To the real Stealth, I obviously didn't realize in my previous post that someone was impersonating you which is why your post was confusing to me (because the post wasn't from you!). To all: As I mentioned in a previous post the way Oscar trades with his big stops is a major problem (regardless if he doubles down on losers and moves his stops to quick on winning trades...we all do stupid stuff once in a while). HOWEVER, anyone looking to trade this system please beware. I've politely asked Oscar to discuss money management and he has ignored this request. Currently, the largest losing signal in a given account in one day was a loss of 23.25 points. Thus, there is nothing wrong with trading his big stops as long as you have a big account. Based on a standard money managment practice of not risking more than 2.5% of your account on any given setup (ok, I even think 2.5% is high) then you need a $46,500 account ($46,500 x 2.5% = biggest dollar loss) to trade his system. And of course the size of the account significantly impacts potential return. I think it's reasonable to assume that very few individuals are trading $46,500 per signal that Oscar gives. We don't have enough information to know what the largest drawdown in his system is and may not for some time. However, by my calculations he has lost 46.50 points in the last 11 trading days (however, only 6 of those days traded). As more information is garnered then better money management can be employed. In summary, giving wanna-be traders signals with large stops and absolutely NO guidance in money management is, in my opinion, ridiculous and I'm sure considered by some unethical (considering his professed extensive professional qualifications). To teach trading without even mentioning the most important aspect of trading...money mangement, is beyond my (limited) imagination. To Stealth: You are correct....BUYER BEWARE! To Oscar supporters: Please ask Oscar to start discussing money management or be prepared for the challenges in front of you.
The ones that've been locking profits early (which is OK by Oscar ) and by so doing implementing an inverted risk/reward are feeling the pain for sure now.
I like Oscar's videos, but if he wants to be taken seriously he should post his entries/exits, P&L as it occurs in a central location so everyone can check his record. Don't understand why people would trade with someone that doesn't post a verifiable track record.
Hey, that's trading live with http://upyourpoopshootwithoscar.com Honestly though, if you cannot afford a seat, you really should not wear the floor jacket. As prognosticated, the summer chop will finish him and his followers off soon enough. I did bother to catch his video last night on youtube; really funny how he blamed his swarm of victims--er, I mean followers--for the stop running and specifically his being top-ticked on some trade of his. This is the reason he gave for his format change. I call shenanigans... The last time I traded ES (maybe three years back) you could dump a hundred cars on it and it would not flinch, so the idea that some banks would be hunting Oscar's stops is simply too rich. Hey, from one trader to the rest have a nice weekend and see ya next week; I'm taking an early Friday.
One thing Oscar does is post his entries, exits and market sentiment direction. The one thing he does not do is post consistently decent calls considering his 25 year trading experience. It sure does not help that he averages losers while instructing his followers to do so, simply amateur style at best.