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There seem to be more myths about Larry Williams than most
traders. Especially in regards to his performance in that
trading competion back in 1987.
The fact that his trading records for that year can be
found at this link still doesn't seem to stop people from
making all kinds of unfounded statements that just plain
border on gossip.
http://www.ctiming.com/TradeRecs.asp
"his broker begged him to close the account since he was
still winning the contest"
No, he kept trading on his account all the way to the end
of the compettion. Look at the broker statements.
"ONCE IN A GENERATION EVENTS, like 1987 crashes, should not
be used to evaluate a trader OVER THE LONG"
Can't argue with that as a general statement. But in the
case of Williams, he was already up over $2 mil before the
crash, and he lost about $500,000 in the two weeks
afterwards. So his performance was hardly boosted by the
crash.
"From what I heard Larry was trading 1000-2000 lots in the
bonds for 2-4 ticks at the end of his contest run, kind of
a "do or die" approach...."
Mmm, I don't see this Kamikaze trading in the broker
statements.
I read one of his books once. The section on money
management was very useful to me. I do not trade his
methods, I can't even remember what they are, but I
recommend anyone starting off to look at his money
management ideas. I'm sure they are probably a rehash of
what someone else said earlier, but they helped me.
Regards,
Stephen.
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