He has gotten himself out of a big mess before. Let's see how he does it now... If I were him, then I would have wired out $500K and put in bonds or other assets to protect from these types of blow ups. I think he's missing key TA chart reading. My trading technique/method would not have taken alot of his trades where he blew up. But the reason why he makes a lot more than me is that he has balls to go in with SIZE. I think I have a better "edge"/trading method than him but he has bigger balls. There's a fundamental flaw in his trading style that lead to this. I saw it way back when I first subscribe to his room then cancel because I knew lurking in his trading style will be a huge blow up. And he has shown to me he has blown up many times. -$90K in TSLA in a few minutes. Then later on $350K then $500K. And now down $1M. His losses just gets bigger and bigger. And his max loss is MANY MANY MANY multiples of his average winners. Not a safe system to trade with that kind of stats! To get 90% hit rate, he has to average down. It works most of the time until it doesn't...
We all have been there. I've blew up my accounts in the past. Just smaller ones. Now I'm more cautious. But an ugly day does come once in a while. It's when you are stubborn and don't want to cut losses or size too big.
I was trading 5000 shares of the stock he said is a scam. After the Halt I had my sell in at $23.5-$24 making up the stupid loss shorting stupid. Trading 50,000 shares would take diamond balls and stupidity. How is he grabbing size and unloading this shit when 10,000 shares is tough enough?
A friend of mine who made $XX million quit after realizing his style no longer worked in 2001. His tolerance for pain was $1 million loss over fourteen months. Taking a $994k loss intraday if true is proof he’s a gambler.
That's what I'm saying, what exactly can this guy teach anyone? His "strategy" is just gambling, bet big on support/resistance, and hope it works outs.
The guy is either trading with 100 million+ in an account, or he is utter bullshit (sim). Because if you don't sweat losing $1 million of your own money, then you are so wealthy that it doesn't matter. I am thinking more along the lines of sim stuff, because if you had 100 to 500 million, say, in your account, why would you not just collect an average 5% yield across asset classes?
He is no multimillionaire, that's for sure, he charges for a chat room, posts referrals to brokerages and scanners non stop.
He takes 50k account to 3.5M in four months. His win rate is 90%. 1M is 30% Draw Down from his peak equity. A year like this may come once in a lifetime and he is trying to press it as hard as he can.