A most apt analogy. Downright inspired.Quote from Banjo:
..I wouldn't know LW or his literature from Mr. Ed the talking horse and his droppings.
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Larry Williams arrested in Sydney for tax evasion
- Thread starter tomhaden
- Start date
If you looked a bit more closely, you would have seen that I did not actually run away in shame. Rather, I walked away in disgust. I don't expect you to understand why, but please trust me that it was so. And if you're especially attentive, you will see me do it again. I think you and LW deserve each other, and I wish you both much happiness together, now and always.Quote from Pekelo:
...Thunderfog, your unsustained accusations are getting tiresome, specially after you ran away so shamefully from the previous thread once you were called upon to put up or shut up....
P.S. My contribution to the thread you referred to was thorough and complete. There was nothing more for me to add. However, I cannot speak for your powers of comprehension. Good luck with that.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1007920&highlight=larry+williams#post1007920
Fact: Larry won the Trading Competition in 1987. He ran $10,000 up to $2 million but ended with $1 million at years end. Well done Larry.
Fact: Larry posted all his trades on a webpage back a few years ago from that competition. Good marketing.
(I downloaded all his statements and ran them through a money management program that told me why he has never done it again.)
Fact: That account had a 78% drawdown. This will KILL.
Fact: That account experienced a 50% drawdown every month. Fund managers feel really ill at 10% drawdown.
Fact: His Profit Factor was truly ill. Way below 1.5.(Compounding only works with a PF above 2.0)
After that analysis no need for me to spend any money at any of his workshops. Do your homework.
A fund he established after the comp had a 50% drawdown and he shut it down.
This is the real reason he chose to sell the How TO than the actually Do. There is a huge difference in actually trading for consistent weekly profits, and trading live at a seminar.
eg.Linda leventhal last I heard had not had a losing week since 1978. Now she is a real trader. How does she do it?
Fact: There is only one way to learn how to trade. Charlie D, the late great bond Trader said it.
"Time spent in the market with positions on. There is no other way, no other way, no other way."
Fact: That's how!
Fact: Larry posted all his trades on a webpage back a few years ago from that competition. Good marketing.
(I downloaded all his statements and ran them through a money management program that told me why he has never done it again.)
Fact: That account had a 78% drawdown. This will KILL.
Fact: That account experienced a 50% drawdown every month. Fund managers feel really ill at 10% drawdown.
Fact: His Profit Factor was truly ill. Way below 1.5.(Compounding only works with a PF above 2.0)
After that analysis no need for me to spend any money at any of his workshops. Do your homework.
A fund he established after the comp had a 50% drawdown and he shut it down.
This is the real reason he chose to sell the How TO than the actually Do. There is a huge difference in actually trading for consistent weekly profits, and trading live at a seminar.
eg.Linda leventhal last I heard had not had a losing week since 1978. Now she is a real trader. How does she do it?
Fact: There is only one way to learn how to trade. Charlie D, the late great bond Trader said it.
"Time spent in the market with positions on. There is no other way, no other way, no other way."
Fact: That's how!
people just don't undrestand that: your personal wins/losses are you lessons and those lessons are pricelss..that's the ONLY way to learn how to trade...wannabes are attracted by the idea that there is somethin' special that very few out there have it and that's key to success, maybe an indicator or a techinque they are sure can be found at seminars or in books, but that's all complete rubbish...only way to dominate the mkt beast is to trade, u have to take risks, learn many strategies and become confident of your abilities: it is all up to u...just ACT.
Quote from KRSNA:
Fact: Larry won the Trading Competition in 1987. He ran $10,000 up to $2 million but ended with $1 million at years end. Well done Larry.
Fact: Larry posted all his trades on a webpage back a few years ago from that competition. Good marketing.
(I downloaded all his statements and ran them through a money management program that told me why he has never done it again.)
Fact: That account had a 78% drawdown. This will KILL.
Fact: That account experienced a 50% drawdown every month. Fund managers feel really ill at 10% drawdown.
Fact: His Profit Factor was truly ill. Way below 1.5.(Compounding only works with a PF above 2.0)
After that analysis no need for me to spend any money at any of his workshops. Do your homework.
A fund he established after the comp had a 50% drawdown and he shut it down.
This is the real reason he chose to sell the How TO than the actually Do. There is a huge difference in actually trading for consistent weekly profits, and trading live at a seminar.
eg.Linda leventhal last I heard had not had a losing week since 1978. Now she is a real trader. How does she do it?
Fact: There is only one way to learn how to trade. Charlie D, the late great bond Trader said it.
"Time spent in the market with positions on. There is no other way, no other way, no other way."
Fact: That's how!
http://elitetrader.com/vb/showthread.php?s=&postid=950856&highlight=larry+williams#post950856
I came to the same conclusion as you, but a few months ago.
There are people who make money as a trader, and there are people making money by giving seminars. Too many times the two groups get mixed up. A trader is a trader, and a lecturer is a lecturer.
People who make money by trading have no interest in giving seminars for two reasons: they don't want to share their knowledge, and while giving seminars they lose money because a seminar can never generate the profits that a good trader can make.
Quote from Chriz:
I wouldnt say so. A typical LW seminar is 5 grand. On average he has maybe 100 attendees. Thats 500.000$, risk free.
He isn't making that much. It just hit the news he sat in a holding cell for 4 days because his partner Linda and the promoter were having a problem putting the money together. Some couple that were friends of the promoter put up most of the money to get him out. He got out and now can't leave Sydney. A lot of the Seminar attendees bailed and he can't leave so he cancelled the other Aussy locations. They made a reference that his daughter didn't help with the bail and she is on location in Australia. Got to love these kids these days.
Quote from Chriz:
I wouldnt say so. A typical LW seminar is 5 grand. On average he has maybe 100 attendees. Thats 500.000$, risk free.
How much is John Henry worth? Soros?
How many seminars has Larry to give to reach that amount? And don't forget his expenses to give these semninars.
Another example: Christian Bahia from Quadriga funds. 37 years old and already worth over 230 million dollars. Or equal to 460 seminars as you described them in a very optimistic calculation.
Larry Williams' seminar prices in Australia:
Auckland 27 may: 995 AUD or 754$
Auckland 27/28 may: 2997 AUD or 2271$
Brisbane 2 june: 995 AUD or 754$
Melbourne 5 june: 995 AUD or 754$
Sydney 10/11 june: 2997 AUD or 2271$
Sydney: 7500 AUD or 5684$ (inculded 2 nights stay in hotel +food)
The average price is about 2000$ instead of your optimistic 5000$, or 60% LESS than you suggested. And i didn't even deduct all the expenses from this amount.
Just read: 400 people in total for 6 lectures, so average is 66.666 attendees per seminar. Your calculations are the real figures to the power 2.
Quote from ProfLogic:
He isn't making that much. It just hit the news he sat in a holding cell for 4 days because his partner Linda and the promoter were having a problem putting the money together. Some couple that were friends of the promoter put up most of the money to get him out. He got out and now can't leave Sydney. A lot of the Seminar attendees bailed and he can't leave so he cancelled the other Aussy locations. They made a reference that his daughter didn't help with the bail and she is on location in Australia. Got to love these kids these days.
http://www.finance.news.com.au/story/0,10166,19267767-462,00.html?from=rss