Some hard truths from the Mall Cop in today’s stream:
“I would advise anyone doing any mean reversion trades, most of you will just blow up faster than you would have if you just waited these market conditions out and just bought breakouts and EPs. You're just going to blow up faster than you would do otherwise.
Most people that are in the chat right now, they want to get into trading, [but] they will not be interested in trading a year from now because they have lost most or all of their money. It's just a fact. But there are a few that will make it big.
I'm not selling you a false dream, guys. Do you know what all these services, all these trading services, what they're really selling you? All these 200 bucks a month trading services? They are selling you a dream that you can do it. Well everyone can do it, but most won't. So you're pretty much paying 200 bucks a month, or whatever a month, for the feeling that you will make it. That's what you're paying for.
You're not paying me anything so I can say whatever, I can say the truth. Most of you won't make it. It's just what it is. It's just how trading [works]. Very few make it big. It took me two years just to stop losing money -- it took me two years! Now how many people are willing to turn up every single day and lose money for two years? Most have given up by then.”
