Why Was Marsman Stifled?

userque said:
Marsman tweets:


Sorry for your loss Marsman. Hope you pull through this and get yur system 'right.'
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Couldn't have happen to a nicer guy.. hard to feel sorry for someone who comes in here and shits on people like he is the best and then and goes and blows out selling premium which he was warned about... some people have to learn for themselves I guess...

let us not forget why he was banned:

Magna said:
Let's get everybody caught up as to the marsman situation.

● At the beginning of the month he started a thread in the Trading Forum that was totally irresponsible, suggesting numerous ways to skirt the law and quasi-legally conduct illegal activities. It was removed and he was warned.

● A short while later, in the middle of the night, he got into a heated back 'n forth with Pekelo (and others) in his journal and hit the Report button 9 times complaining that there was no moderator available to immediately address his concerns. That won't get ya banned, but it was annoying.

● In the midst of that he posted this:

That also didn't get him banned, but did get him a warning.

● Later, against ET policy, he posted:

That kind of stuff will normally get ya banned, but despite the huge EGO that was mentioned earlier in this thread, it didn't.

● And at another time he posted:

Again, easily enough to ban him, but I didn't. Instead I sent him yet another warning, reminding him of our strict No Free Advertising policy and alerting him to the new Vendor Account. But to someone who was supposedly killing it in the market even that inexpensive option was too costly.

● Then he took one of my PM warnings and posted it publicly. I guess he didn't understand that the P in PM stands for PRIVATE but, once again, it was very annoying.

● Next, within his journal he started multiple posts complaining about the moderation, letting readers know that the mean ole mod said not to PM him regarding his solicitation for money (and in doing so reminding them of a non-public way to contact him outside the journal). He was warned that a trading journal wasn't the place for such complaints but he continued posting them anyway.

So while any number of things could have legitimately gotten him banned it was the accumulation of offenses... where enough was enough. I wish him success at T2W but as far as Elite Trader is concerned everybody is now up to date.
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Thank you Marsman for your honesty. Now you can see why we asked about backtesting results. I am curious how your program could avoid similar events in the future, after all this was news based drop. You can't scan stockoptions for that....
 
Exactly @Deuteronomy_24_7 ...

I think most in this thread still think he was on to something.

So, he was at it for how long? 3 months? This was going to happen, because he was just selling outright strangles in highly volatile shit stocks... either energy/oil or pharms/biotech...

I wonder how IB reacts to this, I seriously doubt he'll be able to get another account with them... they will review his positions/trading and conclude he's a risk.

I think he went long Deutsche far OTM calls... WTF? He has no clue and should have listened to advice given in the other thread....
 
El OchoCinco said:
Couldn't have happen to a nicer guy.. hard to feel sorry for someone who comes in here and shits on people like he is the best and then and goes and blows out selling premium which he was warned about... some people have to learn for themselves I guess...

let us not forget why he was banned:
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Right you are 85! I almost take it too personally since I tried to help him out initially, marsman and also botpro (which is him as well I believe)... and then warned him this would happen...

I can only shrug my shoulders and wait for the next nitwit to come to ET, hitting the wall full frontal while swinging his dick...
 
Marsman:
--- Pek @ ET: How to hedge such a news based event? A: First initiate the hedge when IV is low, then when IV is high initiate the main position.---

Wrong., it's called risk management.... nothing to do with a news based event... just plain and simple risk management. Knowing what your exposure is at the extremes.... especially when dealing in high vol stocks.
 
Deuteronomy_24_7 said:
Why would an odd-lotter who blew up his account have so many fanbois on this board? What am I missing?
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Because the dude has cojones.

The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.
-Vince Lombardi
 
vanzandt said:
Because the dude has cojones.
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I think you mistake ignorance for cojones...

He didn't have a clue, didn't want to look at his risk/VAR/drawdowns at 30-60% moves... you'd better throw away those pink sunglasses and get prescription ones instead mate...
 
JackRab said:
I think you mistake ignorance for cojones...

He didn't have a clue, didn't want to look at his risk/VAR/drawdowns at 30-60% moves... you'd better throw away those pink sunglasses and get prescription ones instead mate...
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My eyes do suck, I'll give ya that. ;)

Yeah.... maybe he didn't listen, and you certainly know your stuff.... I just admired the guy's fight.

Not that trading is the same, but I have coached teams in the past, and his personality believe it or not, has the traits of a champion. Its like a street kid that was born with all the natural athletic talent in the world, but doesn't want to listen to those that know what it takes to win. If that kid comes around to doing things the right way, he'll get a full ride to a Division 1 school.... if he doesn't, he's just another wash-out. Mars definitely had attitude, but he was, and I suspect still is, a fighter.

All the greats, in sports at least, learn humility. He'll learn. Or maybe he won't. Maybe he should re-read his threads and ponder that advice you offered up. Why re-invent the wheel the hard way when you have seasoned pro's trying to help out? I couldn't agree more. Owing 9K to IB would certainly humble me.

Either way, I wish the man well.
 
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vanzandt said:
My eyes do suck, I'll give ya that. ;)

Yeah.... maybe he didn't listen, and you certainly know your stuff.... I just admired the guy's fight.

Not that trading is the same, but I have coached teams in the past, and his personality, believe it or not, has the traits of a champion. Its like a street kid that was born with all the natural athletic talent in the world, but doesn't want to listen to those that know what it takes to win. If he comes around to doing things the right way, he'll get a full ride to a Division 1 school.... if he doesn't, he's just another wash-out. Mars definitely had attitude, but he was, and I suspect still is, a fighter. His ego needed checked at the door however.

All the greats, in sports at least, learn humility. He'll learn. Or maybe he won't. Maybe he should re-read his threads and ponder that advice you offered up. Why re-invent the wheel the hard way when you have seasoned pro's trying to help out? I couldn't agree more. Owing 9K to IB would certainly humble me.

Either way, I wish the man well.
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Initially I admired that as well... he goes beyond the bloody obvious. But if he then blatantly ignores a few long timers of ET (which I am not btw, but I do have a bag of experience) when they try to get into his head the risks... that doesn't go well.

And he basically still ignores the risk aspect... his mumbling about hedging the risk on his twitter feed is nonsense.
 
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