Weekly Update for week 26/50 ended 7/6/2012 Bad week, down 4K (3%). Had a steady week, but the walls cracked on Friday, with my bearish positions killed. Hope earnings season brings some relief. Code: Opening Balance: 128,494 Net loss for the week (3,985) ------------------------------------------------ Net Balance: 124,509 Since Inception of Thread 01/18/2012 - 07/13/2012 Opening Balance: 203,729 Net loss (47,220)(Down 23%) Cash Withdrawal (32,000) ------------------------------------------------ Net Balance 124,509
It's interesting that you named your thread in such a way that predicted your demise. Your spidey senses may have already known that you were going to struggle.
Neke is down about 40% since the beginning of the year. Earlier I said he would blow out his account early next summer. At his current rate it will be earlier-this February March. 7 more months.
I haven't gone through the thread to try to figure out his trades . . . does anyone know what kind of trades he takes? I'm guessing lots of shorting tops and buying bottoms. RTM has destroyed many accounts.
I notice a number of posts curious about the details of Neke's trades. Presumably, people are wanting to put on the opposite?
Neke is an intra day trader, dont think he ever holds overnight so most of his trades will be very old by the weekend.
People are asking to know his trades so they can understand what he is doing better to actually help him. Only so much advice you can give without actually knowing what he is specifically doing, though I doubt the advice would be taken. To me it seems Neke is a serial fader of strong trending moves, which has seriously hurt his account many times. Friday did suck as the up move happened very fast at the opening and then just continued to stay up there; however, if the position wasn't opened up before Friday, there was no reason to short the market heavy. What seems to happen is he fades the market and then adds for a better average position and then pukes it if there is too much pain. Of course this doesn't always happen but is a noticeable pattern of his. This isn't a normal drawdown. I can't believe he has much if any confidence left. Go back to the sim and re-work your strategy until you are confident with your trading. Sometimes no trading is better than trading if you are just consistently losing. I also don't believe anyone wants Neke to fail. He is just being very stubborn, and it is showing with the continuous account decreases.
This from 2/26/11: http://www.elitetrader.com/vb/showthread.php?threadid=213286&perpage=6&pagenumber=12 "Was caught long in the market on Tues sell-off. Lost 15K. Then came Wed, and as the early morning weakness came, scooped up a number of names: NFLX CMG BIDU etc in stock and options, expecting a rebound, but was waaaaay too early. Witnessed as one stock after another kept collapsing, and at one point was down more than 45K on the day. Got a little bit of a reprieve later in the day, cutting the loss to about 20K. Thurs saw some modest gains of about 12K which was thrown away on Fri on CRM call. Will be working on refining the oversold strategy that was employed on Wed. Part of this will be determining the formula for increasing size (via other long positions) in the face of such general melt-down. Size is being cut as I undertake further investigation/changes." Oversold strategy ie picking bottoms and doubling down. Unless you're Rafael Nadal, picking bottoms is a bad idea. IMO