I begged him a couple of months ago, as have many others. His system has failed, but there is still plenty of cash left to pull it out IF he stops and regroups. Go to another method and get small, really small, like ten shares small. Right now it is all about preserving capital. Good luck Neke
Just checked, and I am up 6K since you "begged" me (5/7/2010). That's not bad Yes, seriously, I am re-evaluating my discretionary trading. It is obvious I cannot continue like this. It appears given enough rope, I am all too eager to hang myself. At the same time I do not think ceasing completely is the answer. I am looking at restrictions I can immediately put in place/enforce for my discretionary trading,
You position sizing scheme and concentrated bets -- are absurd to say the least. Might as well just go skydiving -- if your in such dire need of adrenalin.
Nod, I remember reading in your journal that you were putting up a pdf, did you publish an e-book on trading? Why never? I'm sure it would be interesting, both for you and for anyone reading it.
That's pretty insane dude. From a TD Ameritrade account? How often do you get away with it? Can I pay u to msg me next time u accumulate a position like that?
The majority of people that have replied to Neke appear to be doing it from the goodness of their heart and it seems that they sincerely want to see Neke succeed. Neke has several issues to address; none of them too major individually but together they are an account killer. 1st...The market determines what type of strategy you must use in order to extract profits during the prevailing market action. You have trend-following, mean reversion, and range bound strategies as the 3 major types of market action and then you must use a strategy that excels in that particular market action. 2nd...Neke has failed to separate and distinguish luck from skill due to his early success. It is not hard to make lots of money if you have a bearish bias and the market happens to be in a downtrend. Consistently profitable traders quickly realize when their bias and their positions are counter to the price action and they admit that they are on the wrong side of the market ASAP. 3rd...Neke has been trying to trade a 400k account in the same manner that he traded a 15k account. That is probably his biggest mistake. Your psyche and life is not greatly affected if you lose 15k or have a 50% drawdown(only $7500) but when you start taking 50%+ drawdowns on $400k then you are talking about major money. In a large account capital preservation is paramount because you already have what so many others are trying to get(money). The majority of the trades Neke has been making have had no basis in logic and they were merely someone grasping at straws with the flawed notion that he had a 50% chance of making money on each trade...he either hits a winner or he hits a loser. But in actuality the majority of those trades never had a chance once he entered the trade. This train wreck has been imminent for quite some time but the good news is that you still have a nice sized account from which to work and grow equity if you devise a sound, market logic based trading strategy. Go buy a motorcycle or join some sort of extreme sport to fulfill your need for excitement. Trading is boring as hell and if it is exciting...you are doing it wrong.
Neke, take this post to heart. Do you really believe there is a 50/50 chance on each trade you put on? I'll give you the benefit of the doubt that you're beyond that point already and have other issues to deal with (issues I'm all too familiar with, not being hypocritical just trying to help) but if that's really the way you see things then you need to stop for a much needed reality check.
When did he claim he had a 50-50 chance on a trade? Have you considered may be he had a strong reason to take position on those stocks and was proved otherwise? I understand the risk management needs a lot of work.... but lets not throw too much at him...