BOND SYSTEM PART Deaux
Before I get to the discussion on the Bond System, I have something else to discuss. I called the Trustee's office today and was able to actually get Ira Bodenstein on the phone. This was a fluke, I was just talking with his assistant and he came into the office and overheard our conversation and joined in. He seems like a very nice guy, and also completely on top of this. They are bringing in forensic accountants to get a second set of eyes on all of this stuff. This is a good thing obviously, but also something that is probably typical anyway.
He had to go off to court for more filings in this matter, so I only got about 5 minutes with him. They have a web site up
This supposedly has all the pertinent information, forms etcc. I would suggest going there first for the most updated information. I don't think there is any point in calling the trustee as I just did. They are getting a lot of phone calls as you can imagine. I have had some people call me telling me their balances when they check them are a lot lower than they should be. Personally I had 3 accounts there and one prop account I was trading that was awarded from the Robbins contest last year. I have only been getting updated statements on 2 of the 4 and the balances in those have not changed. The other two statements I have not been getting in the last few days. I would suggest writing to the trustee with copies of the correct balances, if your account statements are not showing the correct balances. I asked them today to get me the current statements on the two accounts I have not been getting them on and they are looking into that for me. I think as hard as it is we just have to move on and let this process play out. The best case scenario is we are going to lose some money here, so I think we need to focus on getting it back through trading. If our statements are not correct we don't have anything we can do about it now, other than make the case when the time comes to do so. To me all the money is gone right now, and I am proceeding on that assumption with the thought that I might get half of it back. I will fight with all I have for all I can get once the time comes to do so. I have had enough stress over this for a lifetime, and I am just not going to let this ruin my life. It has been a major life changer for me obviously, but there are things we can learn. We now know that all segregated funds are at risk, they are not safe in any way. There will be other schemes to steal them and they are probably going on now somewhere as yet unidentified. The government will not help us. We know we have to have things spread out all over the place to safeguard against a wipe out like I have had. We also know that living in Canada is the best solution to being protected against this. Sometimes bad things happen in life.
Shifting back to the Bond System. I have had some interest but not enough yet to get to my threshold to launch it. I have a folder where I am placing all people expressing interest, so email me and once we get to the level I want, here is what I will do.
Send out a detailed PDF explaining exactly how this works, how to place orders, stops, exits etc.. I will suggest account minimums and risk levels in terms of contracts taken per trade, but those are going to be up to you. One thing I will emphasize here.
THERE ARE GOING TO BE LOSING TRADES
We have seen a few since I have been posting them, and they have not been too large. However, there will be instances where we take the full stop amount losses, and perhaps more than one at a time. You have to manage your money to accommodate the draw downs. I will explain this some in the PDF. This is not for everybody, and it is not the ticket to riches, so please understand that going in.
I do not see any market setups that are that inviting today. I am looking at Bean Oil, the weakest grains on the short side, but we need to break the two day low in my view there to get short. I also am interested in Cocoa but not for today, on the short side. Once these trades get setup to my liking I will post the charts.
Good Luck to everyone, and let's look forward here.