When your long positions are speculative plays on mostly money losing businesses it's still basically a bear strategy. Pot stocks got killed the other day ( eg TLRY down 11% ) and Ken wanted to talk about $ he made on a 1% move in UVXY ( 3% with perfect timing ). Sorry, man, that just doesn't sit well with me.
That would require acknowledging you are making mistakes and losing money. For example, what use is it telling everyone you are buying SCO again when your track record buying SCO is god awful. In fact, it was a great call to fade on here most of this year. Like most traders though, if we are not honest with ourselves we only hurt ourselves and our results. Longer term results depend greatly on how we respond to adversity.
I have mentioned to Ken in the past that blurbs about how much he has made on any one day or any one particular trade is of no value without context. If you read the disclaimer on some of his videos you get a more realistic view of trading. "The education we provide is for papertrading/educational use only. We do not claim that these are typical results that consumers will generally achieve; generally-expected results are that all active traders will lose money and not be profitable."
I suspect like with many day traders they don't want to know how their worst ideas are doing, Myself, I want to know so I can avoid doing it again or exasperating a bad trade. Even so, occasionally I do it anyways. If I perpetually struggle on a stock, I retire it from my buy/hold list and often don't even track it anymore.
Yes, I teach traders based on lessons learned from both wins and stops. Trading is a challenge, the goal is to improve over time. I was voted #1 for a reason
By motivating, I hope. Point taken though re more detailed explanations would help. Though I have parkinson's and typing a lot is challenging nowadays. : o
I love this. Thank you. Let's say 3 people profit, over 15 years the accountant probably has seen 2000 clients (conservative?) either way a ballpark gives us something like 99.9% are loosing. Maybe Tax trader status is the gov't way of keeping dumb money moving through the economy, after all Sachs and others will happily take our blank checks to the brothels and spend it wiser and quicker on blow? Corollary from the inverse market narrative (i.e. make from commissions by burning out new accounts) - 90% of options traders loosing 90% of their account in 90 days oh so true based on many employees I have telling me how they squandered away 10-30K. Of course the larger you go no one is going to admit it. Lastly, statistically I modeled various trading scenarios and found that no matter what strategy used, if you loose money, trading the opposite looses money in a different way. You can only make money with very small + calibrated sizing, or some kind of inside knowledge. I suppose a magical edge is out there at times but I hear they stop working after a few years and get harder to find each year. That's not to say risk premia isn't out there, it is positive expectancy on average, but when you enter and how to manage positions is key. I'm only just figuring out how to stay positive after 4 years deep.