The most important lesson that Lundy learned was not to have a directional bias. The word "short" was not in his vocabulary so he got smoked. Better luck next time!
lundy, Your previous post said: "03-07-02 12:41 AM emini trainer Someone who consistently makes profit in any market and market condition is a rare finding. What to speak of making large profits. When u do find him, he will likely tell you what i am about to tell you. "I am for hire, but it will cost you more money than you have, will ever spend, or can ever make." That post was obviously filled with a massive amount of ego. And anyone posting such a thing was I'm afraid bound to be taken down by the Trading Gods. And the reality is that to get beyond ego and start to discover Truth you must first confront the delusional b.s. of ego. Seems like you're doing that now. And that's good. I applaud you for having the balls to fess up publicly on these boards. Good luck to you. Be strong in a REAL way.
Also lundy, I don't know if you saw the Mark Cook story I posted about him blowing out his account. He lost $500,000 in his own account, money he didn't have, and more of family members' money. A good story putting losing money in perspective and also about risk. Now he's a successful trader again and a good teacher. Good luck. The two part story is here (scroll down the page): http://www.elitetrader.com/vb/showthread.php?s=&threadid=9289&perpage=6&pagenumber=10
Some personal opinions (for what they are worth ...) - A trader should not trade anyone else's capital except their broker's until they've already multiplied their own bankroll a few times over and have a reasonable basis to believe they can continue to consistently take money out of the market. By default, this means that 95% of traders will never 'borrow' $$. - Lundy has not learned anything of value from his experience yet but still the same overconfident, brash piker. Any redeeming value will only come from the process of selling his PC, holding down 2 jobs, and in the process paying back all of his former friends with interest. That is what Jesse would do. Lundy - do me the favor of not posting here anymore: 1. This board will get better with each liar that is weeded out. 2. If you are posting, in all likelihood you haven't pawned your PC to pay off debts. 3. If you are posting, in all likelihood you aren't working enough hours behind the grill to pay off your debts in a semi-timely fashion. What can I say on the bright side .... well, you don't have integrity, and you don't have $$, but at least you have your health and an opportunity to amend your errors. Have a nice day.
Here's a story someone posted over a year ago. Crazy story about a kid trader who was living the playboy high-life in the late 90s and lost it all. http://www.phillymag.com/Archives/2001June/prodigy.html Its one thing to lose your own money. But to lose an investor's money and lie in the process...now thats serious trouble.
this is not the result of PDT rule... keep it straight... dont blur the lines here - lundy is not a VICTIM of anything.
When someone admits they were wrong and changes for the better they're ok in my book. Also you can tell a lot about a persons character by the way they respond to the admission.
My remarks were directed at qdz, who I quoted in the message. I wasn't trying to blur the lines about lundy, but I was mixing discussion from another thread. Sorry
Some truly great traders have blown out at least once. Knock on wood, it hasn't happened to me...nock on wood some more... Assuming that the pain of this is enough to help you become stronger without killing [your desire to trade] you, I would not be surprise to see you come back stronger. Depending on your personality, this could take months, or it could take years. Your stubborness is a double edged sword - things could have easily gone your way, and with the size that it sounds like you were doing, you may have been swiming in cash. It is the ultimate art to play in "no limit" games and come out ahead... Best of luck where ever your journey takes you... nitro
Seems kind of harsh. Here's Lundy admitting to being wrong, and saying that he has the intent to work off his debts (which many people would not even consider "debts"). Why such brutal responses? Lundy is not the first person to blow out, nor is he hiding his errors (now). It sounds like his intention is to make good the losses suffered by his "investors". This is a stand-up response. I can't understand why so much severe criticism. And maybe there is a lot to be learned from Lundy if he indeed does post his story. Accountability can never be overemphasized when it comes to talking about trading. This is a thread that should contribute greatly to ET. I hope Lundy is encouraged....not discouraged, to post his observations and lessons learned. Bung said it exactly right as far as I can see: Lundy, you always stood firm previously. I hope you aren't dissuaded from continuing this thread. Certainly there is more potential for worthwhile dialogue here than in "the market has bottomed". Good luck, and I hope things turn around for you. Losing trades and losing strategies are what winners suffer through on their road to success. Peace, rs7