Sounds like you are letting envy get the best of you.
Mr. Williams responds
- Thread starter Pekelo
- Start date
Sounds like you are letting envy get the best of you.
Day Two: It's Election Day in the U.S., and Larry Williams makes no bones about his Republican bias. He is certain President Bush will win, even though the polls haven't opened yet.
Williams himself ran for the Senate from Montana in 1978 and 1982; Ronald Reagan campaigned for him. He lost both races, but the attendees here in St. Croix still hang on his every word as he reminisces about the Gipper. "During the campaign, we were riding in a limo together through a crowd in downtown Billings," Williams says, a far-off look in his eyes. "Ron was waving out the window, and someone in the crowd flipped him the bird. He turned to me and said, 'You know, Larry, just once I'd like to give it back to them -- but I'd be in a heap of trouble when Nancy found out.'" The room erupts. It's an easy crowd for a man bearing Ronald Reagan anecdotes.
There is, however, trading to do. At least that's the plan. Williams tells the room he's eyeing three potential new trades -- one in bonds, one in gold, one in soybeans -- but each fails to trigger in the morning.
The problem? The market's moves -- what few moves there are -- are all news-driven. Or rumor-driven. The S&P moves up eight points in the morning on a negative rumor about John Kerry. In the afternoon, it drops from 1139.5 to 1132 in five minutes on a rumor that now places Kerry in the lead. It stops Williams out of his second S&P trade for a loss.
Technical and fundamental formulas and indicators are of limited value with such light volumes. Thus far, Williams is down slightly on his S&P trades but still has one profitable trade in bonds. He's come close to making a couple of soybean trades, but they've failed to trigger. Just before the bond market closes, his exit is hit and he gets out at 113.02 for a profit of 14 ticks.
That night, Williams hosts a banquet and open bar for the group, which gives them a chance to mingle -- and compare area codes. One guy has flown in from Venezuela; there are three from Canada, one from Mexico, a number from St. Croix and a multitude from around the United States. There are pilots, lawyers, engineers, physicians, an orthodontist, a first-year college student, a full-time housewife -- and at least 20 percent are professional traders.
It's an eclectic group, but after two long days -- and very little action -- the traders are restless. By 10 p.m., most have retired to their rooms to catch the election results.
Williams himself ran for the Senate from Montana in 1978 and 1982; Ronald Reagan campaigned for him. He lost both races, but the attendees here in St. Croix still hang on his every word as he reminisces about the Gipper. "During the campaign, we were riding in a limo together through a crowd in downtown Billings," Williams says, a far-off look in his eyes. "Ron was waving out the window, and someone in the crowd flipped him the bird. He turned to me and said, 'You know, Larry, just once I'd like to give it back to them -- but I'd be in a heap of trouble when Nancy found out.'" The room erupts. It's an easy crowd for a man bearing Ronald Reagan anecdotes.
There is, however, trading to do. At least that's the plan. Williams tells the room he's eyeing three potential new trades -- one in bonds, one in gold, one in soybeans -- but each fails to trigger in the morning.
The problem? The market's moves -- what few moves there are -- are all news-driven. Or rumor-driven. The S&P moves up eight points in the morning on a negative rumor about John Kerry. In the afternoon, it drops from 1139.5 to 1132 in five minutes on a rumor that now places Kerry in the lead. It stops Williams out of his second S&P trade for a loss.
Technical and fundamental formulas and indicators are of limited value with such light volumes. Thus far, Williams is down slightly on his S&P trades but still has one profitable trade in bonds. He's come close to making a couple of soybean trades, but they've failed to trigger. Just before the bond market closes, his exit is hit and he gets out at 113.02 for a profit of 14 ticks.
That night, Williams hosts a banquet and open bar for the group, which gives them a chance to mingle -- and compare area codes. One guy has flown in from Venezuela; there are three from Canada, one from Mexico, a number from St. Croix and a multitude from around the United States. There are pilots, lawyers, engineers, physicians, an orthodontist, a first-year college student, a full-time housewife -- and at least 20 percent are professional traders.
It's an eclectic group, but after two long days -- and very little action -- the traders are restless. By 10 p.m., most have retired to their rooms to catch the election results.
