I looked at his journal for about 37 seconds, that's all I needed to see. The kid is delusional. I applaud you Mav for being so patient with him. I knew he was clueless, but not this bad. The problem is, new guys see 5 lot max and think every trade has to be max. Any experienced trader knows that not every trade will be max size. You either wait for optimal set ups to trade the big size, or build up a cushion in your account then size up. I traded around lots of guys over the years who put it into 5th gear every trade. They all eventually failed miserably. Some guys would put it into 10th gear once they got down enough.
See guys this is the problem. We have a lot of people here who subscribe to the "I'm going to take 2k to a million dollars" model. I respect this kids ambition and I'm glad he loves trading. He needs to get a job. Either a trading job that pays a salary (back office, support, etc) or any job and save up enough money to have a proper bankroll. At least 25k to 50k and that is being generous. The funny thing is, the TST model is precisely made for guys like him. He is just too in-experienced to realize it. Maybe he should confer with his "mom".
Wow......in all of my years I have never seen the "Mommy hold my hand" strategy. LOL Game........set......match. GMST, stay down for the count.
Damn gmst.....Mav just ripped you a new one.....a full frontal assault with guns blazin' what say you?
Couldn't get out before Aussie rate decision. He probably had no idea they were going to make a rate decision as Central banks never give any notification of when they have a meeting and are going to announce a rate move. Nice excuse.
Surf, can you elaborate on what you mean by these phrases? How can a consistently profitable trader be churned by noise? I've studied excellent traders for almost 5 years and I've never seen evidence that any of them get churned by noise. They all advocate exiting losing trades at levels that clearly indicate the chance of success has greatly diminished. These levels are always far outside the realm of "noise" in their chosen trading time frames. What does "stick out a position" mean? Does it mean to hold a position beyond the point at which the chance of success has been invalidated by subsequent price action? Also, why is a "huge ego" required to achieve a state of confidence? The first trader I got to know back in 2008 (Robert Weinstein) is one of the most confident people I've ever known and also one of the most humble.
This is absolutely absurd. However, I'm not going to berate this guy anymore. I'm going to give him now the best advice he will ever get and it will probably be the same thing his mom is telling him....gmst, go get a job. You'll thank me when you get older. Trust me on this.
You are completely wrong. Are you not aware of Fed meeting days in advance? Similarly, for other countries, Central Bank meeting days are known in advance, the time they would make an announcement is also well known.
Mav clearly lost the battle with me as far as numbers and logic are concerned. So, by quoting selectively from my journal (where I have written exhaustively about my development as a trader), he is trying to cloud the reader's judgement about the merits of my numbers and logic in Patak's case. He is basically trying to manipulate the reader. Thats all he is trying to do here. It is true that I have blown up my account multiple times. I would like to ask - "Who doesn't when they start out trading futures"? Marty Schwartz kept blowing his account after account for 10 yrs before he became consistently profitable. I also find it amusing that since I have blown up multiple accounts, it somehow means that I am not a Wharton MBA! COUNTER-EXAMPLES: Marty Schwartz blew his account before he became consistent, does it mean that he is not a Columbia MBA? I am not sure if many people are aware that even the billionaire Paul Tudor Jones (PTJ) also blew up his account 3 times in 1970s. And PTJ got accepted into Harvard MBA program but declined the MBA admission to keep trading, since he was already a successful pit trader by then. So, where is the connection between me blowing my account and whether I went to Wharton or not?? I started trading futures 3 yrs ago and I am still learning. Blowing up accounts is a part of the learning process. What matter is what a trader learns and how he improves his trading process from his experiences. I don't know if anyone can disagree with this! Finally, every trader suffers from discipline issues. If involving your mom or your girl-friend or your sibling or doing visualization exercises helps you to sort out the discipline problem, whats wrong with this approach? I am not sure if Mav has any idea - but when Mark Cook lost 500k, he also confided in his mother. I will be responding only sparingly. Mav can continue to write how great Patak is and mislead newbies. However, I don't have time to waste on Patak anymore. Thanks.