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Chapter 2. The intermediate futures trading course (or just enough knowledge...

Chapter 2. The intermediate futures trading course (or just enough knowledge to make you dangerous!)

A broker took on a customer with whom he was told to be extremely careful. The money was thought to be Mafia. The customer opened the account with $50,000 and initiated a long platinum position. The market went down, and the customer bought more. The market went down even more, and it was margin call time. The broker was becoming a bit nervous with the position, but when he called the customer, the reply was, “Sure, we'll send you more money. No problem.” When the margin call went that easy, the broker felt much more relaxed. The market kept going lower, the customer kept adding to the position, the margin calls continued, and the Mob continued to send in the money. The broker was talking with the customer one day and confided that he was not sure platinum was going to rebound any time soon. The response was simple, “Let's get this straight. You can have all the money you want; just remember, we don't take losers!”


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