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ahh my friend had the same problem
if you had opened your ps2 the cord connecting to your motherboard for the tray the cord probably came off its a gray cord you take your ps2 apart and it connects the top part to the bottom part just reconnect it to the insertion point it connected to and you should be back in businesas
The problem is most commonly the ac power cord. I have a PS2 slimline and I had a power cord that fit into the slot and was completly similar to the original cord ,but you may need to order a new cord to solve your red light situation.
What do you have to hold down, the cord from the adaptor to the machine or the cord from the plug to the adaptor?
Did you get a shock when you first tried holding the cords down?
The cords are pretty thick and the insulation should not peel off at all unlees you are also twisting the cord.
Also if you lay the console flat instead of using the stand the problem may clear up, because you won't be twisting the cord.