The cart traded sideways all night,tightened up like a coil spring,I bought a put before it broke out
I appreciate that very much, Mike!
This account certainly made $837.50 on today's trade.
Like you sometimes do, however you accidentally overlook something in your trading posts.
In this case, we can see in the bottom right corner what that is.
This trade boosted the total account value to $2,92X.XX(can't see the last numbers so I put X). The overall profit and loss for the year on this account is -$1,87X.XX.
I assume the first number is in thousands and you didn't' lose almost 2 million this year.
Is this why you trade options? Because the account size isn't big enough to trade futures?
I can't say what it started at because you could have added or taken out money but regardless, that means you lost more money than you made with this account in 2025, which is almost over.
Which has been my point forever. Why do you only show trades that you make money on(or claim that) and declare this to mean that you are the world's greatest trader?
Mike,
I was happy to end on a positive note but you wanted to make this into a bigger issue to prove that you are right.
You showed a great day trade today but slipped up by accidentally showing your account results for this year, which is what matters the most in trading.
Not whether we made money on 1 trade but are we making more money than we are losing? And maybe more important, are we learning things on losing trades about humility and honesty?
I still like you a lot and appreciate your contributions, including the ones this week where we can all learn to be honest and humble! This isn't a competition between us, Mike. I'm not trying to pick on you.
It's a trading forum to learn things based on AUTHENTIC presentations of the markets.
Besides sharing, I'm constantly learning too!
Congrats on today's trade and thanks again for sharing!
Funny story related to this.
20+ years ago, I was having a debate with Joe K. who kept insisting weather trading was crap.
This went on for numerous months and thru the first 6 months of that year, I was doing pretty good. So I sent my last account statement to Alex who posted the results that he declared as authentic that metmike thru June 2005?? had made over $100,000 in his account at Lind Waldock(those were the good old days-I can't do that anymore). I told Joe he didn't have to show his statement but demanded he stop trashing weather trading as not working(he had severe Wyckoff on the brain-itis)
Then, I went 1 step further and got Joe's email address from Alex and contacted Joe and reached out to invite him to be my friend.
He accepted and that man never lacked enthusiasm and sincerity. He was paying for a couple of services and he would send that information to me every day for many, MANY months and I would tell him about my weather trades......with him now being a firm believer and a friend for life.
Susan(who was actually a man) would constantly pick on Joe here but I never got involved. Susan clearly had a good understanding of the markets and stated some profound things but would be off on some things. She loved to nit pick mistakes in Joe's flawed thinking.
Local was Joe's good friend (as well as mine). He told me that after I sent Alex my account statement, it was a really dumb thing to do because it could have gotten into the wrong hands and not to trust anybody.
Yeah, tell me about it!
On October 31, 2011, my 6 figure account at MF Global went bye bye from their bankruptcy/fraud, then in July 2012, my account at PFG Best with borrowed money and returned MFG money went bye bye from their bankruptcy/fraud! In both cases, they raided all the segregated accounts without authorization!
Local had the vast understanding in trading that very few people on the planet had/have. He was a trader in the bond pit for years, thus the handle "local". He intensely loathed Susan and would let her(him) have it with typical local wit/humor especially since Joe K, his friend was being targeted so often.
Yes,this account has lost money because its the account that I set up to teach a co-worker. She is learning to trade with the Micros e-mini. I did an option trade to bring the funds up! Aren't I a god boss?
Thanks, Mike!
That is very generous of you. Teaching her to trade, then giving her more money when she loses money trading your system. I'm glad that last trade made some money back.
Possibly, I may have identified a missing element in her trading routine. Does she smoke weed? Maybe she's not smoking enough weed?
What is the Big Mystery?
Started by mikempt - April 12, 2025, 2:08 p.m.
https://www.marketforum.com/forum/topic/111136/
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I believe that your system does have merit, so keep that in mind with my next comment.
One thing that tons of people, especially beginners will do when they start is rationalize improperly about wins and losses. When they make a profit, sometimes just from being lucky doing something dumb they will use that to reinforce doing something dumb which is counterproductive to smart, disciplined trading.
When they lose money, sometimes they will attribute that to bad luck. Or if they are losing more than winning overall and their account size is dropping.........THEY HAVE A WIN. Yippee! they think. The rush and reward of that win, overcomes the disciplined, smart decisions and they want that rush again, like a drug addict craving their drug.
I have ZERO evidence that this is happening to your pupil and am just mentioning it as a common pitfall for traders that lose money, since this account has been losing money.
I have often said this about small traders in the long run. The majority will lose their money, even when they replace the money(and lose it again) and give up because making money in the markets takes several skills that most people are unable to learn and apply consistently.
What happens to the other ones?
They become BIG traders!
There are plenty of variations in between!
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I assume that since you are still doing this, Mike you've experienced enough success to justify it and your system, along with how you use it, regardless of any things that I point out, shows you actually do have a DEEP understanding.
Make $69,000 a Year trading Futures
12 responses |
Started by mikempt - Sept. 1, 2024, 8:48 a.m.
