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:p :p

I'm thinking perhaps the trader was possessed by "spirits". It wouldn't be the first time: http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7862246/How-a-broker-spent-520m-in-a-drunken-stupor-and-moved-the-global-oil-price.html

Probably averaged down, didn't want to be one of those weak traders with tight stops that gets taken out, only to then watch the trade go in their direction. No guts, no glory.

Forget boobs, nips and cleavage! We have atrial fibrillation on the 60-min chart! Nurse, fetch the AED, stat!

When I was a noob on this site, and later when I had some experience but no "big picture" idea what I was doing, many ET members stepped right up and helped me. I often read posts by people who are making very common mistakes and I share from my own experience how I stopped making those...

I do admit I may have once briefly scared an ET member I offered to help when I had an introductory Skype convo something like: Me: OK, you have your 5-min chart up? ET-er: Yup. Me: And you have your 1-min chart up? ET-er: Sure do. Me: And you have your Visa or MasterCard handy? :D

That's right, Willie! You have to be like oilfxpro and never trade TA/PA setups that fail because they're very low probability trades :p

I'm not personally selling anything of Brooks, but I do recommend his book "Reading Price Charts Bar By Bar" very highly to any trader with some basic price action trading experience under their belt. It is the most useful resource I've seen, but it's an advanced trading book.

Shorting health insurance companies would likely be a solid bet with a a Romney win. http://www.businessinsider.com/health-insurance-companies-are-worried-about-a-romney-victory-2012-10

That was a real step forward for me. I wait for the objective criteria to appear and I place the order. And I grit my teeth 80% of the time because I just can't believe it will work, always seems to be the opposite of what "feels" right. When I look at my trading now, I truly am fading the "old"...

This is indeed a major contributor to failure. There are positive expectancy trading methods available to anyone at no charge right here on ET, on many other web sites, and in books you can check out at the library. There's even been free mentoring offered by (allegedly*) successful ET...

OMIGOSH, engineer! That's a good one :p No, I think engineers make some of the worst trading candidates. I'm just another trader doing my weekend homework and taking breaks to shift to the other side of my brain and get a good laugh here on ET :p

You cannot assume that in general institutional traders/investors are net profitable. Hedge funds go under, mutual funds have negative returns, hedgers are hedging risk, etc. Over a long time frame (years, decades) many institutional investors and investment banks are net profitable. But even...

Cactiman answered your question. Education in general is very costly these days. If I wanted to be a doctor it would cost me more time and money than trading did and I'd have a more stressful and less satisfying job in today's sad state of healthcare.

Just because an educator is unable to trade his/her own method, doesn't invalidate the method. I spent a year watching a consistently profitable trader call all his trades in advance with entry, stop and target and I was unable to trade his method because I didn't trust the method would work...

You sent a link to a defined trading plan based on technical analysis of price action. Is this a plan that, if followed, produces profit over any 25 consecutive appearances of a qualifying setup, or that it fails? By the way, your saying "I don't trade t/a or p/a failures" implies that you're...

Earlier you said he was "wiped out". Now you're saying he held his position through a 50% drawdown and hung in there until fully recovered? :confused: I do agree that sufficient capital will let you hang in there for years if necessary waiting for the market to make you whole again, unless...

When I read Market Wizards, interviews with the top traders in terms of big rewards, I seem to recall that "big risk" was no more than a 7% loss on a position before cutting bait. They'd exit and re-evaluate, re-enter if something changed. It's quite possible all these different traders...

It requires a 100% gain to get back to even following a 50% decline. I'm thinking maybe a tighter stop loss would've helped a little here.

You've just listed two excellent tools for successful price action trading. Of course it works better when you trade the method using tools designed for it.