5 Changes I Made That Had A HUGE Impact On My P&L.

[Zzzz1]

is this a serious question? You will see that he will bail out. There is only one explanation.

I find all of this hilarious...
Why do you have to place a bet on trading records -- just show it. or have a link somewhere to them...if they are indeed legit, and you're very proud of them.

 

[Gotcha]

The above all reflect statements you yourself made. The only exception is the 5 years of track record I require. The reason is that I claimed that people can easily blow up with the risk employed that you claimed you take. 60 to 100 trades per year is not significant a sample to make this point. I claimed a career trader will not survive with the risk you are claiming you take.

Yes, I do think this is important. More than a year would certainly be nice as the 80 trades or so isn't a huge sample size. But to be honest, I would be incredibly impressed to see most trades using up 70% of the account and still survive after 10 trades.

I do wonder though what happened to the part where he mentioned that he sells premium. I went on and on about that, and when further details were shared, there was only talk of buying or selling puts. Mind you, this is more interesting to me as he is taking direct market direction bet.

What would also be interesting is what kind of damage was done for those 5 trades that were losers. I noticed in the chart he showed, he did have one trade where he "only" got a 10% win, even though the market still went down nicely after. So in this case at least, it seems like the market direction wasn't 100% clear as he got out even though it did continue in this direction.

One more thing if you can explain please @humbletrader2016 . You said that you're using 70% of the account, and that this therefore means that you are buying hundreds of contracts. Lets just say that you buy 1000 contracts, and with these being around $1.50 to $2.00, this would mean you're only using an account that is roughly $2000. (ie. A $2 option, times 1000, is only $2000 dollars. And if this represents 70% of your account, this means your account is about $2800). I assume your accounts should be in the order of at least 100k, so using 70% of this on a single trade means your volumes should be drastically higher. If my math is wrong somewhere, please point it out. Thanks.

 

[Zzzz1]

let's give him the benefit of the doubt and lets assume he trades nearer to the money contracts, with an expiry up to 3 months out, where premium is on average priced at 20-50 dollars per contract (assuming SPX options he mentioned), that still puts his account at around max 100k USD assuming 1000 contracts, traded, even if he employed only 33% of his capital (which he claimed he as a minimum takes). So your math seems correct with the assumptions you made. Does not sound like the big shot he claims to be.

That of course only if he buys premium. If he writes contracts that would tie up about 4 times more capital to satisfy margin requirements with most ordinary brokers. The above are all ballpark figures and are of course subject to different delta levels, the exact time to expiry, implied vols, ...

Yes, I do think this is important. More than a year would certainly be nice as the 80 trades or so isn't a huge sample size. But to be honest, I would be incredibly impressed to see most trades using up 70% of the account and still survive after 10 trades.

I do wonder though what happened to the part where he mentioned that he sells premium. I went on and on about that, and when further details were shared, there was only talk of buying or selling puts. Mind you, this is more interesting to me as he is taking direct market direction bet.

What would also be interesting is what kind of damage was done for those 5 trades that were losers. I noticed in the chart he showed, he did have one trade where he "only" got a 10% win, even though the market still went down nicely after. So in this case at least, it seems like the market direction wasn't 100% clear as he got out even though it did continue in this direction.

One more thing if you can explain please @humbletrader2016 . You said that you're using 70% of the account, and that this therefore means that you are buying hundreds of contracts. Lets just say that you buy 1000 contracts, and with these being around $1.50 to $2.00, this would mean you're only using an account that is roughly $2000. (ie. A $2 option, times 1000, is only $2000 dollars. And if this represents 70% of your account, this means your account is about $2800). I assume your accounts should be in the order of at least 100k, so using 70% of this on a single trade means your volumes should be drastically higher. If my math is wrong somewhere, please point it out. Thanks.

 

[Gotcha]

let's give him the benefit of the doubt and lets assume he trades nearer to the money contracts, with an expiry up to 3 months out, where premium is on average priced at 20-50 dollars per contract (assuming SPX options he mentioned), that still puts his account at sub 50k USD assuming 1000 contracts, traded, even if he employed 100% of his capital. So your math seems correct with the assumptions you made. Does not sound like the big shot he claims to be.

Ah, ok. I haven't even looked at options which would be months out so I wasn't really sure about the pricing of those. But based on the chart he showed, the expiry dates looked to be Oct 21 and 26, and clearly those were under $2, so I figured this could apply for the entire set of stats.

This is of course the trouble with percentages. Making 100% on a 2-5k acount is apparently not impossible, but doing this on a 500k account is a whole different ballgame.

 

[Zzzz1]

yes, as stated your math seems absolutely correct on the assumptions you made. I was just being incredibly generous by looking at up to 3month out contracts, assuming he does not trade hundreds but a 1000 contracts each, and assuming he employed only 33% of his capital on each trade (the absolute bare minimum he stated rather than the 70% he often takes, as he claimed). His account size lies probably somewhere in the middle, between 3k and 100k, putting him squarely into the ordinary retail trader category, which is usually perfectly fine but makes him overstate his accomplishments by a lot.

