40 isn't old now come on GAT. In fact, I would say anyone can make it at any age. The only thing is whether they continue to have the ambition after life repeatedly beats it out of you. In my case, YES lol.
Star Trader Laurie Inman now Bankrupt
- Thread starter CPRICE76
- Start date
40 isn't old now come on GAT. In fact, I would say anyone can make it at any age. The only thing is whether they continue to have the ambition after life repeatedly beats it out of you. In my case, YES lol.
Richard Donchian 'invented' rules based trend following when he was in his 40's. Trading his systems right up to until his death for another 40 years.
Well I'm 47, and I'm not sure I'd describe someone just seven years younger than me as a 'youth'. Bear in mind that as a bankrupt it's going to be extremely difficult for him to get work in any regulated FCA function (I'm sort of assuming he's going to need to get a job to rebuild his stake to trade independently).
GAT
What would you do if you had to start all over again tomorrow? Give up? I doubt it. I think you'd find any way possible to give yourself a shot. Regulated FCA or not.
Well that's a horrible thought, and one reason why I only keep a fraction of my net worth in my trading account....
GAT
Exactly, but LIFE black swans happen. Divorce, death, kids, lawsuit etc. I think you'd spend time licking your wounds and starting again, just like everyone else. I suspect this dude will do the same.
This is the second thread that's been made about this guy here on ET. The guy just had a system that worked at times that doesn't work anymore. He overtraded and he ended up with losses that are bigger than all the money that he had. Yes he's 40 thanks to a bankruptcy court that does not respect the privacies of all the parties involved in a lawsuit.
Here is the first thread: https://www.elitetrader.com/et/threads/millionaire-trader-bankrupt.362188/page-3#post-5473765
Here is the first thread: https://www.elitetrader.com/et/threads/millionaire-trader-bankrupt.362188/page-3#post-5473765
The article in the Gazette and most readers will miss this very valid point. If it swapped out financial bet for flutter on the horses and won £700k people would view it very differently.
Looks like this trader, Lawrie Inman was risking a good chunk of his monies on each and every trade. That is from the article. Even if this guy had a 80% win rate, the 20% of the time he ends up losing a good chunk of his monies including, profits. No risk management whatsoever.
I was right about to post this and saw you beat me to it. Maxing out a position outside of your risk barrier is detrimental. Even more detrimental is seeing it actually benefit you. I'm sure this led to a snowball of similar trades that ultimately burned him.