It is good that you have replied Michael. The complaint is not about the free room rather the previous loss of 1 account that was copying your trades. Talk about massive lot sizes because the whole account was hedged out in 3 weeks flat. This is no exaggeration. I will post the result of my account for everyone to see. I dont know how you can say I have bad money management after you drew this account down 50% where most traders will only risk 5% at any time. By the way Michael used hedging on this account rather than stop losses. Because of this the risk became unlimited. Lossing trades were not closed out at a predefined risk but rather he thought he could hedge his way out of the drawdown. I believe that you were negligent in the open losses that occured. As per your own quote - He was always afraid to lose so would hold the losers a long time when its obvious the trend was against the position and it should not have been held.
Casey did offer me free room admission after this happened.
I sought help from Michael, let him take over trading 2 accounts so that he could try and recover them but every time I handed him control the accounts shrank.
It was after this event that I began to really struggle.
Michael did offer for me to use his room for free but I was told not to mention this to anyone. I did not mention the draw down I had suffered to anybody as I didnt want to hurt Michaels reputation.
In regards to Michaels style of trading, I have no problem with him trading like that but it is not for me as well it may not be for others that do not have 15 million in thier accounts. Michael only trades 1000th % risk of his personal account but with the copier as I said before a 50% draw down in 3 weeks is not a professional result. I might have well have gone to a casino!
I was very hopeful during my time with Michael that he would be able to turn things around for me or help me to trade better.
I to have suffered the loss of a friend in Michael, but he was firstly my trading mentor that was offerng an education and investment service. You would note If you ever go into his room that he s a trader first and a teacher second. That means that his guidance is secondary to his trading meaning that If you get stuck or need help he may not be able to help you.
Quite oftern I did come unstuck with his trades as he is a top or bottom picker and usually the trades would rally a lot furthwer than expected. If you dont know how to WASH your trades out or hedge at the right time you would suffer dreadful losses. Stops are rarely placed with Michael,maybe 5% of the time. He does say that swing trades are where the big money is made but he is a NY scalp trader and di not call many swing trades. He is always out to get somewhere between 7 and 15 pip which eventually damages one account as the risk reward ratios are not good. He also encourgaeds adding to loosing positions and doubling the whole trade to try and wash your trade.
I would like Michael to use a service like MYFXBook to determine If he can really trade a live account. All the demos I have seen Michael take have only lasted 1 months or so. All the posts of his incredible pip counts never ever show the open drawdown. So a 3000 pip week could have a net drawdown of 5000 pip in open drawdown.
I challenge Michael to use myfxbook to demonstrate his abilities or if not i would not use his services. A trading mentor should show you live account records not demo accounts otherwise he may not be completely truthful.
Will you take up this challenge Michael and post some results on FPA to prove me wrong.