Best films people have watched that got them into trading.

Pharaoh

Colonel
Messages
20,040
Wolf of Wall Street though it was mainly focused on how he became a broker and exploited his clients by firstly winning their trust and then selling sh*t stocks to them and enjoying on their money(though the clients were already very rich)

Jordan Belfort doesn't get a free pass for "only robbing the rich." Many of his victims were well off. Many others were middle class people who handed over their life savings on coin toss stock deals - found via people checking boxes on "more info" cards in magazines. Quite of few of those people had their financial lives ruined. It's just too bad his sentence was to a few years in Club Fed instead of the 25+ years inside a supermax facility he truly deserved.

I got a call in the late 80's from some broker I'd never heard of (at about the time I was using those "more info" cards for multiple purposes) who was very determined to make me buy some penny stock I'd never heard of and who refused to send me any written info about the stock. Based on the timing, there's every chance it was from one of Jordan Belfort's phone banks. If I'd been dumb enough to invest, the game was simple. The broker collects a huge commission. If the stock goes up, I'm happy and would believe the next insider tip (really wild guess) the broker would give. Whether it's the first trade or the 10th, at some point I'd be wiped out and the broker would have encouraged me to get money from somewhere, anywhere, to make another "sure" trade to get it all back. The broker would keep collecting fat commissions on those penny stock trades and I'd end up not just out of money, but also deeply in debt.
 

Eryk Martin

Recruit
Messages
150
Jordan Belfort doesn't get a free pass for "only robbing the rich." Many of his victims were well off. Many others were middle class people who handed over their life savings on coin toss stock deals - found via people checking boxes on "more info" cards in magazines. Quite of few of those people had their financial lives ruined. It's just too bad his sentence was to a few years in Club Fed instead of the 25+ years inside a supermax facility he truly deserved.

I got a call in the late 80's from some broker I'd never heard of (at about the time I was using those "more info" cards for multiple purposes) who was very determined to make me buy some penny stock I'd never heard of and who refused to send me any written info about the stock. Based on the timing, there's every chance it was from one of Jordan Belfort's phone banks. If I'd been dumb enough to invest, the game was simple. The broker collects a huge commission. If the stock goes up, I'm happy and would believe the next insider tip (really wild guess) the broker would give. Whether it's the first trade or the 10th, at some point I'd be wiped out and the broker would have encouraged me to get money from somewhere, anywhere, to make another "sure" trade to get it all back. The broker would keep collecting fat commissions on those penny stock trades and I'd end up not just out of money, but also deeply in debt.
You did explain it in such a clear cut way. I really appreciate it.
 
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