Re: Larry Williams . Some facts about 1987.

["Bill Wynne" <tradewynne@xxxxxxxxxxx>]

>"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.

Thanks for the link.  If I remember
the interview I read was in CTCR. Obviously,  my memory
is faulty on the position size: perhaps 200-400 contracts
seemed so big that many years ago. Still, if I can read
those statements, he risked 20% to 30% of his account
on single trades, on a regular basis, often
for profits of just a few ticks per contract. Hey,
it worked for him, and more power to him,
but many traders can't trade like that. I can't
imagine someone suggesting it new traders.


>I read one of his books once. The section on money
>management was very useful to me.

The bottom line is he gave back 50% in just over two months.
Like my Dad used to say: "Do as I say, not as I do."

BW


>From: Stephen <wefewe@xxxxxxxxx>
>To: omega-list@xxxxxxxxxx
>Subject: Larry Williams . Some facts about 1987.
>Date: Sun, 4 Nov 2001 10:45:05 -0800 (PST)
>
>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.
>