there screaming sellers sellers sellers and there's just all of sudden the mic just goes dead quiet and there's this one guy orden minute just bidding for 200 at the high going like 57 for 257 200 and I'm going if I have to pay any higher no three points high it's gonna cost me over a million dollars that's gonna be me out of the game and all of a sudden sellers came in and sellers came in hard and they and and before I could buy them back the market came off five points came off another five points I bought them back and took it took a half a mean dollar loss and I was just very happy to get out and a half mindo lost I mean I have to try and keep myself together as much as I'd like to kill him um you can't it is my situation wasn't yeah you know he could lose everything he's one of those traders that yeah you know could end up with nothing and I'm not prepared for that to happen so it's just a matter of me sort of keeping it together and seeing him go into his theme President Yeltsin is preparing to quit have sent a shiver through the world's markets that have even reached Wall Street sending the dow crashing more than 350 points to much confusion everywhere we have a major meltdown in stocks at japan they have a serious problem with the stocks of the united states today bond markets are all over the map now Calvary's this morning begins with attempts by the Australian Reserve Bank to protect our dollar overnight in New York intervention which caused a temporary surge before the sellers moved back in for the kill our last couple days just crazy the dollar got nailed and our markets came off in response so we had a couple of biggest days the exchanges he ever had we can hear my voice I'm just so exhausted after that started on in the middle of the night last Thursday night and just spooned violent ozzie currency moves on the downside obviously we were looking at a Mike was anticipating a half a percent interest rate easy and in fact it's like we could be having a full basis point up I haven't heard any horror stories on the floor often with Oso moves you get some of the locals get killed in and got a business go bankrupt I haven't heard any those stories which is which is lucky I don't think anybody expected the bills to trade a hundred points under cash seeing as they've been a premium to cash for so long so I'm I caught everybody out of it including myself I'm sure there's people some people who did quite well you know then I'm normally very bearish trader and I love the bear train I love being short and yet we have the biggest bear move in years I lost money I prefer not to comment on how much money I lost let me put it this way was there's over a million dollars so we're on the fastest way right speed is of the essence man time is money yes I'm 60 long years unfortunately it's a problem with the place I got a little I'm mark are under Randy but say what sort of work you did oh that's a good question right uh right now I'm not doing much of any work hmmm I speculate an international interest rate futures okay there you go that's way the monies oh yeah heaps of money all going out right now yeah it's been like that for years sometimes it gets up knows it comes hey seems it seems to me you know a bit about the businessman well you learn a fair bit when you're in a taxi it's a smell the air so dirty lots of car exhaust fumes lots of people milling around like a bunch of rats scurrying around wondering what the [ __ ] they should be doing with their lives looks to me like sorry I'm just I mean and that's another thing I've come back to Sydney and so my attitude changes always sudden I'm like this big [ __ ] but something it's like this is pre pre training for going back to that that mongrel floor and having to go down there yeah that's true Oh Mario [ __ ] hate this [ __ ] place no I don't I love it oh there we go it's just fun this is fun trying to make some [ __ ] money that's for sure and it's been such a difficult week and it's going to be a few casualties which is always a bit of a difficulty in our market whenever you get some massive movement like this and the leverage in gearing that the futures market provides there's going to be a few casualties the broker is the customers friend confidence

Channel: sommi

Views: 113,789

Rating: 4.8612719 out of 5

Keywords: Bulls & Bears (TV Program), john moulton, frank the tank, futures trading, sydney futures exchange, SFE, what is futures trading, futures trader, gambling stock market, i hate the spi, australian spi, do not trade the spi, the curve, the tenten la, what about the curve?, sydney floor trading pit, australian traders, john rambo moulton, futures trader career, abdow trades the curve, bulls and the bears, bulls and bears, bulls and bears sfe, bulls and bears rambo

Id: kHawmZbapjU

Length: 24min 26sec (1466 seconds)

Published: Sat Nov 16 2013

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