Quick note for you - Mark was in first the teacher and he passed away on September 2015. We dearly loved his books and treasured from his teaching, as later from his wife's Paula Webb. Sorry, "penguin suit" would be funny if he was here, you probably didn't know that.
Mark Douglas - How to think like a professional trader
- Thread starter nooby_mcnoob
- Start date
For us Mark was the first Lighthouse, we were surrounded by Suisse banksters advisors, with all type os ridiculous misleading brainwashings, just to stollen our capital. Mark showed us that the trading is real, there are others and gave us most precious instrument - master yourself and build the system. RIP Mark
Larry Williams did, as well as his daughter Michelle ten years later - both turned 10K in 1mln in one year, all of that before electronic trading came to place.
Glad you speak up for Mark, objectively. thank you. My question is how the coach as Steven Goldstein can be good for us, retail traders, once he is mostly coaching institutional so-called traders? The OPM traders will never face challenges and will never get results as we, simple retail or self-directed or individual traders, whichever word fit best. And it still is enigmatic for me - why one person, who can master to be profitable in trading, would stay with the institution instead f move on its own?
There is a lot more to the Larry Williams story, none of it savory.
There are those who believe that Williams won that contest fraudulently. In his book Winner Take All, William Gallacher wrote a scathing exposé on Larry Williams and those like him who he alleges have fleeced both customers and investors. It is a fascinating read. So much so, that I actually contacted an enforcement attorney at the NFA to ask about some of the allegations and content of Gallacher's book. The attorney confirmed some of the content and the NFA's cautionary findings regarding Larry's dealings with clients, which Gallacher detailed in his book. Where they could not prove wrongdoing in a certain matter (because time stamping of trades was looser in those days -- a very big deal for shady operators), they saw the need to warn potential clients of their concerns:
"There is no question that Mr. Williams's personal trading accounts had a material effect upon his composite trading performance. The record reflects that for the first quarter of 1987, Mr. Williams's composite performance showed a loss of $6,122,281, while at the same time Mr. Williams's personal accounts experienced a gain of $902,599. The Panel finds that the fact Mr. Williams was making significant gains while managed customer accounts were suffering considerable losses would be a material fact which a potential customer would need to know in order to make a fully reasoned decision."
Consider the implications of this cautionary note and then decide for yourself.
Besides, there is more sizzle than steak when it comes to Williams. Consider this article written several years ago:
https://www.elitetrader.com/et/threads/mr-williams-responds.65159/page-5#post-1003736
I have never bought anything Williams was selling, but I have leafed through his books at a bookstore several years ago. They were filled with bromides and what little was useful was explained better elsewhere. And not that I have much use for indicators, but Larry basically hijacked George Lane's stochastic indicator by doing little more than turning it upside down and putting his own name on it, calling it Williams %R.
Painful discovery for me. Thank you. Being victims of Suisse brainwashing banksters, coming to trading with under zero knowledge and significant capital to start with, which make their appetite even bigger, to found Larry and his books and video courses helped a lot to us. Very sorry for those investors and for Larry have done so... Will you, please, help me - apparently, our trades on ETF's had never come to the exchanges, to whom we can call, which enforcement attorney? [our full story is on website my profile pgae]
I wish I could help, but you would do well to ask others either here or elsewhere who know more about such matters. Good luck.
This chasing a system that works, is like chasing the pot at the end of the rainbow.
This is what 99% of so called experts ask you to do....but you are are forcing your system on the market , so it has to fail often.
For a decade i have been concentrating on trying to understand the market;a system you can get in a day.
Understanding takes time but once you do,once you see what the market is doing, then you become a super trader, a trader god.
Because trade management is what makes you money and trade management only will be be successful, if you understand the market.
The lesser trader will tell you they have a system which will make you money;but most lose money using any system because they do not know how to manage the market or themselves
These experts will impress you with their analytical skills but these skills have limited use in the real trading world
ANALYZE FOR SHOW, MANAGE FOR DOUGH