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Neal T. Weintraub wrote:
>
> Now tell us about your money mangement skills and funds that you managed for
> people.
> -----Original Message-----
> From: Larry Williams <larrywms@xxxxxxxxxxx>
> To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
> Date: Tuesday, December 08, 1998 12:41 PM
> Subject: a misunderstanding
>
> Love notes from Larry…
>
> There is some misunderstanding among you guy's maybe I can clear up.
> First is the persistent idea that a trader can have two accounts, one
> gets the winning trades, the other the losers.
>
> There is only one way that can be done.
>
> If a trader has two accounts (I have only one account at each firm where
> I trade) you might persuade the broker to hold the account number for an
> hour or so and place the winning trades in one account, the losers in
> another.
>
> But---and this is important---no broker would do this very often and it
> can only be done on trades lasting a less than a few hours.
>
> Since the ultimate profit or loss on overnight trades is not known for a
> few days there is no way two accounts could be used. After all, if
> trader knew which ones would be winners he or she would not need that
> second account.
>
> I disagree with ITRDSP@xxx about time gaps in a trader's activity. To
> me if there is no trading for a few days it suggests a trader with the
> patience to not trade every tick, not duplicity. He makes the
> statement, "many vendors will have multiple accounts that show winning
> trades in one or two and asigning (sic) all the big losers to the
> others".
>
> That's a pretty strong accusation of financial fraud. I'd sure like to
> see some hard proof of it, not just a general allegation that splashes
> black paint across the board.
>
> Which is what a lot of you seem to be bent on doing. Your recent
> remarks about Tom DeMark, admittedly my long time friend, have done.
> Like all of us developers, Tom gets carried away with his "inventions";
> after all they are like our kids, the best on the block.
>
> But Tom is no hustle; he is as real as they get. He passionately lives
> this business and is the consummate researcher with many (yes, many)
> unique ideas that traders like myself have been able to use.
>
> Are all his ideas bulletproof? Of course not, but has he left a legacy
> of good ideas? Absolutely. So why besmirch the reputation of a man you
> don't even know? Maybe that makes you feel big and if so I'd suggest
> you are pretty small.
>
> Finally in reply to Kent Calhoun, who asked you guys, not me, about my
> track record for December 1997, I'm showing the complete trade by trade
> tabulation as reported by CTCR the only truly independent source of
> commodity newsletters performance. Kent, why don't you let CTCR start
> to follow all your trades, it would certainly put your critics to rest.
Neal....
my money management skills are not bad, but no great shakes in that
while I have done pretty well for myself in trading, documented, once I
got about $30,000,000 under management my performance sufferred. Many
of my people made substantial amounts of money under my management, thos
who came in at the top did not.
Frankly,I prefer the way I do it now, I teach and trade. In my last
seminar I actually traded $1,000,000 and split 50% of the profits with
the students.
Money managers have totally different goal than traders. Their goal is
to not blow up, my goal as a trader is to make the most money possible
without as much concern to risk as a m.m. has. Plus, thye have to march
to the beat of a different drum, clients, lawyers and all that. What I
found out is I'm not a bad trader, but don't have the business skills to
run a MM business and trade and research...and write to guys on the
internet!
Trust all is well and you'll overlook my poor typing.
larry
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