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I didn't mean to start a debate about Larry Williams!!! Just
clarify how I have interpreted his remarks about entry techniques
and trader success. But since I seemed to have initiated such disparaging
and inaccurate remarks about Larry (who I highly respect), here are a few
facts:
- Larry did take $10,000 to 1.1 mill. The results were audited, and are
in the public record. Actually, he took it to over 2 mil...but took a big
hit prior to the end of the 12 month period. The joy of fixed fractional
trading; big peaks, big valleys!
- Larry trades! It's his life (well, a big chunk of it, anyway).
- Larry took one account of $70,000 up to over $700,000 in 12 months in 1997,
trading only tbonds.
- Larry's daughter won the 1997 Robbins World Cup of trading, trading
only tbonds, and only using Larry's own daily bond phone "hot line"
and fixed fractional trade size management.
- Larry teaches his techniques to the public. This makes him a major target
for many. Hence, I have no doubt that "people hear" lots of bs about him
and his history.
- A broker doesn't make a penny more, or less, based on actual fill prices
(unless I am really confused about how this whole thing works!). Broker
glee at substantial slippage suffered by a customer would not make any
sense.
- Many exceptional traders, including many who teach in one way or another,
use stop entries. It's a perfectly reasonable approach.
-k
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