Forex Trader

Bloomberg brings a story of the Essex traders lead by Paul Commins who made a $660 million profit in April when the Crude Oil fell bellow zero, to -$40 per barrel. I wrote about that fall here and I doubt there is a trader who wasn’t sow that fall. It was a historical event in the market. Well, there is always someone clever enough who take the advantage of such an developments in the market and that’s exactly what theese guys did. Way to go bro’s, that’s what trading is.

Even more interesting is how theese traders aren’t related with Wall Street, some huge hedge fund or some oil company, they simply trade from their homes in Essex. That’s why to me, they are a freaking heroes and this is why I think how this is the greatest trade ever made.

Of course how such a trade bring the attention to the U.S. authorities and investigators from Nymex trawled through trading data for insights into who exactly was driving the action on April 20. According to people familiar with their thinking, they were shocked to discover that the firm that appeared to have had the biggest impact on prices that afternoon wasn’t a Wall Street bank or a big oil company, but a tiny outfit called Vega Capital London Ltd. A group of nine independent traders affiliated with Vega and operating out of their homes in Essex, the county just northeast of London, had made $660 million among them in just a few hours. Now the authorities must decide whether anyone at Vega breached market rules by joining forces to push down prices—or if they simply pulled off one of the greatest trades in history. A lawyer for a number of the Vega traders vehemently denies wrongdoing by his clients and says they each traded based on “blaring” market signals.

I just hope how theese guys will prove how their trade was legit and made simply from the feeling and market signals, which are preaty clear at the moment, as I wrote about it here just a few days before the crash.

Whey to go “Essex boys” 🙂 What a great motivation for us, for Oil and Gold traders.