I still do it from time to time, trying to leg-in, but averaging a loser is a sure way to the poor house. You really need an "uncle" point if you average down. As I get older I can relate to his morning ritual of taking 2 dumps.
Fun timing in your post Arnie. I haven't still got around to reading this book, but just last night some serious traders had recommended Buzzy's to me. I will try to get to it sometime after I finish reading Gary Stevenson's The Trading Game.
What I can recall is “Enter as close as possible from your stop” and “Be agressive”. Tried to read the book but didn’t find it worthwhile … Instead I listened to a few interviews of him on youtube.
I’ve heard / read it multiple times. The way I understand it … Stops usually are near invalidation points, Let’s say we wanna short and have a high @100, Then try to enter a short as close as 100 as possible. Don’t FOMO @ 75, 80 or 85. Or in the middle of nowhere or below it. The goal is to minimize risk (Entry vs Stop Loss), One tick saved is also one tick earned. If the market doesn’t show up … fine. Enter as close as possible from the invalidation point might be a better wording.
I started reading pitbull because of this thread and finished today. good book, I see why it gets recommended so much. thanks. The hard work and effort is the main message I took away. Gotta put that time in to make it happen. Also...setting a goal, and writing it down while the idea is hot and the emotion is strong. Same thing my main man Jim Rohn preached for decades. watched this interview from 9 years ago and he basically says its just much harder to make money day trading like he use to and just sells a shit ton of options premium/spreads and doing really well with it.
Not so sure about him selling vol. I know for a while he got away from his bread and butter,started selling vol and got absolutely crushed..Im trying to find the story Found this on ET..... He lost 25 mil short 14,000 options https://www.elitetrader.com/et/threads/martin-schwartz-talks-about-losing-25m-feb-2018.339118/page-5