In the spirit that open debate is helpful i will share my own personal experience when i was given trading advice by someone very similar to Gary last year. I met someone couple of years ago who was trading CL, Forex like i have never seen before. At this time i was stuck in a rut. Always afriad. The days i was not afraid, i will loose money. I will very clearly see how he was trading, could relate to it, could understand it but just could not do it.
My question always to him was where is your STOP LOSS? His answer always was that he comes to the market every day with $150,000 of risk and he trades. He does not use stop loss and he knows when he is wrong and the days he is wrong , he takes $150,000 loss. In my heart , i will say this is BULLSHIT and go on doing whatever i was doing. I just could not get any where. The day i was relaxed with wide stop loss ( like 150 ticks stop loss for CL) i will get hit. The day i was very conservative, market will do exactly what i thought it will do. I will just sit there with my 1
car position and watch market runs 100, 250 ticks in my favour. I will not add to my position because couple of days ago, i got hit for a 10K, 20K loss. In summary my entire focus was on damage control.
This trader tried couple of times to put sense in to me nicely but it did not made any difference. This trader has an ego bigger than any trader i have ever met ( He has every right to be). He is trading 400-1000
contracts a day and making $300- 500,000 a weak. He has been trading for 30+ years. He is just tired of seeing traders after atraders making the same mistakes over and over again. He answers one question and we go back to him with 4 other questions while still doing the same old shit we have been doing. After a while he just gives up and writes criticisim which will make Gary notes look like a love letter.
I did not under stand why he has to be this rude till i started getting some success and started helping some traders. Here is the problem, traders want to learn everything from other traders but at their own terms. They want teacher, coach etc. to guide them, help them etc but without any ACCOUNTABILITY. They just want lollipops all the time. They suck enrgy out of you and go back to whatever they were doing. They believe in selective learning. Whatever appeals to them they take it and come back after a weak, a month for more while doing the same shit during all this time.
I did not understand frustration of this trader about me and many other traders till i got put in his shoes. I am in no way clsoe to his level of success, his experience etc but after a while even i get frustrated looking at other traders keep getting hosed years after years.
In summary my belief is that to learn something from someone - one has to give in and not cherry pick. Period.
Note: I understand Gary is not Panda warrior coach and neither Panda has ever asked Gary for help. My note is for general consumption and it's not about what Panda should do or how Gary should write, coach etc.