Day Three: When the markets awaken to learn that Bush has won, the S&P gaps up 16 points in the first 15 minutes -- but only those who held overnight profited. Unfortunately for Williams, his S&P trade was stopped out the day before. But rules are rules. And systems are systems. And Larry Williams lives by his systems.
By the end of day three, no one in the audience shows much interest in the outcome of the trades. They're a little hung over, a little tired and a little antsy to breathe that sweet Caribbean air. Besides, they have their books full of shiny new formulas to take home and put to the test. Hope springs eternal.
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.
By the end of day three, no one in the audience shows much interest in the outcome of the trades. They're a little hung over, a little tired and a little antsy to breathe that sweet Caribbean air. Besides, they have their books full of shiny new formulas to take home and put to the test. Hope springs eternal.
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.
7 Comments:
· Posted by enzo vollmer - Dec 8 2005 @ 9:36 PM
LW
I dont know which to hope for - that the article got edited badly or what. larry W. has contributed so much by the books he wrote, the ideas he developed and the work he has done to help other traders and demystify the process - i cannot think of anyone who has been so generous - or has had so much said aginst him for no reason...except maybe jealosy.
· Posted by trader@goldhaven.com - Nov 5 2005 @ 1:50 PM
Matt Blackman
It is unfortunate that the magazine took the position they did and published this piece in which the tone was substantially changed from what I submitted in my final draft. I apologize to those who attended the Larry Williams seminar in St. Croix for any negative inferences in the article that was published and to Larry Williams himself for the article that appeared. While at the seminar, I spoke to about half of those who attended and everyone had nothing but good things to say about it. I also found the event both useful and enjoyable. Matt Blackman
· Posted by gmorrisadvisors - Nov 4 2005 @ 4:46 PM
Why?
I seriously doubt Matt Blackman would write a piece like this.
· Posted by trader@goldhaven.com - Oct 28 2005 @ 3:51 PM
Bias going on?
My name appears as the author of this article but I must apologize for what appeared in print. It was not my intention to write a negative piece about Larry Williams but that is clearly what appears in the magazine. I have read a number of Larry's books and was impressed after my experience in attending his St Croix Million Dollar Challenge event. I intend to find out what happened between my submission and the final article and how the article which was intended to convey the positive experience of attending William's conference was presented so negatively. Matt Blackman
· Posted by DESMOND MANNHEIM - Oct 21 2005 @ 3:34 PM
LARRY WILLIAMS
HE IS STILL A GREAT TRADER.
· Posted by leonardo - Oct 15 2005 @ 1:21 PM
Want an opinion from a "real" trader?
I've traded for a living using my own research and techniques for more than 25 years, 7 of which were trading in the "pits". From my view and personal contact with him, Larry Williams is a real trader, but a different type--- one who gets more juice from personal interaction with new traders than trading for a living or a fund. From his own words the "very best in the business" make around 20% - 50% return per year, and he choses not to compete in that arena. That's OK. He does something that very few market educators do, actually trade the systems he promotes. He may be more showman than trader sometimes, but he takes calculated positive-expectation risks and that is the ultimate name of the game. He has done research that no one before him attempted, and traded it first to prove it--- and then proved that money management is more important than the system used to attack the markets. His OOPS system has been proven statistically to be one of the most robust entry methods usable off-floor. With proper money management, you could likely make a living with it alone---staying at home in your jamies. The writer of the article did a reasonable job covering the subject considering this is a unique market niche and the needs of traders for accurate information and their willingness to go to great lengths to get it. When many of these traders experience a daily average account balance fluctuation of more than $10K, paying $4500 to a guy who might save them 50K the next year with one tip is very rational. But not to the average writer. Leonardo---
· Posted by traderkirk@hotmail.com - Oct 12 2005 @ 8:32 PM
Biased going in?
I have no opinion of Larry Williams either way. I have read some of his books but never attended a seminar. I believe most vendors are bogus but I learned a lot of the basics of trading from reading Larry's work. He may or may not be legit, but clearly the author of this article was looking to write a negative piece. Everything is slanted from that perspective, from shots at his political affiliation down to disparaging his $2k profit. I have never heard of another vendor offering to split their profits with their customers, and virtually none that actually trade in front of them. At least then you can judge for yourself if the information has any value. That may be the kind of thing this shady business needs more of. I think the author went in looking to write a hit piece and this was the best he could come up with. Mission failed, imho.
