Quote from LondonUSTrader:
I wasn't going to post on this thread again. The reason being when dealing with people like Mschey you have to understand he is always right. And the more you respond critically the more he will escalate the personal attacks.
A couple of observations about that individual:
(1) He claims he is an expert. This is based on 5 years full-time trading. In my view, your first five years full-time trading you are still learning. Once you have been doing it for 10+ years then you can claim to be an expert.
(2) He claims that he is walking the walk and everyone else doesn't really trade or is a loser if they happen to disagree with him. However, I haven't seen him post an account statement to prove this assertion yet. Not that is usually necessary, but it might help his claims of "elite trader".
(3) He consistently attacks other people in a personal manner if they happen to disagree with his image of what a successful trader should do.
(4) It is my impression that he is rather arrogant and egotistical. He wants to be an elite trader. He wants to enter purely ego driven events like the World Championship to prove himself and to be acknowledged as a master trader. As a side note, to win these sorts of competitions you normally have to take a very high degree of risk.
(5) He makes wild assumptions based on no evidence.
No doubt this will engender another personal attack on what a loser I am.
I just wanted to thank you Holygrail for your posts. It is nice to know that someone can understand my posts without misinterpreting everything I say.
It is my experience that the best traders are usually the most humble, relaxed and decent people. They don't have a need to be acknowledged as the best trader or to prove themselves because their results speak for themselves. They are open to other points of view as they got to where they are through their mental flexibility and observation skills amongst other things. On ET, OldTrader and B1S2 come to mind. They also don't make personal attacks on others who happen to disagree with their way of thinking.
Please don't get me wrong. This is not a personal attack on Mschey. What he says may have some value to others. Myself, I tire easily of impolite people who attack others for having a different view.
I can't claim to be an expert trader. I trade the ES everyday and have another system which I am still working on that trades multiple futures markets. As a futures trader, my main priority is long term survival so yes managing my downside risk is more important than maximising my upside through being overly aggressive. To me any loss bigger than 2% of my net equity is unacceptable. I very much agree with B1S2's comments on risk management and I approach money management in a similar fashion. If you trade futures consistently everyday, which few can do, the upside takes care of itself.
What I do works well for me and I am happy with my results and my current stage of development.
I wish everyone success in this hard business. You need to think a lot, observe much and not listen to the naysayers of which there will be plenty.
Gotta call bullshit when i see it. So here goes. It doesn't take time in years to become an expert...it requires one to put in applied study and effort.
There is a thread on ET, where traders can and do share there results. Trader P&L 2006. I have made quite a few posts on there, winning days and losing days. Take a look for yourself and decide whether or not I walk the walk. Few traders can say they made $1 million in trading profits, I am one of the few who can.
I attack those offering bad advice, vendors, and those who can't walk the walk. In my opinion, you have no business offering advice to newby traders. If you don't like it....who cares!
I didn't attack you, I made an observation in your post, pointed out two beleifs that I believe are in conflict with becoming a successful trader. Take the constructive criticism and quite acting like a baby. You do have a losers mentality, and you won't achieve the level of success you want to achieve until you deal with it.
If i put up 15k to try and win a trading championship and I lose 15k is it really a big deal? Is that really alot of money to be risking? Perhaps for some, for me...NO! Reviewing the documents, I have found that they charge $20 commission per contract which is high....really high. If they aren't willing to rebate back the difference after the contest is over, I doubt if I will participate.
As I've said, I made two observations in your post, and drew a conclusion. Hell in real world trading, that's more then enough evidence to take a trade.
I don't attack people for having a different point of view...you and holy grail have no business offering advice on how to trade, and or manage positions/ or risk. Nor do you have a qualified opinion when it comes to evaluating my results. When you guys manage to string together a few years of profitable trading, then you'll have earned the right to advise, and my respect. Until then...worry about your own trading.
