williams has three accounts in the current robbins cup ... that i know of ... all losers BTW ... but what do i care anyway ... a fool and his money...
3 is much closer to the so-called reality than 100 that you alluded to before. And you know what? I have 2 accounts with IB for different systems, 3 altogether but 2 accounts is enough to handle them. I might soon have yet another account for discretionary trading. Three accounts is not so many for some people.
somebody private messaged me asking about the fine and who is my source. Well he wrote this book so ask him about the fine Larry received. http://www.amazon.com/exec/obidos/t...f=sr_1_1/104-4082965-7123107?v=glance&s=books Now I have nothing against somebody who fails as a trader, has a hedge fund does poorly and so forth. Traders fail, it's a part of life. He could even have learned from those experiences. but.... I do have a problem when somebody talks about his track record while at the exact same time having poor returns in his fund. Since it was a hedge fund I'm sure somebody can get his return that happened with his great trading record. I have a problem when somebody uses a track record of gambling to proclaim them as the best trader ever while trying to sucker in newbies. Risking 30% of your account on every trade is usually a way to a quick zero balance. Now I could understand risking a high %, If he had a high % of trades being right. But than I would see him consistently do well in the Robbins Challenge. I can't say that. One great year means nothing. That's gambling. Than to claim Well hey I'll prove it with just one day One day of trading doesn't mean crap. Especially if you have larger and larger bets near the end of the day. 5 years of winnings with a small # of down days is much more impressive to me than 1 huge day than many days of losers. (somebody mentioned he is down in all 3 of his accounts currently in the Robbins Challenge and his emini is down 20 points. ) That isn't impressive at all. Than there is his so called students. This is where a true teacher shines. Do they have consistent long term results ? Find me a few of those, and Larry will earn a lot of respect. Till then
I'm not sure Larry did this but I'm almost 100% positive that he explained this technique in one of his books. I think it was one of the definitive futures guides. He was talking in reference to the dishonest vendors.
I gotta agree with everything Robert (rtharp) has said about Willie... he's somewhat of a glorified snake oiler, in the same genre as Wade Cook...
Yes, here are a handful of people whose books and/or online work I have found valuable (alphabetical order):- Alan Farley Tony Oz Linda Raschke Van Tharp Vadym Threei Also, I have found the ET journals of Brandonf and AllenZ insightful... There are probably others, but these were the ones who sprung first to my mind...
I'm not a big Larry Williams fan by any means but I have a couple of his books and they aren't bad. If I was in a trading contest I'm sure I'd take larger than normal risks because who cares if you finish second.