Actually if I did not dodge them, his f bombs were straight and strong. He seems to be well trained, and he helped me getting a training in dodging f bombs.
the neke threads serve many educative purposes with emphasis on what role plays averaging down on a successful trading strategy. despite the criticism and strong opposition from the so-called trading gurus, averaging down it is effectively the single most important aspect of any successful trading plan and in many cases a MO by itself.
If you think what you guys are posting is constructive you're nuts. I would never do anything but wish a profitable trader good luck even if I personally didn't see what he saw in a trade. At most I might say be careful but never would I presume to be smarter, especially in hindsight and with no skin in the game like you two. And I sure as hell wouldn't be offering advice to someone whose made more money than me. Maybe you should shut up and try learning instead of teaching.
That is because you do not understand what happens occasionally when someone does this. Try watching some of the systems at places like C2 where "vendors" do this. A lot of the blown out systems were averaging down and then got wiped out on an unexpected large market move.
Sure in real life, you would never just come flat out and critique a trader's profits or or give unsolicited advice. But do you think neke posts on an anonymous forum just to brag to strangers? He lays his net out for all to see, I would think it's for more than just massaging his ego. Here's a hint: you make your first million in the markets, it's still quite possible you still have very little clue about what you are doing -- been there done that already. For someone who's never taken that round trip of making a few bucks, thinking you've got it made, then back down to square one, the focus tends to be on the p/l, and not on how that number is reached. That round trip is the most painful experience any trader can have and can take years before it resolves itself -- helping neke avoid this is pretty much the one and only reason I bother to post. There really are no guidebooks at all for individual traders risking their own account to put food on the table, do or die. Some of us here are truly interested in giving constructive advice, taken from personal experience, to those who seem well on their way -- instead of just getting a hard-on over the figures like yourself.
For anyone here (and on other threads) who claims otherwise, nobody knows in advance what the market's going to do and when it's going to reverse direction. Very early this month in pre-market the ES fell off a cliff on very bearish disappointing news and I'm sure MANY traders thought, "This is really bearish news. This is the big correction we've been expecting" and were shorting and adding to their short positions all the way down to the 1012 zone where it found rapid support in an established long term uptrend and moved on to break "DOW 10000". I'm sure there were traders who shorted 1013, expecting a push into the 900's before finding support. What has cost me the most as a trader in both profits cut short and in losses is market bias. Market bias: "Price has gone too high, it has to come down." "Price has gone too low, it has to go back up." "Earnings were bad, this stock is gonna tank." "The economy is a mess, this market can't keep going up." Etc. What's worked like an ATM machine is positive expectancy based on technical price action zones: "We've reversed and left a higher low, go long now." "We're in a downtrend, sell the next rally to the 20 EMA with a stop at 55% retracement to the previous resistance level." "We're about to test the high in a strong uptrend, place a buy stop just above the high for the breakout." Etc. Some people say you have to have bias to make a decision which direction to put on a trade, but I've learned from a few mentors on ET that you absolutely do not. (This doesn't mean I've yet shaken my bias; it's still a huge struggle for me to get over and as a result I often cut my winners too quickly.) What's crucial is to trade the price action and use technical zones (S/R and overbought/oversold) as a GUIDE to positive expectancy. News may be very bearish, but if the big money sees a support level at the trend line in an established uptrend it will continue to accumulate to the long side and the stock (or market) will go up, because the trend is your friend until it ends and picking tops/bottoms should only be done technically and with extremely tight inviolable stops. Fading tops/bottoms requires averaging into losers (except in those rare cases when you get very lucky and catch the true pivot high/low). Although this strategy can produce losses (as can any strategy), it can also produce very nice gains. Neke, I believe you get into trouble on trades where you have a strong bias going in and when it inexplicably moves against you, you continue to fade the move by averaging in until the pain is too much. This is the result of lack of planning. My suggestion is to KNOW IN ADVANCE how much you're willing to lose on the trade, divide your full position into 3 or 4 parts to average in with, and exit at the predetermined max loss. If you find yourself having the thought "This HAS to turn around", that's a sign you're trading on bias and emotion instead of a trading plan (http://www.elitetrader.com/vb/printthread.php?threadid=114977). Planning a trade means you've accepted a potential loss of $X on the trade and by accepting that in advance as the price of admission to the trade, you won't get emotional over it if it runs against you. Seriously, are you willing to lose $40K or $50K on a single trade? Probably not unless your AVERAGE winner is $60K or better.
LOL!..You have no clue. It just cracks me up to read the jibberish some of you write. I especially like the people who post their +/- $50 days on the PnL thread giving advice about how the markets and the big money works. Absolutely fucking classic! Only on ET can one find such nonsense so easily. Maybe someday when I get so smart I can help Neke out. Until then I'll just wish him well and hope he continues to do well. While his style isn't for me it sure is exciting to watch.
I responded to your first post with respect while you erred on the wrong side. You repeated more than once, and I stayed silent so that you would understand and behave right. You did some improvement, but I want to warn you that if you continue with insults that I will meet you with a set of raw attacks. If that is the language you understand, do not force me to try to cut your legs. Understand that your opinion is just one opinion, and that others have the right to their opinion as well. Claiming that some posters are malicious tell more about you than about the others. For instance, read what ILLIQUID writes before you make ridiculous accusations and insults. His posts contain substance, yours I have not seen that yet. Now try to be civil, and you can say what you want while not insulting others. Disagreeing is not an insult.