I dont know why I am responding to this other than to share my experiences with LW.
LW of all the "gurus" and authors has helped my trading perhaps the most.
The irony is I dont use any of his stuff. Only concepts.
Because the market is, and always will be the best teacher. In the end, nothing can replace Price, Volume, Time.
The real trick is finding a technique suited to your digestion that makes money.
And that is the genuis of LW and the hawkers. Absolution of responsibility which you can pay to acquire.
As a disclaimer I own several of his books, for a long time I kept current with his newsletter, seminars, yada yada.
Since I attended the very first Million $ challenge and there have been several references to that, I will comment on that.
If I recall correctly I paid 5k. There were 65 attendees. 2 asked for a refund.
The seminar was 4 days. Sun-Wed. He used his "money management" technique if you want to call it that and traded 20 lot of Big SP 500 futures and 70? cars in 30 yr bonds.
There is a reason he always holds M$ challenge in late Oct. That and Wil-spread on 30m basis were his underlying conditions.
In any case at end of seminar (Wed) he was up I think 273k. I cant remember but can dig through my archives if anyone is interested. He is fairly stringent about following his rules and his hold/stop/exit was for Thur/Fri.
So he gave the option, take the money and run or hold and take your chance with possible higher/lower refund. You voted and filled out slip of paper stating what you wanted to do.
Larry refunded 50% the seminar cost for the proceeds. So for me it was $2500 seminar. He has changed this to 20% max.
IMO, LW is for real. But he has also more than a little of PT Barnum in him. There are many tales I can tell and if there is any interest I will relay some more.
For example, regarding his 1987 Robbins Cup record. Much debate about that. Tales for another time.
But what is interesting is, so far as I know his daughter Michelle is not only a past winner but the greatest % gainer since her father.
She did this while she was filming her first year on Dawson Creek? show. All she did was call her broker and told him to follow her dad's bond hotline, and employing his money management "technique"
Many others subscribed to very same hotline and made less or nothing.
Trading is trading but there is no one who is going to load up the Brinks truck for you, give you the key, and take the heat as you drive off into the sunset.
Quote from Thunderdog:
I don't know the man and I never met him, but I almost feel compelled to say this is vintage Larry. His misuse of analogy is startling. Barry Bonds plays baseball. I don't think he generates most of his income teaching others to play baseball. Bill Gates runs Microsoft. I don't think he generates most of his income teaching other how to start up software companies. Larry, can you see how your misuse (or is it abuse?) of analogy comes across as disingenuous?
P.S. Thanks for the post, late apex. That was fine reading. I particularly like the part where they pay $4,500 for the seminar and receive almost $20 in profit sharing. You can't buy that kind of publicity.
