Hello,
You can find me
here. I have been on the institutional side multiple HFs, alternative side of big mutual funds for almost 2 decades.
I usually think it is better to watch punching games from afar, but here is some perspective
I know Scott personally. I even stayed at his place in Bangkok. Watching him trade futures at 5 am in his pyjamas in his kitchen on a Monday morning is something i cannot un-see. 3 things that stuck with me about him:
1) his relentless dedication to the craft. Most pros learn the first 2 years and press the repeat button for the next 10. He is always looking for the next nugget
2) His meticulous record keeping. I have literally never seen such a complete trading journal, ever. Most pros vaguely look at their stats. He dissects them and his mental state ad nauseam
3) His integrity. Yes, he was on high carbohydrates diet for a long time, courtesy of the Aussie penitentiary system. Funny, but i would trust him more than a lot of greedy pros on the institutional side...
First of all, Scott, kicking someone in his pride and joy is the wrong way to make friends. Ates is a rookie. Be gentle with white belts. They don't understand tough love. They take it personal. Colourful insults is a national pastime on trading floors, think "Full Metal Jacket" with brains.
Experience: it took me nearly a decade to be consistent. It took me another decade to shed unprofitable beliefs. Amateurs roll in thinking they will beat seasoned pros in 3 weeks. It takes time, dedication, humility. So, Ates, I understand how you feel, but your impatience is misplaced. You don't waltz in a dojo and criticise the sensei because you can't throw a mawashigeri after 3 weeks.
When you trade someone else's system, you explicitly adopt his method and implicitly his beliefs.
When pros see 75%, most of them think too good to be true, what about the tail risk? When there is statistical evidence it works, they think Kelly criterion and position sizing. Pros are process oriented. Amateurs are outcome driven.
Win rate of 75%: when amateurs see this, it feeds their "need to be right" complex and fragile ego. They take losses as personal and/or system failure. In reality, either they did something wrong (you don't improvise yourself a disciplined trader), or it is simply a losing streak. I think that what Scott was
rudely trying to convey was that accepting to be wrong is the key to making money on the markets and a palatable marriage
As for the cost, $200+ is less than the cost of one trade gone wrong! The tuition fee of trading w/o a system is much higher. Ates, I am sorry it did not work out for you. Next time, work on your beliefs and educate yourself before buying a course.
Good luck Ates! And Scott, you are a respectful person on the mat. So don't unscrew people heads, sh!t on the swamp they have for brains and copiously wipe your money-maker with their faces next time -
