Dien,

Yes, please do continue to post on this subject. My husband and I are long a couple of Japanese yen futures contacts right now and we really want to learn more about FX futures trading.

It's not easy to find really good information. So, I am reading all your posts on this subject with great interest.

Looking at the Euro right now. Even after the intervention by the US and Bank of Japan recently, it hit a new low today around of around 83. Just checked the GLOBEX and saw that it is sitting at 84. Wonder how low it will go from here since the U.S. probably won't join in any more planned interventions to help prop it back up, at least not before the election.

Thank you for giving us any tips, info that you can pass on. Does this FX trader have any instructional information to sell?

Ever checked out www.yenman.com? We were just directed to that site by an acquaintance, but can't speak to it's validity yet.

Enjoying your posts on this fascinating subject.
Thanks!
Amber

> A few days ago I ran into a FX futures
> trader, and I met with him again yesterday.
> In the world of finance, FX stands for
> "foreign exchange".... This guy
> trades in futures in overseas currencies,
> like trading between US dollars, Japanese
> yen, Mexican Pesos, the Euro, Australian
> dollars, and other currencies....

> On the plus side, this is the sort of thing
> the well-known fund manager George Soros did
> (before his retirement), trading billions of
> dollars worth of overseas currencies, and
> making, and sometimes losing, billions of
> dollars for his fund....

> It's also how Nick Leeson brought the
> world's first investment bank, Barings Bank,
> to bankruptcy, by losing them BILLIONS (if
> you've seen the movie, "Rogue
> Trader")....

> It is a high risk game, with very big wins
> and losses.

> The guy I know is named Willy.... He's
> originally from Switzerland, and has been
> trading FX futures (both professionally, and
> for himself) for 26 years.... It's
> interesting to peer into this very high risk
> area of making money.... I'll tell more
> about the details of FX Futures later....
> first, here's a story Willy told me, which
> tells you about the risks involved!

> Willy was a young man working in Switzerland
> in FX futures, and his wife was 7 months
> pregnant at the time. One day as a young
> trader, he started with $10,000 of his own
> money and turned it into $187,000 -- in ONE
> DAY! He felt on top of the world, he was
> ecstatic! He felt like he knew everything
> there was to know about trading FX
> Futures....

> He decided that he wanted to show his wife
> what $187,000 looked like.

> This being Switzerland, he went to the bank
> and withdrew the $187,000. He put it in an
> ugly brown paper bag, the kind you probably
> wouldn't even want to keep your lunch in. He
> did this so that others wouldn't think he
> was carrying anything valuable, just some
> disgusting uneaten sandwiches left over from
> lunch, so that no one would even want to
> touch it.

> He took the train home, which was crowded.
> Willy was squashed between two people on a
> seat, partly crouched over the brown paper
> bag at his side so nobody could take it. He
> told me he didn't want to take a brief case
> handcuffed to his wrist, since that would be
> an INVITATION for someone to take it!

> Willy got home, and in front of his wife he
> took the brown paper bag and poured out
> $187,000 in bills. He thought his wife was
> going to go into labor then and there, 2
> months early....

> The next day, he took the money back to the
> bank, and did some more trades.

> That day, he ended up LOSING $100,000. So he
> had to go home and tell his wife....

> He told his wife, "Honey, I made some
> BIG losses today...."

> She said, "How big? Did we lose the
> house?"

> "No," he said, "Not that
> bad.... But I lost $100,000...."

> But now, many years later, Willy feels good
> about that loss, because you learn the MOST
> from your failures.... He learned the lesson
> of when to cut your losses in highly
> speculative trading like you find in FX
> Futures....

> Sometimes, you have to go through some pain
> in order to learn something new.... Or the
> way he put it to me was more like (forgive
> the language), "Sometimes you need to
> be kicked in the balls, HARD, to
> learn...."

> More on the details of FX Futures -- this
> VERY HIGH RISK opportunity -- later.... :)

> Dien Rice