Ah, ok. I haven't even looked at options which would be months out so I wasn't really sure about the pricing of those. But based on the chart he showed, the expiry dates looked to be Oct 21 and 26, and clearly those were under $2, so I figured this could apply for the entire set of stats.

This is of course the trouble with percentages. Making 100% on a 2-5k acount is apparently not impossible, but doing this on a 500k account is a whole different ballgame.

 

[humbletrader2016]

You are funny. You didn't read my post carefully before going on to attack me like a big and tough guy, but you are chicken to take my bet and then, you come up with an excuse asking me for 5-year of trading records. YOU ARE A PUSSY, period.

Thanks to negative people like you, I'm done with my contributions on Elite Trader. Like my gf has said for years, there is NO need to show any pity to negative people like you who just keep failing. The only kind of pity I should have is pity for animal and kids because they are defenseless. Sticking to her side over the years to see her volunteer works help saving many animals, I guess she is TOTALLY right about it.

Ciao EliteTrader peeps. Good luck to your trading endeavor.

James: wish you to receive your first $5000 cheque soon so you can celebrate for holiday season

Sure I am in under the following conditions:

a) You show your 5 year track record (an audited broker statement, we shall discuss which auditor we use) which proves, as you claimed, that you generated >100% returns each of the past 5 years

b) the audited statement shows that you never had a less than 80% win rate over all trades taken in each given year (you also claimed that)

c) the audited statement shows that you employed at least 33% of the total account value at the time, each trade was taken (not notional value but required margin if trading futures, currencies, or stocks, or premium paid if options), and 50% of your trades should employ more than 51.5% of your entire account at the time (you claimed you put at risk 33% to 70% of your account balance on EACH trade), the other 50% shows you employed between 33% and 51.5% of your capital.

d) we will choose an independent, licensed, escrow company where our 10k will be safe-kept and the escrow company will be supplied with a written statement that outlines the mutually agreed contract with both our original signatures on it.

The above all reflect statements you yourself made. The only exception is the 5 years of track record I require. The reason is that I claimed that people can easily blow up with the risk employed that you claimed you take. 60 to 100 trades per year is not significant a sample to make this point. I claimed a career trader will not survive with the risk you are claiming you take.

Let me know if you agree with that, then you can PM me and we finalize the rest. Am all too eager to take this bet.

 

[Zzzz1]

- I was serious, my bet offer stands, and it seems you took your mouth a little too full
- I did read your posts carefully: You claimed you are a big ass trader, in reality your account is most likely sub 100k USD given all the parameters you supplied. I am not the only one who arrived at those numbers, others put your account at an even lower level
- 5 years is actually a generous compromise given professional shops ask for longer track records and references, especially given you only claimed to have traded 80 trades in a year which means nothing in the grand scheme of things.
- I am not negative, I am just not gullible and swallow the bs you are dishing up here
- maybe you should get married to your gf of many years, it would show some sort of commitment on your side, more than the commitment you show to your bet which you abandoned in less than 24 hours
- Good riddance, don't let the door hit you on the way out
- Next time be more honest regarding your show-off statements because as here, you might be taken up on it.

You are funny. You didn't read my post carefully before going on to attack me like a big and tough guy, but you are chicken to take my bet and then, you come up with an excuse asking me for 5-year of trading records. YOU ARE A PUSSY, period.

Thanks to negative people like you, I'm done with my contributions on Elite Trader. Like my gf has said for years, there is NO need to show any pity to negative people like you who just keep failing. The only kind of pity I should have is pity for animal and kids because they are defenseless. Sticking to her side over the years to see her volunteer works help saving many animals, I guess she is TOTALLY right about it.

Ciao EliteTrader peeps. Good luck to your trading endeavor.

James: wish you to receive your first $5000 cheque soon so you can celebrate for holiday season

View attachment 167585

 

[RRY16]

You are funny. You didn't read my post carefully before going on to attack me like a big and tough guy, but you are chicken to take my bet and then, you come up with an excuse asking me for 5-year of trading records. YOU ARE A PUSSY, period.

Thanks to negative people like you, I'm done with my contributions on Elite Trader. Like my gf has said for years, there is NO need to show any pity to negative people like you who just keep failing. The only kind of pity I should have is pity for animal and kids because they are defenseless. Sticking to her side over the years to see her volunteer works help saving many animals, I guess she is TOTALLY right about it.

Ciao EliteTrader peeps. Good luck to your trading endeavor.

James: wish you to receive your first $5000 cheque soon so you can celebrate for holiday season

View attachment 167585

Does Handle123 still get his commish?

 

[Zzzz1]

not sure whom you are addressing here. But I never suggested nor accepted a guy on this site to function as escrow. != @humbletrader2016 might or might not know this guy. As said, I stand by my bet and can wire the money to an agreed escrow firm any time. But it very much looks like our friend had to eat his own words.

handle123 Escrow

Does Handle123 still get his commish?

 

[Simples]

I think honest beats humble. Humble is often false, overrated and superficial. Apparently people not used to look inward for success, but looking outward for whatever else they are really seeking. Thanks for providing educational entertainment.