I do not find mschey arrogant at all. He is very, very far from it. Did he offer his system? I would venture to say that most traders could not do what he does, even if it was spoonfed to them... It takes several months of practice and mentoring to teach this method of trading. To be able to discretionarily "corner" a trade is an "art". It requires practice and sometimes the "intuition" required can never be taught. Michael B.
I said "sounding" not that he is. But why the offer? Just happened to feel generous that day. I mean if he had said 5k for a month or two it makes more sense. But 200 for 6 months of trades, that just seems really low. Maybe Mschey could answer this.
2 points here: 1)It is never acceptable as part of the game to have a large loss--EVER. 2)When you have earned money, it is yours, it is not "playing on the house's money". Once you have accumulated profits, your risk tolerance changes to 2 percent of the total. It is not to be looked at as ok to give the profits back unless it is within the new 2% limit and the trade still makes sense. These are two extreme newbie mistakes that have been listed here.
Your 25 years experience in Trading trumps anybody posting on this thread. Newbies would be wise to listen to your words. Anyone that can make it that long has clearly demonstrated the ability to combine all facets of trading.
I totally agree. If you take a large loss then you obviously didn't have a plan when you entered the stock. I would also add that if you add to a losing position you are more concerned about being right than making money.
LOL, you know what I mean. If I set a mental stop loss before I enter a trade and it gets hit, I get out of the stock. I don't change my mind and buy more hoping to get out at half the loss. You can always re-enter the stock. Commissions are very low. Why risk more money when the market is already proving your entry was not good? Now if you make a plan that you were going to enter the stock with half of your initial position and the other half on any pullback all within the constraints of your risk tolerance that would be a totally different story.
I asked a similar question along these lines in another thread that never got past page one. But I did get the following, which was and still is the best answer I've ever gotten on the subject: You never cross the line of too much leverage if you are who you would like to think you are when you do it.
Thanks Sosa! We're trying to help folks and getting the door slammed on us. It's ok, there are people reading who may benefit. That's all I am concerned about.