· Posted by enzo vollmer - Dec 8 2005 @ 9:36 PM
LW
I dont know which to hope for - that the article got edited badly or what. larry W. has contributed so much by the books he wrote, the ideas he developed and the work he has done to help other traders and demystify the process - i cannot think of anyone who has been so generous - or has had so much said aginst him for no reason...except maybe jealosy.
· Posted by trader@goldhaven.com - Nov 5 2005 @ 1:50 PM
Matt Blackman
It is unfortunate that the magazine took the position they did and published this piece in which the tone was substantially changed from what I submitted in my final draft. I apologize to those who attended the Larry Williams seminar in St. Croix for any negative inferences in the article that was published and to Larry Williams himself for the article that appeared. While at the seminar, I spoke to about half of those who attended and everyone had nothing but good things to say about it. I also found the event both useful and enjoyable. Matt Blackman
· Posted by gmorrisadvisors - Nov 4 2005 @ 4:46 PM
Why?
I seriously doubt Matt Blackman would write a piece like this.
· Posted by trader@goldhaven.com - Oct 28 2005 @ 3:51 PM
Bias going on?
My name appears as the author of this article but I must apologize for what appeared in print. It was not my intention to write a negative piece about Larry Williams but that is clearly what appears in the magazine. I have read a number of Larry's books and was impressed after my experience in attending his St Croix Million Dollar Challenge event. I intend to find out what happened between my submission and the final article and how the article which was intended to convey the positive experience of attending William's conference was presented so negatively. Matt Blackman
· Posted by DESMOND MANNHEIM - Oct 21 2005 @ 3:34 PM
LARRY WILLIAMS
HE IS STILL A GREAT TRADER.
· Posted by leonardo - Oct 15 2005 @ 1:21 PM
Want an opinion from a "real" trader?
I've traded for a living using my own research and techniques for more than 25 years, 7 of which were trading in the "pits". From my view and personal contact with him, Larry Williams is a real trader, but a different type--- one who gets more juice from personal interaction with new traders than trading for a living or a fund. From his own words the "very best in the business" make around 20% - 50% return per year, and he choses not to compete in that arena. That's OK. He does something that very few market educators do, actually trade the systems he promotes. He may be more showman than trader sometimes, but he takes calculated positive-expectation risks and that is the ultimate name of the game. He has done research that no one before him attempted, and traded it first to prove it--- and then proved that money management is more important than the system used to attack the markets. His OOPS system has been proven statistically to be one of the most robust entry methods usable off-floor. With proper money management, you could likely make a living with it alone---staying at home in your jamies. The writer of the article did a reasonable job covering the subject considering this is a unique market niche and the needs of traders for accurate information and their willingness to go to great lengths to get it. When many of these traders experience a daily average account balance fluctuation of more than $10K, paying $4500 to a guy who might save them 50K the next year with one tip is very rational. But not to the average writer. Leonardo---
· Posted by traderkirk@hotmail.com - Oct 12 2005 @ 8:32 PM
Biased going in?
I have no opinion of Larry Williams either way. I have read some of his books but never attended a seminar. I believe most vendors are bogus but I learned a lot of the basics of trading from reading Larry's work. He may or may not be legit, but clearly the author of this article was looking to write a negative piece. Everything is slanted from that perspective, from shots at his political affiliation down to disparaging his $2k profit. I have never heard of another vendor offering to split their profits with their customers, and virtually none that actually trade in front of them. At least then you can judge for yourself if the information has any value. That may be the kind of thing this shady business needs more of. I think the author went in looking to write a hit piece and this was the best he could come up with. Mission failed, imho.
If barry bonds offers a hitting camp,and you sign up,
when it is done, will you be able to to hit 70 homeruns in the bigs?
great article, lateapex.
very nice !
surfer
very nice !
surfer
looking forward to it....
past, present, futures
I can only speculate. However, I will not spend thousands of dollars to validate my suspicions. Based on your subsequent posts to this thread, which I will be responding to momentarily, why don't you take his seminars if you accept his assertions as true?
I don't envy taking people for rides. Why don't you simply answer the questions to my post which you quoted?