I want you to take time to watch all of these videos. Maybe you know who he is and are familiar with his story — but I am very insular in the trading world and had no idea up until I stumbled across this priceless videos about trading.
As many of you know I’ve had spectacular runs and blows up too over the years. I am right now in the midst of a run, taking a $100k account in 2021 to $1.4m today. I am familiar with all of the emotions he explained in this unreal story and I marvel at the balls he had to make as much money as he did during his run.
He mentioned his average holding period was 9 days, which meant he was beholden to a trend and was likely timing bottoms to lean in heavily into a reversion move up. While I understand the mode of that style, I do believe day trading is preferable — because it eliminates the chances of large drawdowns. If you’re in the market at 200% equity for 9 days when the market plunges 15%, you’re cooked. I can talk about my strategy in greater detail if you like. I sort of figured you stupid bastards would never understand OR you’d simply believe you could do it better.
Enjoy.
Charles Harris is a swing trader who turned $35,000 into over $10,000,000 from 2019-2021.
By 2022, despite having almost 3 decades of trading experience, he lost most of it.
Here's short summary of his story: pic.twitter.com/qNXkWADCAp
— pedma (@pedma7) March 19, 2024
It's not enough to know which rules you're breaking.
You need to know why.
The same rules he wrote back in 1996, still hold today. pic.twitter.com/SLoF6td9j5
— pedma (@pedma7) March 19, 2024
In 2017, Charles had lost 87% of the money.
He recovered some of it in the first half of 2018.
But he was still down 80% from his 2014 peak.
At the start of 2019 he was starting with 10% of the assets he previously had. pic.twitter.com/mKNE1Gcay8
— pedma (@pedma7) March 19, 2024
In 2019 Charles was having a good year in his roth account.
He made 71% on that account that year.
That year he also refunded his margin account with $35,000. pic.twitter.com/DzBG4LEdRz
— pedma (@pedma7) March 19, 2024
His margin account was up 233% in 2019.
He achieved that by sticking to his old trading days, by taking fast wins and focus on compounding. pic.twitter.com/8XxY6zt8il
— pedma (@pedma7) March 19, 2024
In 2020 Charles had his biggest year ever.
His margin account was up 1,400% by end of year.
Through the year, he heavily deployed margin and added funds to his account.
At the last day of 2020, he had locked in an 8-figure gain. pic.twitter.com/xVhfGrKPvZ
— pedma (@pedma7) March 19, 2024
By the end of 2021 Charles made another 8-figures trading his accounts.
The 8-figure return was just 1/4 of the total return.
Charles had significant unrealized gains in Tesla, due to the changes he made to his approach. pic.twitter.com/h5ttG1n9cb
— pedma (@pedma7) March 19, 2024
By the end of 2021 there were a lot of red flags that signaled his run was arriving to an end.
7-figure days were no longer a novelty.
On big up days, Charles would take screenshots of his P&L and share them online.
Where have we heard that before? pic.twitter.com/QJJG3N5prp
— pedma (@pedma7) March 19, 2024
By the end of 2022, Charles almost completely wiped out his margin account.
He turned an 8-figure account into 6-figures.
A devastating loss. pic.twitter.com/YwSZvOGh36
— pedma (@pedma7) March 19, 2024
Here Charles describes what he believes to be the problem with his boom and bust cycles.
I personally don't think that this reasoning leads to a practical solution.
But I leave the video to end his story.
I'll give my own observation below. pic.twitter.com/xsY91fP56P
— pedma (@pedma7) March 19, 2024
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