Larry Williams Million Dollar Challenge

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Quote from puretruth:

Yeah, you know everything about fairness, no ?


Around 15 years you have referenced on your website constantly to your 1987 contest performance WITHOUT DISCLOSING THAT YOU LOST BIG IN YOUR MANAGED ACCOUNT IN THAT SAME YEAR.

How many people would sign up for your seminars,challenges,etc...if they knew about both accounts ??



"NFA fines Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted DECEPTIVE and unbalanced promotional material and disclosure statements."




The best you offer is posting your open positions ? LOL
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this information is well known on the internet. this is nothing new, LW had issues with PROMOTIONAL materials. he was fined and moved on----

did you know that LW shares his winnings back to the clients in the seminar?

surf
 
Quote from marketsurfer:

...did you know that LW shares his winnings back to the clients in the seminar?
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Quote from late apex:

...By the time Williams finishes the last day of his last Million-Dollar Challenge, he has entered a total of 10 trades. He's earned $2,900, before commissions, for a net gain of $2,059. His S&P trades have come a cropper, but he's squeezed out a bit of profit on bonds. In other words, in his final at-bat, Babe Ruth has dribbled a ground ball to second base. Granted, the wannabe traders in attendance weren't dropping $4,500 for their share of the profits. They've come to glean the magic formulas for milking money from a complicated world. And if copying the homework of the smartest kid in the class is what it takes to make it big, so be it.

Still, it's a bit ironic when several days later, Glenn, Cody, Fred and the others open their mailboxes. Inside, they discover a check for their share of Larry Williams's winnings. The amount: $18.12.
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http://www.elitetrader.com/vb/showthread.php?s=&threadid=65159&perpage=6&pagenumber=9

I do hope the 3-day seminar didn't cost too much more than $18.12.


Perhaps it is not so surprising after all that Larry is disinclined to furnish a full and proper real-time trading journal...
 
Quote from marketsurfer:

that's a interesting article. sounds like even the seminar attendees are more accomplished then william's detractors.

surf:D
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Would you kindly explain how you arrived at that fascinating conclusion?
 
Quote from Thunderdog:

Would you kindly explain how you arrived at that conclusion?
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one guy owns a jet helicopter, another makes 40%/year, another spent 800k on educational materials/seminars.....

sounds to me like a fairly well off crew.


surf
 
Quote from marketsurfer:

this information is well known on the internet. this is nothing new, LW had issues with PROMOTIONAL materials. he was fined and moved on----

did you know that LW shares his winnings back to the clients in the seminar?

surf
More...


Surf,



Most of the time since 1987 , he referenced to his 1987 contest performance for promoting his stuff WITHOUT DISCLOSING THE LOSS OF HIS MANAGED ACCOUNTS in that same year

Looks like you can do such if you are only selling courses,doing seminars and not managing money (luckily for LW)

It is only recently that the reference to that contest is not anymore on his site...



I know you like traders that blow up like Victor NiederHof..

No surprise you like LW..




"After your 1987 robbins worldcup performance,you started In July 1988 the Larry Williams Financial Strategy Fund The 1988 fund lost more than 50% of its clients’ equity in barely one year, as reported in the October 1989 issue of Futures magazine

In March 1989 the World Cup Championship Fund is started, managed by Larry Williams, Jake Bernstein and two others.
The 1989 fund also lost more than half of its original equity by May 1990."



Maybe you know why LW never made it to Jack Schwager's Market Wizards if he was such a great trader ?
 
Quote from marketsurfer:

one guy owns a jet helicopter, another makes 40%/year, another spent 800k on educational materials/seminars.....

sounds to me like a fairly well off crew.


surf
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And now for a bit of context.
Quote from late apex:

...During a lull in the conversation about markets, Glenn asks Cody how much he's spent on programs, books and seminars since he began trading. It's an innocent question, but it catches Cody off guard. He takes a minute to do some mental calculations. Including his trading losses, Cody estimates he's down about $800,000 so far.
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Quote from late apex:

...Wenninger owns a winter home in Alva, Oklahoma, and a summer home in Spokane, Washington. He occasionally commutes between the two towing a Hughes 300C helicopter behind his motorhome in a trailer he designed himself. While on the road, he uses a high-speed two-way satellite dish to access the Internet from any point along the way. "I can surf and send e-mail. I download the Genesis data updates every night. I can trade anywhere." After trying to develop and trade systems in the mid- to late '90s on his own, it became obvious to Wenninger that he needed help when his $50,000 trading account had dwindled to less than half of what he'd started with. "Then I came across a Web site that discussed how Larry Williams traded $1 million live," he says with the effusiveness of an infomercial testimonial. "It impressed me that he put his mouth where his money was. I went to the seminar. He offers your money back if you don't feel it's worth it after attending the first morning -- and I almost asked for my money back. He was talking mostly about trading the S&P 500 futures. I'd never traded them, but I decided to stay and start trading the index futures and bonds. I've been getting a 40 percent return on my investments ever since." When prompted for details, he smiles broadly. He's clearly itching to share. "I trade well over 100 patterns, some of which I've developed, most I got from Williams's seminars and some that friends have shared with me. I've collected quite a few over the years."

Wenninger pulls out some old booklets and points to a formula: IF Next Bar Open <= Open + .5 And High > High 1 bar ago And High 1 bar ago > High 2 bars ago And High 2 bars ago > High 3 bars ago And High 3 bars ago > High 4 bars ago And Open > Open 1 bar ago And Open 1 bar ago > Open 2 bars ago And Open 2 bars ago > Open 3 bars ago And Open 3 bars ago > Open 4 bars ago And Close > Close 1 bar ago And Close 2 bars ago > Close 3 bars ago And Close 3 bars ago > Close 4 bars ago Or Close 4 bars ago > Close 5 bars ago -- Then sell limit at close.

The formula essentially predicts that after five straight days of increasing highs, opens and closes, the price will decline -- contrary to what many looking for breakouts might think. Wenninger claims it offers a win/loss ratio of 3.77, a winning percentage of 94.7 percent. So far today, Larry Williams would kill for those numbers.
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Sure. Only 40% with that kind of insight?
 
Quote from Thunderdog:

Sure. Only 40% with that kind of insight?
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well, i guess its not a jet helicopter..a helicopter none the less and satellite uplink--you price that lately???

40% is fantastic returns


surf
 
Quote from marketsurfer:

well, i guess its not a jet helicopter..a helicopter none the less and satellite uplink--you price that lately???

40% is fantastic returns


surf
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Once again, and not surprisingly, the jet helicopter flew right over your head.
 
Quote from puretruth:


"After your 1987 robbins worldcup performance,you started In July 1988 the Larry Williams Financial Strategy Fund The 1988 fund lost more than 50% of its clients’ equity in barely one year, as reported in the October 1989 issue of Futures magazine

In March 1989 the World Cup Championship Fund is started, managed by Larry Williams, Jake Bernstein and two others.
The 1989 fund also lost more than half of its original equity by May 1990."
More...

Back to the drawing board and 19yrs practice - how's LW performing now?
 
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