I have to agree with goose.
The only thing I am jealous of is his good luck. Because he's had his fair share.
Holding onto a losing trade because "it's bound to come back again" only needs to go wrong once for your account to get Fcked.
Most of the time it is of course true - the market does spring back - however not always - and that will be his undoing and all those who follow him.
I don't think he will go completely bust - as he has the sense now to close out before it's a complete disaster.
My prediction is....
- 3-4 weeks - I am the greatest trader in the world - everybody should follow my method
- 1 day - **** F*CK it's still moving - it's gotta go back soon, I'm holding
- next day - GRRR Sh*t. I AM SO UNLUCKY - I hadda close that trade for a big loss - that means I'm made NO MONEY this month.
- next day - BAST*RD - I shoulda not closed I wuda been in profit again now. I KNEW I WAS RIGHT I got scared again an closed too early
- next day - I'm gonna reduce my trade sizes to reduce risk. I'm also looking at other methods of trading
- next day - I put a £10pp on today and took over £1000 profit. EVERY ONE OF MY CALLS TODAY HAS BEEN RIGHT!
- goto step 1 - repeat ad infinitum.