...how to make 55 times return in a week? I posted this in the recent option thread about him, but I thought these answers deserve their own thread in the Psychology section. Long story short, in the last 5 days starting out with 11K he made over 600K, a true Market Wizard. 5 days, 5 plays, excellent timing. All plays were calls, but he isn't just playing the long side, he buys puts too, if he has a bearish conviction. Original thread with the trades: https://www.elitetrader.com/et/threads/who-needs-crypto-when-0-dte-options-exist.383034/ Here are his answers, you are smart enough to figure out the questions: "Emotionless. Dead inside, in a way. The moment you get emotional is the moment you lose it all and the MMs win." "Case by case, only strong conviction plays. I don’t have to play if I don’t have it." "This one, was at once, there was enough volume. But it doesn’t have to be at once." "MACD, RSI, Volume, supply/demand, and so on." "I only buy, and sell, during market hours: 0DTE plays. I don't hold overnight." "Depends on volume, but it takes a long time to place the order properly, so risk management needs to be adjusted to reflect this." "All money I can afford to lose, I am just out here having fun." "I am here to make money not to solve world hunger. I can't care less about the long term macro implications, I had conviction there would be a bounce and I took it." "Years. Only strong conviction plays. Let runners run, cut losses quick. Never - ever - over trade, or revenge trade. Never look back at “potential profits” after exiting a winning position, great way to condition yourself to lose it all next time."
Yeah someone in the comments pointed out that as per his post history, the guy had already a bunch of money. He didn’t even risk 10% with his initial trade (I believe). I don’t think he’s a wizards neither, Out of all the regards on WSB, A 5 plays streak is peanuts. But there’s still something to learn here Don’t bet on prop firms. Bet on 0DTE. Even if the index 0DTE ain’t the top gainers. There are better asymmetric bets. Some option 10x every single day.
Keeping emotions in control is not emotionless. Fiction (sorry to break it to you Trekkies) in the form of the character Spock is just that fiction.
Put a thousand monkeys in a room with a thousand brokerage connections, and one will make a million. Proves nothing, other than the reality of statistical probabilities.
This is actually the Psychology section, yet nobody is commenting on his pretty fucking sound advice. If he is a monkey, he is a monkey with BALLS!
Most likely, judging by answers and other posts from years ago. It is not that hard to click on a link. Can he keep it up? Probably not, after all the market can't take progressively growing volumes. Keeping it up wasn't the point. He set out to make a million starting with like 11K, and so far he made 60% of the plan. Would you be disappointed if he only makes 100% per week from now on?
Hello Pekelo, Yes, this trader is the best trader. Very good results in short amount of time. Great work.
When profits haven't been in your account long enough, you can decide to not consider those profits as your money, you might consider the original 11K is really your money, the rest is pyramiding money to risk on further trades. This is easiest to do when on a hot winning run. However after a while you might end up considering the profits your money as well, then things change. Typically when the hot streak ends and you start giving back profits, you might then put the brakes on..