I got a friend

systematictrader said:
hahahahahahahhah
idk whos FATLD and havent ran into him or seen him either yet but i will keep the warning in mind ,,, good ones my friend as always
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Turvey has BRANDED FATLD typical trumponian Tactics. He may be a liberal who use Trump's tactics. ROFLMAO. YOU might want to ignore Turvey. BTW he thinks I am a snowflake. ROFLMAO.
 
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If the story is true (and I am not saying it isn’t) then your friends problem is probably more psychological. He plays loose and fast with monies he made as profits in previous trades within the same session. He needs structure and pragmatic ways to employ profit conservation.
 
It's the usual invincibility issue. After a streak you'll think you cannot lose and lose focus. Then lose. Simple psychology.
 
I went from +$550 back to +$30 back to +$150 on the close, just went stupid, switched to trying to call a bottom in a obviously down move, even posted self sabotage time right before blowing some major $$$'s, atleast I know when I'm going to turn stupid, improvement.

Still make $$$$'s it's just not retirement at 50 with a Ferrari $$$'s, more 20year old banger and still trading for ever.
 
wrbtrader said:
Agree and it seems like common sense for those involved but what end up happening is the trader (investor in the other trader) ends up spending too much time or distraction from their valuable time with the statistics and the end result you start counter-punching his trades to protect your own profits.

He'll get wind of what you're doing (pulling your profits before his losses in his money that's still remaining in the trade) and either no longer wants to be involved with what you're doing, doesn't want to trade with your money in his pool and/or lose his confidence in his own trading...

Considering it could be strictly a psychological issue if its not a trade strategy issue.

I actually saw someone break and he left trading for about 3 years because of such.

Later, after 3 years...he returned back to trading almost the same way as before but this time he didn't get involved in trading with someone else's money. He only trades his money.

My above commentary (restated much nicer) from a prior thread on this specific issue when someone wanted to know if its possible to "reverse trade" someone that has consistent losing trades and the conversation then developed into this type of thread from those that actually tried it (reverse trade or pulled profits before negative conditions begin to repeat)...

Both situations were tried which is why I had questions about the home office versus someone online.

The prior thread involved those from a specific office...we all responded with our personal experience with such. It was a trading arcade that I created in Seattle with a group of traders (friends). Our trading office was near the old Kingdom...depending upon the year...we had 4 - 6 traders doing exactly what this thread is about.

Some still members of Elitetrader.com

wrbtrader
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can you elaborate more and tell us more on the part of why it did not work for the trader him self and why?
 
vanzandt said:
A couple things....
Making 8K off of one trade in one day on a $25K account.... is frigging nuts. Even $3K is nuts. He's going all in with all his buying power on one stock. You say he sticks to his stops, but I can promise you, one day he won't. He'll be "sure" he's right and he'll add to a loser, and that'll be the beginning of the end. I've been there brother, and I've done it. A couple times.

His personality, results, and propensity to give back the big gains.... sounds identical to mine. He's had a three year run, that account should be well over $150K. If everything you're saying is true... he's good for sure.... but the market will get him and he's gonna zero out that account. You can mark this post. He's got huge talent, but he's a gambler.

By no means would I take $25K and shadow his trades. I promise you, he's gonna blow it. It only takes one bad trade to start one bad run; a run to zero. If anything, you should hook up with him and work on coming up with a sound, disciplined trading plan. You're lucky to know him. Team up and bring what you know to the table. If he's as good as you say, you'll take the accounts into the high 6 figures over the next 3 years.
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Thats exactly it, i tried helping him moderately i wouldn't say i put a lot of time, but he continues to trade, i personalty wont get up if i dont have money on the line and sit market hours with him, but if my 25k is there i will force my self to do so, and yes thats been my point to him at the rate he is going he should have 150k in his account but he doesn't, he knows it and i know it and acknowledge as well.

THe point you mentioned is exactly the one that keeps me from going in yet, is that he might soon or later get caught by that one trade, on the other side the fact he been trading few years i would've speculated it would've happened, but it hasn't but i agree with you it can still happen with a bad move even if his stops are in place, the market could just rip through a stop i assume in day trading as with any thing else, flash crash maybe, we will see, but i am telling its exactly whats stunning me, the 8k or even 3k on a single trade, yet i seen him do it over and over and over, only to give it back over and over and over, i am not sure i can help him (and me) without putting money, he cant get the hurdle that he is giving back REAL MONEY, not market money, he is only few years in which as we all traders in the beginning i believe the big problem is we NOT AWARE of time so much, in the sense of the feeling of " i am so close" outweighs the rational that its been "few years" now and account size isn't much different, i know it took me more years than him
 
ironchef said:
@systematictrader,

IMHO, you come here not to ask for advice, opinion but for confirmation. Every time someone said it was not credible you chased them away.

If he can print money within 3 years of trading penny stocks he is a genius. If I were you and I think he is not a fake, I would put some spare cash with him and see what happen. But don't try to mess with his trades, because then you give him excuses that it is your fault if things do not work.

A few of us who have been around the block a few times have scar tissues on our back, been taken to the cleaners a few time by genius traders/investors. In my case it was a genius commodity future trader, a penny stock investor and a start ups specialist.

Good luck.
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I chase away those that answer the question not asked or that completely miss the point, like you, let me prove it to you, respectfully, since like most you didn't ready the post in its entirety

I am simply looking to say, stop trades on my account mid day after he is up lets say 3k or more, where as you INFERRED, that i am gonna miss with his trades, where i clearly put that i am not even look to pay attention at the trades but rather the equity alone, see you didnt read everything, so i excuse you cuz i do the same with some other posts, but dont come attacking me personally as if you did read everything and now i am chasing you? out?
 
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