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Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

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  • #31
    Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

    Originally posted by lerxst
    Something that always bothered me with these reports. If this guy were a trader, even if he were to quit or get laid off from his company job, with the 500K he has saved up. If no investors come on, shouldn't he be able to take that money and just trade it himself? The profits at 20% a year would be pretty good for his family.
    sounds about right, if he was so successfull and such a long term trader then he could of easily turned his woe into doe, sure maybe not to the same extent but i bet it would be more cash than delivering pizzas

    Originally posted by William
    Lerxst, I think he can't trade at all or he is just a human at the very best.

    Human are controlled by emotions, and when we trade our own money, we tends to go crazy.

    Afterall, if he's such a good trader, even before he quit his job he would already have 1 or 2 investors.

    With that said, it's still a good story.

    Regards,
    if he cant trade how did he get so successfull to begin with?

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    • #32
      Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

      Interesting story, as I understand from the article seems like he spent most of his money on lifestyle and holidays, shopping extravagantly, I mean $750,000 a year (not counting bonuses), in big companies like that bonuses could reach to a year of salary or even more.

      If he was in the company for at least 4-5 years (out of those 20 years), he should have around $5 million, which he could have invested in many other things.

      I guess he could be a good trader or worker, but not a good investor at all. But good thing he can adapt to the situation and his wife didn't leave him. So at least he didnt loose his loved ones.

      On other note, I know a millionare who took a hit in 1997 crisis, lost a lot on stocks i guess. Before that, he's extravagance lifestyle quite amazing, could spend thousands of dollars in any given day. But now he's much more conservative in spending, eg: not so rich anymore

      Lesson to be learn is, nobody is safe. Live a little but keep some for rainy days.

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      • #33
        Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

        This is so common in the United States, till 2006 over inflated mortgaged houses seem so cheap. Nobody will buy them for half the price now.

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        • #34
          Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

          So did this guy loose all his money in forex? But making $7.25 plus tips is better than sitting at home doing nothing.

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          • #35
            Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

            Heard of many such cases, but this one quite weird. usually these fallen people wld get rid of all their assests, and start accumulating capital. Once they have it, they will make some calculated risks investment again and within years, they wld have recouped their losses.

            But I think for this case, it is better for him to enjoy poor but peaceful and grateful lives.

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            • #36
              Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

              I think the things to be learned from this story are

              Don't spend more than you make and don't trade out of fear of losing ... cause you will and don't put all your eggs in one basket

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              • #37
                Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

                Like one wise man always said, a person that is a good worker is not a necessarily a good businessman. This shows just that. This is not a laughing matter since it can happen to anyone. It does take longer to trade yourself out of the ultimate draw down than it is out of 80%

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                • #38
                  Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

                  A good reminder...never assume that anything will carry on forever

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                  • #39
                    Re: Ken Karpman Plummeted From a Six-Figure Salary to Earning $7

                    It will be a nice story to learn, worth making a book.

                    Is there anyone here knows the complete story?

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                    • #40
                      Follow Up: Job Offers Pour in for Hedge Fund Delivery Driver

                      http://slice.seriouseats.com/archives/2009/03/job-offers-pour-in-for-hedge-fund-delivery-driver-ken-karpman.html


                      Some interesting comments !!!

                      Comment

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