It's funny you of all people say this. Why didn't you apply your hindsight wisdom for your Covestor system? Neke is obviously making modifications and working on restoring consistent profitability, "advice" can only do so much.
Neke posted at the end of last year that he will be removing $6,000 at the end of each month. If i recall correctly it think he said 60K a year so that will be 10 withdrawals of this size.
Beachhouse, the presumption that Neke is anything but a novice in the trading world would do you well. Unless you're on the floor of one of the exchanges for 20 years, there is no way to assure anybody's success as they work out their strategies. We have no models from him, therefore, we can assume that he hasn't compiled a backtest that can be the basis of a plan for his trading. Until it's posted, we will always know that his run was luck, and nothing else.
Neke take a week off. Must be stressful seeing the account continue to slide. Get some R&R and come out the gate swinging in a week.
Or prepare an actual backtest before continuing to trade. Neke, you should not assume a profitable result from your trading strategy correlates to a profitable options trade.
Dan Zanger didn't keep his money. Everyone thinks he went from something like $11k to $40 million and that's it. Read some of his old interviews and you'll see that he did reach that equity peak --- BUT gave back 75% of his profits his equity peak of $40mm...which placed him at about $10mm. Not chump change at all to be sure. That said, he's still a great trader and I follow him on Twitter. Check out page 78 (right column) where he says, "I lost 75 percent total from the Nortel incident to the end of the bear market." http://www.chartpattern.com/cf/images/new/articles/active-trader-article.pdf
I remember dreams specifically about people like beachhouse. Ones with the phrase, "What do you know about daytrading??!!!" Followed by a lecture about price histories of charts, given by my favorite history teacher. Anyone who looks at those charts will reach the same conclusions but the charts were basically the S&P and Dow Jones mixed with discussions of historical events and no real analysis of the causes of the moves because they're unknowable, but ultimately the movement of price is produced by investor expectations and for those of us that use models and actually know how to use models what we get are numerical, repeating patterns that allow you to time markets. Is that why tenthousandmen knows nothing, nothing about daytrading? I would say I'm not the first on here to voice my concerns for Neke's account, but I'm positive I'm one of the only ones that can produce backtests and analysis as readily as pulling up a chart that will tell you its history. Any other way to examine a chart that doesn't include the sole reason for it to have gone where it did other than expectations and earnings growth doesn't know why it moves any more than the most seasoned Wall Street Veteran. If knowing and preferring ignorance to people who've explored the problems of daytrading, Neke has not conquered them, only balooning up through hyperleveraged, juiced options trades without a sound basis or producing a backtest to show his risk. Since there was never a model to follow the inevitable decline is from not ever having a plan than execution. We'd like to think that Neke has made his most rational patterned judgement about which way a stock might move but the option he's trading will not necessarily move lock/step with the underlying, and so much of that analysis has to do with having relatively little to no real approximation for the returns one would get by basing options trades off of stocks. We know he doesn't trade ETF's, preferring the hyperleverage of options to boost and bubble his returns. If I had to guess which comes first for Neke, $100,000 or $1,000,000, I'm sure you'd know which one I'd pick.