The Greek puzzle is getting cozy each day . The G8 leaders backed Greece in euro zone as reported by Reuters. Putting any new remarks it looks like to wait and watch the scenario and action by the regulators, politicians.
Today I thought of sharing some old brokers terminologies and bit personal experience. As I quoted on FB – If the world’s oldest profession is prostitution, then surely its second oldest is financial advice.
The first word that I can recall is churning. Some of my friends where expert in it and they use to do a lot. It means engaging in copious amount of buying and selling for customer’s account with the primary purpose of generating revenue. Lot of prop trading also actively involved in the process. For example : Buying a put option and sell a call option with every stock trade.
The next word that I can recall is Piker : Piker may be a small broker, trader or client. Who is cautious or timid gambler who make only small bets. To put it simple a person who takes no chances a poor sport a shirker.
Will continue this series as it is more interesting than the horrifying Grexit.