Mr. Williams responds

Discussion in 'Technical Analysis' started by Pekelo, Mar 6, 2006.

  1. Pekelo


    I have found it interesting how people react anytime when Larry Williams' name comes up. So I did a little websearch. I found this site where Larry answered some of the most common questions and myths about him, it is on the bottom part of the page:

    Since I am not Z10, I will just quote some of the most memorable parts of the interview:

    God save you from graceful investors!:

    " Most notably Susan B. Kringle, who had opened her trading account with $60,000 and walked away with approximate $540,000. She then sued me claiming she should have made $63 million."

    Some people will never believe:

    To this challenge I responded by creating The Million Dollar Challenge a series of trading seminars where I have traded $1 million of real money, in real-time and given attendees to the seminar 20 percent of the profits. So far, knock on wood, I have made about $750,000 doing this in eight or so presentations."

    A myth lives longer than the facts:

    .....Perhaps more importantly the NFA and CFTC both had all my trading records, they too were looking for chicanery, double accounts or whatever. They had all my trading records for about 18 months, went through the brokerage firm with a fine tooth comb. "

    Every good trader blows up once:

    There is some truth here. In 1986, 87 and 88 I managed a substantial amount of money. .... As new money came in and the crash or 87 developed, I lost money for investors. No doubt about that, it happened. People were not blown out though. . . as I recall the worst damage done was about 40 percent decline in a few of the individual trading accounts. "

    And the ultimate question:

    I give seminars, write books and have a videotape series for several reasons. First of all it's quite profitable; I get paid for doing it. I never know as a trader when I will make money, it may be this month or maybe a few months from now it's an unknown. Seminars and such amount to steady income. "
  2. at one point, i really doubted larry's claims and ability. i did some research, talked with him and read several of his books. yes, he is a promoter, but he is also one heck of a trader. i don't believe there is anyone else, today, on the seminar circuit who does what he does. he readily admits that he is fallible and often makes error--this is refreshing in the world of hype masters.

    what i found very interesting, is that during the robbins cup, his account was, at one point, double what it was when he won--- so he was actually in a drawdown at the time of winning.

    having the lovely and highly talented actress michelle williams as a daughter is an added plus to his multi faceted life.

    best wishes,

  3. BertH


    I always hold that eye of suspicion for everyone in that circuit, but I tend to agree he's legit. And a LOT of people blew out in '87. He admits it, thankfully for his rep, rather than cover.

    I tell ya a scam guy, and that's Wade Cook, of the "Stock Market Miracles" and "Wall Street Money Machine" fame. Confessingly, I bought that first book one time, thinking I could at least glean something from it even if his overall claims were bogus. That was before his company's track record was discovered. Phew!
  4. I think I bought everyone one of his books....and probably still have them around. :)
  5. Pabst


    I knew a guy who was working for the firm that cleared Williams trades (I think LIT) in the 10k to 1 million Robbins contest. He swears Williams was totally legit (and on fire). I have no reason to not believe what I heard. In fact I think he actually ran that account up to about 2m before giving much back.
  6. This is just plain stupid. I don't care if he is good or bad trader. These 'responses to critics' just tell volumes of a I am curious...
    How does one trade against an other person? Is that some kind of a mental arm wrestle? How fucking stupid. He is a senile old fuck after all, having an ego trip like this.....
    Funny how real masters never have to challenge and boast like this.....
  8. You can have this opinion. I am responding to Williams outburst to critics. And by the way I am not out of control, I like vulgarities it is like a spice, some people's stomach cannot handle Indian food either yet 1.2 billion munch on it....
    So take the other side of my trade or else you are a pussy!!!!
  9. Pekelo


    Question of imagination. Since you seemingly never heard of a trading competition:

    - start with same amount in a limited timeframe
    - using the same trading vehicle
    - or no restriction on what can be traded

    A trading competition with strict rules is the only way when you can compare 2 or more traders, since they are trading in the same market enviroment, maybe even using the same trading vehicles.

    Or try to compare a floortrader from the 60s with an online trader from the 21st century. You can, but is not really fair...

    I don't really get why you are so hostile towards W. Have you lost money by using his indicator???
  10. Maybe I should pull back a little. I think he is a good trader. It is however sad that for whatever reason he had to lower himself to such a trite rebuttal. As for trading competitions you might have guessed I think very little of.
    There is no reason to compare traders. What is the point? If a person is profitable that should be enough. I hate the boasting and egos, what a chest-beating scene.....
    #10     Mar 7, 2006